With growth slowing down at MySpace (NYSE:NWS-A) and Facebook, eMarketer has revised its advertising forecast down for the two large social networking sites. Now they project overall ad revenue to come in at $1.4 billion in social networking ads in the United States, against the $1.6 billion originally forecast.
Earlier projections also had social networking advertising growing at a 70 percent clip, where now it's revised to 55 percent for 2008. That's a significant change from the 163 growth rate enjoyed last year.
EMarketer was quick to point out that the revised numbers were connected more to the sector itself, than they were to a slowing economy.
"The challenge is that all of these new forms of advertising are more difficult to plan, measure and quantify than what advertisers are used to, and that has impacted spending growth," wrote eMarketer Senior Analyst Debra Aho Williamson.
