TechCrunch writer Erick Schonfeld has run the numbers, and finds that the first quarter of 2009 finally brought Web advertising's first decline in recent history.
Ad buys have been slowing for months, but according to TechCrunch's chart, global Q1 revenue actually dropped two percent. Schonfeld says the bright spot, or perhaps the least dark, is Google:
Only Google was able to eke out any annual growth, the rest all saw online advertising revenues drop. The fact that Google's advertising revenues represents 68 percent of the total and that it saw modest growth helped to dampen the overall decline.
TechCrunch has more charts and an explanation of methodology. It will be interesting to see how TechCrunch's numbers measure up against Internet Advertising Bureau data, once the IAB gets around to releasing its first quarter report.
This story, "That Online Advertising Slump Is Finally Here" was originally published by thestandard.com.