Executive Summary (This is a document excerpt)

As the economic recession starts to bite into advertising budgets, growth in online advertising will slow: European online ad spending will grow just 10% in 2009, down from 30% annual growth in 2007. Search will fare best as interactive marketers focus on highly accountable direct response advertising, while display advertising will be hardest hit in this recession just as it was in 2002. Rich media and video advertising will grow to account for 59% of European online display ad spending in 2013 as marketers of all types embrace richer creative formats to improve the performance of their display ads. To prosper during the downturn, interactive marketers should look for value in highly targeted display ads and seek opportunity in the improved performance of contextual ad networks like Google's AdSense.

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