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ERROR: type should be string, got "https://www.barrons.com/articles/mary-meeker-2019-report-51560278954\nOnline Growth is Slowing — and So Is Revenue at the Biggest Internet Companies\nEric J. Savitz\nJune 11, 2019 2:50 pm ET\nMary Meeker, Queen of the Net Photograph by Tony Avelar/Bloomberg\nThe internet is growing up.\nThat’s the most obvious takeaway from the latest version of Mary Meeker’s mammoth Internet Trends report. Meeker, once dubbed by Barron’s as Queen of the Net, finds signs of maturing across the internet, as growth slows in many categories. You can find the full deck on her website.\nThe latest version of Meeker’s annual report was released today in a furious parade of slides at the Code conference in Scottsdale, Ariz.\nJoin Barron’s Live for ‘ETFs in Focus’—Part 3\nHow are advisors using ETFs to reach their clients’ investment goals? Join us and J.P. Morgan’s Byron Lake for a live call on Monday June 17. Register here.\nIn the early part of the report, Meeker outlines the maturation of the internet economy.\nMore than 50% of the Earth’s inhabitants are already online—growth is harder to find\nGlobal internet user growth was up 6% last year, down from 7% growth in 2017\nNew smartphone unit shipments were down 4% last year\nAsia Pacific region has the most users—and the most room for growth\nChina is 21% of internet users; India 12%; U.S. 8%\nU.S. companies are 18 of the 30 largest internet companies by market cap\nRevenue growth at internet leaders is slowing\nE-commerce grew 12.4% last year, and now is 15% of total retail\nInternet ad spending was 22%, up from 21% a year earlier\nAd revenue at the largest platforms was up 20% in 2018 — down from 29%\nWhile Google and Facebook dominate in online ads, others are gaining market share\n“When markets reach mainstream, new growth is harder to find,” Meeker writes in a summary section early in the report. “While E-Commerce continues to gain share vs. physical retail, growth rates are slowing. While internet advertising growth is solid and innovation is healthy, there are areas where customer acquisition costs may be rising to unsustainable levels.”\nNonetheless, Meeker notes that she is seeing innovation in areas like digital video, voice, wearables, on-demand and local services, and traditionally underserved markets. Outside the U.S., she sees high growth and innovation in direct fulfillment and financial services. And she underlines the opportunity for companies using freemium business models, like Spotify (ticker: SPOT).\nMeanwhile, Meeker acknowledges the growing risks of regulation and increasing focus on policing content. “Consumers are aware of concerns about internet usage overload and are taking steps to reduce usage—leading [U.S.] Internet platforms have rolled out tools to help monitor usage and social media usage growth appears to be decelerating following a period of strong growth. Privacy and problematic content concerns are also top-of-mind and are following similar patterns.”\nAlways a huge data rich treasure trove, this year’s report is a whopping but not atypical 334 pages. Meeker recently took the report to its third home—her new late-stage venture firm Bond Capital. Meeker wrote the first version of the report in 1995 when she was an equity analyst at Morgan Stanley and continued during her time as a partner at venture capital firm Kleiner Perkins.\nWrite to Eric J. Savitz at eric.savitz@barrons.com"