Asked about a possible recession early in 2008, IDC analyst Karsten Weide said, “We think there will be some effect on advertising spending overall, but online ad spending will almost be unaffected—even if there’s a depression.”

What a difference a year makes.

According to the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC), total online advertising revenues in Q1 2009 fell to $5.48 billion, down 10% from the previous quarter and down 5% from Q1 2008.

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