by: Ki Mae Heussner | GigaOM.com

The Interactive Advertising Bureau is out today with a report on the “record” Internet advertising revenues for the first quarter for 2012 but, despite the double-digit year-over-year increase, it appears that growth is actually slowing down.        

According to the industry association, digital ad revenue in the first quarter climbed 15 percent, from $7.3 billion in the first quarter of 2011 to $8.4 billion in the same quarter this year.