But no matter how much internet evangelists point to the rise in online display, paid-for search still accounts for 57% of this total. Google's third-quarter UK revenue figures, released last week, reflect this - up to $661m.
Beneath the surface, media agencies still try to comprehend what search means for their businesses and clients. But they must get their acts together quickly, because digital-only pitches are going out of fashion at a pace only exceeded by a decline in search-only pitches.
Clients want to drive down costs and they find some search specialists too expensive. Search is a low-margin business, especially in light of Google ending best practice funding rebates by the start of 2009 - but it increasingly requires more expensive staff.
And, as this week's feature shows, independent agencies are consolidating fast (page 28), with The SearchWorks and Fast Search the latest to be snapped up. They will not be the last. It is difficult to believe the likes of Latitude, Steak Media and I-Level would not jump at a deal if the right offer came along.
Google UK managing director Mark Howe has said the search behemoth has "absolutely no desire to have a more direct relationship with clients". Many agency people snort into their cappuccinos with disbelief at this, as it doesn't tally with what Google does in practice.
Clients will do more and more search in-house. Some feel they have their fingers closer to the digital pulse than their agencies, who find it difficult to match clients' in-house knowledge and systems and to challenge and manipulate data for their benefit.
I can't help feeling there is one more seismic shift to come in the search sector. Google burst on the scene less than a decade ago to usurp the first movers. Think how interesting things would become if a company such as Facebook allied a powerful search offering to its sticky community modules and made a land grab for some of Google's territory.
- Haymarket Media Group, owner of Media Week, is 50 years old this week. Media Week TV has interviewed chairman Michael Heseltine and deputy chairman Rupert Heseltine - the interview goes live today at www.mediaweek.tv
- To avoid confusion, the Media Week Awards take place this Thursday, 25 October, not Wednesday as in previous years - look forward to seeing many of you there.
- Steve Barrett is editor of Media Week, steve.barrett@haymarket.com.