While the internet has been impacted by external macroeconomic trends, it is now internet growth itself that is slowing down, said Kleiner Perkins partner Mary Meeker, delivering her annual Internet Trends slidefest at Code Conference on Wednesday.
At 9 percent, Meeker said, internet growth was flat in 2015, and actually slowed globally, if you exclude India.
What's worse, it is the easy, profitable growth in places like China that is slowing down. The growth that is still happening is shifting to places that are less wealthy.
"New internet users are going to continue to be harder to find," Meeker said. "Easy growth is behind us."
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This article originally appeared on Recode.net.