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It isn't having a "single" effect. It's wiped huge swathes of the market out, and empowered other sections.
It has definitely boosted the amount of spam, so-called 'seo' and other methods of grinding traffic out of the internet with hand tools and automated weapons of mass advertising.
If you consider google's advertising as "the online marketing sector" then I suggest you have a look at the falling advertising revenue growth rates for google, msn, yahoo and aol over the last 12 months - they have totally crashed.
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