Internet Ad Revenue Fell 5% in Q1

U.S. internet advertising revenues declined 5 percent to $5.5 billion in the first quarter of 2009, according to the Interactive Advertising Bureau and PricewaterhouseCooper, the lowest quarterly ad revenue since the third quarter of 2007. Still, according to PwC partner David Silverman, the data suggests interactive advertising is a bit more resilient to the poor economic conditions than other media.

Lucky for the industry, then, that Gawker Media founder (and my former boss) Nick Denton’s doomsday prophecy about online ads hasn’t come to fruition. “[A]nyone who isn’t prepared for ads to go down 40 percent is crazy,” he said last year.