JP Morgan Internet analyst Imran Khan is lowering projections for search ad spend for 2008 and 2009. The forecast for 2008 growth is now 23.4% year-over-year, down from earlier projections at 27.4%. The forecast for 2008 is a dismal 17.3%, down from 25.5%.
Khan sees specific sectors as being hit harder than others, particulary travel, telecom, autos, and retail. Still, Khan expects search advertising to hold up better than display advertising.
What do you think of Khan’s revised projections?