Online advertising has become an old-fashioned category among all types of Internet businesses. The growth, however, is not going to stagnate anytime soon. According to Strategy Analytics recent published Online Advertising Index, Google, the bellwether of online ad business, is now 43% of the industry globally in Q3 2010. And its growth rate is like that of any emerging country in the world. Given its growth momentum in mobile and display ads, we believe in the near future that the online ad business is half Google, half the others. In the US, Yahoo and Microsoft are not doing much to challenge Google's position, with their quarterly revenue growth far slower than Google's. AOL is on the way to reinvent itself, or its falling trend will continue until the last day of the business. Outside the US, we are seeing strong expansion from Asian and European companies. Baidu has been beefing up its revenues rapidly for years, and its ad revenue has exceeded that of AOL in Q3. If we look at the search ad market, Baidu is now the second largest company only on the heels of Google, albeit it's still very distant from Google's almost $4 billion quarterly search revenue. Axel Springer is also showing a remarkable surge in Europe, with its online revenue growing by 81% in the quarter over the same quarter last year. Its investment in online media across Europe is bearing fruit right now. In addition, Korea's NHN and Norway's Schibsted are both catching up in the online ad business. The global online ad market is on the track to finish up $65 billion dollar by the end of this year. We believe the story of half Google, half the others in the online ad market will continue. Client Reading: Online Advertising Index Q3 2010