The advertising world is going through a revolution. The historically passive consumer is changing rapidly, not only becoming more informed and confident about purchase decisions, but also increasingly taking control of the consumption of information and content that used to be distributed by networks, studios, publishers, and retailers. Piper Jaffray believes this trend will cause a significant rise in prominence of the Internet as a major content consumption and marketing medium.

The Internet has increasingly become a principal medium for community, communication, and entertainment – three areas that have collided together and are impacting each other's growth – generating a new type of activity that Piper Jaffray calls "communitainment." Piper Jaffray believes communitainment is an emerging trend that will partially replace other forms of content consumption, from television to magazines, as well as other types of Internet sites as content consumption fragments along the "Long Tail."

Search is the second most commonly used application on the Web with 550 million searches daily in the United States, and search marketing is a $15.8 billion global industry growing to $44.5 billion over the next five years. Piper Jaffray believes the five key trends in the search industry are: 1) Search is the new portal; 2) Search is becoming a branding tool; 3) Google's dominance is increasing; 4) Local search remains a looming opportunity; and 5) New search technologies are likely to expand the field.

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