JP Morgan analyst Imran Khan has throttled back earlier growth projections for the Internet display advertising market, changing his 2009 projection from $10 billion to $9.4 billion. He also cut his 2008 forecast to $8.2 billion from $8.6 billion, meaning that annual growth this year would be 14%, compared to the earlier 20% projection.

However, Khan also said search ad growth would remain relatively strong, given long-tail advertisers' "preference for performance-based advertising." His analysis projected search ad growth rates of 27% for 2008 and 26% for fiscal 2009.

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