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U.S. online advertising spending, which has been key in financing the Web 2.0 wave of Internet innovation, shrunk in the first quarter, the first year-on-year quarterly drop since 2002.

Spending hit US$5.5 billion, down 5 percent when compared to 2008's first quarter, the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC) said Friday.

Read the full story in PC World