1 online search advertising mary meeker morganstanley com brian pitz fitzgerald benjamin dorr ramji srinivasan us internet team september 2004 morgan stanley does and seeks to do business with companies covered in its research reports as a result investors should be aware that the firm may have conflict of interest could affect objectivity this report consider only single factor making their investment decision all s technology equity are available on through client link at www if you wish receive service please contact your institutional sales representative can also downloaded from techresearch 2 outline need for why has so much potential what people still early growth stages improving user experience creates opportunities revenue per rps trends natural vs sponsored click impacting impacted by 3 4 information become fragmented owing analog digitaldigitization passive interactive audience customer publisher seller media shifted one
