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Takeaways from the MIXX online advertising conference, from Citigroup analyst Mark Mahaney's September 29th note to clients:

* We attended the MIXX online advertising conference coordinated by the Interactive Advertising Bureau (IAB) in New York earlier this week. The event was attended by most of the major online advertising companies, leading ad agencies, and many brand and direct response marketers. Overall, we saw further evidences of the secular growth opportunity for online advertising, especially for paid search.

* Some key takeaways: online advertising grew 26% Y/Y in the June quarter, per a new IAB industry study; Search remains by far the largest ad category; Classifieds and Referrals are showing relatively very strong growth; and marketers and ad agencies are continuing to shift ad $'s to the Net.

* We continue to look for 26% Y/Y growth in U.S. Net advertising in 2005 (to $12.1B), and we believe the takeaways support our Long investment theses on GOOG and YHOO.

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Source: MIXX Online Advertising Conference Take-Aways (GOOG, YHOO)