Nokia (NYSE: NOK) is slowing its pace of development when it comes to building Internet-like services for the mobile phone, but it still has its sights set on becoming the global leader in “Internet on mobile.” Over the past couple of years, the handset-maker has been on tear, building out five main content groups: music, maps, media, messaging and games. But in its annual report filed today with the SEC, it revealed that its level of investment in these areas will drop to levels not seen since before 2007. It said capital expenditures for the software and services group, excluding acquisitions, will total about 700 million euros ($878 million) in 2009, compared to the 889 million euros ($1.1 billion) in 2008 and 715 million euros ($897 million) in 2007. In the last year alone, that represents a drop of 27 percent.

Despite the slowdown, the company still sees the overall market opportunity for these segments being a substantial. By 2011, it expects the market to be worth 40 billion euros ($50.2 billion). Nokia: “Our strategy in competing in this market is for Nokia’s consumer Internet services to support our device average selling price, extend and enhance the Nokia brand, generate incremental net sales and profit streams, and create value and choice for consumers. Currently, we are working to grow our customer base and build customer loyalty in each of the five focus areas. By combining value and choice for consumers with our scale in mobile device deliveries, our goal is to become the global leader in ‘Internet on
mobile’.”