2010 10-K: Part II 82 In December 2009, we began publishing research and ratings on  corporate credit issuers. We entered into our first credit research  agreement with a major financial services firm to provide credit  ratings and research to its 18,000 financial advisors beginning in  the third quarter of 2010. The firm’s internal credit research team  also has access to Morningstar Select, our institutional credit  research platform. Although the revenue impact in 2010 was not  significant, we believe this credit research agreement gives us an  important foothold in this new area. We also offer a variety of financial communications and newsletters,  other investment software, and investment indexes. This segment represented approximately 80% of our consolidated  revenue in 2010, 2009, and 2008, respectively. Revenue from our Investment Information segment increased $58.3  million, or 15.1%, to $445.0 million in 2010. Acquisitions contributed  $40.4 million of revenue in 2010 primarily from LIM, Realpoint, OBSR,  and CPMS. Revenue from acquisitions represents approximately 10  percentage points of the revenue increase in 2010. Excluding acqui- sitions, higher revenue in our software, data, and investment  research products and services more than offset the loss of $12.5  million of revenue from GARS, which expired at the end of July  2009. Organic revenue for our software product lines was up approx- imately $18.2 million, driven by Morningstar.com, Morningstar Direct,  and to a lesser extent from Advisor Workstation and Site Builder  and Licensed Tools. Morningstar Direct made positive contributions to segment revenue  in both 2010 and 2009. The number of licenses for Morningstar  Direct increased to 4,773 worldwide as of December 31, 2010, com- pared with 3,524 as of December 31, 2009 and 2,961as of December  31, 2008, with strong growth in the U.S. and internationally. The  growth in licenses reflects additional licenses for both new and  existing clients, as well as client migrations to Morningstar Direct  from Institutional Workstation. Revenue for Morningstar.com, which includes Internet advertising  sales and Premium Membership subscriptions, was the primary  driver of the segment revenue increase in 2010. In 2010, positive  trends in Internet advertising sales were partially offset by contin- ued decline in Premium Membership revenue in the United States.  Internet advertising increased 76.2% in 2010, after declining 36.9%  in 2009. Subscriptions for the U.S. version of the Morningstar.com  Premium service declined to 138,732 as of December 31, 2010 com- pared with 150,473 as of December 31, 2009, and 177,518 as of  December 31, 2008. The shortfall in revenue was due to a weak trial  pipeline but we believe our retention efforts stemmed the rate of  decline in subscriptions in 2010. In addition, we moderately increased  subscription prices for U.S. Premium Membership in both January  2010 and 2009, which partly offset the revenue decline associated  with lower subscription levels. In 2009, revenue for our Investment Information segment declined  $4.1 million. Acquisitions contributed $25.9 million to segment rev- enue in 2009, partially offsetting the $30.0 million revenue decline  experienced across a number of our product lines, including the loss  of $9.4 million of GARS revenue in 2009. Revenue from our invest- ment research products was down $17.2 million, or 24.1%.  Approximately $9.4 million of the decrease resulted from the end  of GARS and an additional $3.2 million of the decrease reflects  lower revenue from investment newsletters. Organic revenue for  software product lines was down about $5.1million, or 2.2%, driven  by a $6.4 million decline in the U.S. version of Morningstar.com and  a $0.3 million revenue decline in advisor software. These declines  were partly offset by a $2.4 million revenue increase for institutional  software and data-related products and services. Revenue Revenue Operating income $327,372 $114,715 $390,693 $138,659 $386,642 $138,429 $444,957 $127,740 2007  2008  2009  2010 Revenue % change 34.7%  19.3%  (1.0%)  15.1% Operating income % change  32.7%  20.9%  (0.2%)  (7.7%) Operating margin %  35.0%  35.5%  35.8%  28.7% Change  (0.6)pp  0.5pp  0.3pp  (7.1)pp Investment Information Segment ($000)