Avenue A/ Razorfish’s 2008 Digital Outlook Report, one of the better works I’ve read from an agency on the digital landscape. [The intro to Group M’s All change: marketing in addressable media is up there as well, btw].

Guy Kawasaki does a good summary of some of the main points but this bit about digital advertising in a downturn seems remarkably prescient given what’s just happend to Google’s share price

Revenue derived from the cost-per-click ad model is driven by the volume of clicks and the cost a marketer is willing to pay for each of those clicks. While a marketer may keep the same cost-per-click during a recession, it’s quite likely that a difficult economic environment will lead to fewer commerce-driven searches, which leads to fewer clicks. the end result is less money being spent in search.