They went back and re-crunched the numbers and the answer is chilling. Data analysts eMarketer had issued projections in February that online video advertising would top $1.4 Billion in 2008. Now, the research firm says the numbers will come in closer to $505 million and one can only guess the reaction by investors who have sunk billions into the market. The firm tried to put a happy face on the disaster by talking about how many consumers watch online videos and the year over year increase in revenue but in a sector that was being touted as a potential cash cow, there is no way to put lipstick on this sow. Maybe Google CEO Eric Schmidt was right when he said YouTube will be a loss leader not a profit center.