Is Display Dead?

I just read an amazing stat from the IAB:

In 1997, the average click through rate on online ads was 2.1%

In 2001, it was 0.5%.

And in 2008, it was 0.1%.

The media and advertising industry has to get ahead of this, and fast. What do you think is the underlying issue?

The rise of social media? Inconsistent and limited online ad formats? Lack of truly entertaining content from brands? All of the above?