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The recent annual meeting of the Interactive Advertising Bureau was a somber affair.

For five years online was advertising’s growth business, but 2008 delivered a wake-up call: Online advertising isn’t immune to the recession, and it’s only just begun.

The reality for publishers is they’re facing a flat market at best in 2009. Including search marketing, online ad spending will grow 4.3% in 2009, but display advertising will essentially be flat

David Moore, chairman of WPP’s 24/7 Real Media. “As the fight for digital dollars intensifies, I worry that people will do irrational things to gain market share.”

By irrational, Mr. Moore was referring to unethical ad-sales techniques as ad networks get desperate, and pushing the boundaries on privacy, which would invite government regulation.

What does the advertising downturn mean for online dating sites?

Will they suffer and how will they react?

Less display ads and more affiliate links?

Take it to the comments.

Full story at Advertising Age