Google: unrealistic expectations of growth are build into the price

All new areas of growth: diffusing into Old Media World with New Technology will mean that growth will not be as explosive as with "clicks" due to:

1. Competition of Old Media.
2. Failure to really innovate outside of search.
3. Copyright nightmare.
4. Becoming Media Company...with much lower multiples.
5. And last but not the least - big Budgets in Old Media World are won not with "clicks" but rather with "ticks".

http://blogs.zdnet.com/micro-markets/?p=654