eMarketer expects advertising via paid search to surpass $2.5 billion in 2004 and reach nearly $3 billion by the end of 2004. At that point, nearly 35% of the total online ad spend will go to search. Forrester Research's Charlene Li sees spending on paid search at about $1.7 billion in 2003, growing about 40% to $2.4 billion this year, and predicts growth will taper off into the middle or low teens in 2007 and 2008. US Bancorp Piper Jaffray's Safa Rashtchy - who covers the search market closely - forecasts online search becoming a $7 billion industry worldwide by 2007. Yahoo!'s Jeff Weiner, senior vice president for search, said at the November 2003 Ad:Tech conference in New York that paid search spending will reach $4-5 bln in the US alone in a few years.