What happened to internet advertising in 2008

Internet advertising agencies are always speculating what will be the next big thing in online advertising. Here are a few points of interest as we look back over 2008.
At the beginning of 2008 the signs of a downturn were present. However most believed that online advertising would still see growth of around 25-30%. But internet advertising didn't quite live up to the expectations and there was only 15% growth in first half of the year and 11% in the third quarter, meaning growth is unlikely to hit the 30% mark.
Industry experts also believed that Internet advertising would be able to withstand the recession, claiming that online marketing will benefit from a recession as advertisers move budgets from TV and Press into more measurable cheaper forms of advertising, such as online advertising.
Another prediction that is yet to come to fruition is that mobile advertising will be huge. Although continuously growing firms and businesses are yet to take to the medium as was expected. There are some fantastic technological advancements occurring in mobile advertising with campaigns I have run for well targeted advertisers getting decent response rates.
All in all 2008 was a relatively good year for online advertising compared with Press and TV, which were far more severely affected by the economic downturn in 2008.
In 2009 advertisers will be cutting back and it will be the responsibility of internet advertising agencies to find cheap, innovative and effective ways of communicating with consumers. Are we perhaps entering an age where every major agency will have their own social media department?