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2008 ONLINE ADVERTISING MARKET REPORT

Q 3 : A d N e t w o r k L a n d s c a p e , Tr e n d s & O u t l o o k

the rubicon project


1925 S. Bundy Drive Los Angeles, California 90025
Main Office: 310 207 0272 | Fax: 310 207 0528

rubiconproject.com
the rubicon project
1925 S. Bundy Drive Los Angeles, California 90025
Main Office: 310 207 0272 | Fax: 310 207 0528

rubiconproject.com

Table of Contents

Foreword 1
State of the Market and Key Takeaways 2
Impact of Market Downturn = Strong Opportunity for Online Advertising 5
Vertical Profile: News & Reference 9
Vertical Profile: Social Networks and Young Adult 10
Thoughts for the Future 13
Footnote Index 16
MARKET REPORT
the rubicon project
1925 S. Bundy Drive Los Angeles, California 90025
Main Office: 310 207 0272 | Fax: 310 207 0528

rubiconproject.com

Foreword
Over the past weeks we’ve received a number of inquiries regarding the evolving market
situation, perceived slowing of Internet advertising, and what it all means for the
advertising industry and subsequently, the Rubicon Project.  While we continue to pay
very close attention to what’s happening in the market, we’re on a decided growth curve.
In fact, as of the end of October, we’ve grown 40% on traffic and revenue basis in last 3
weeks alone.

Report after report shows that, despite advertisers cutting traditional media budgets and
the rate of growth slowing, the total dollars spent on Internet advertising will continue to
increase.  As brands look for ways to tighten the belt, they’re shifting hundreds of millions
(potentially billions) of dollars away from hard-to-measure traditional media to online
advertising. It’s a necessary move – they’re following the eyeballs. Ten years ago only 5%
of consumer time was spent online, today consumers are spending 33% of time online.
Advertisers can’t afford to ignore this medium altogether like they did after the dot-com
bubble.

Another major change in the industry today is that online advertising is now global and
diversified and less subject to the whims of any one country’s economy.  Up to 40%
of U.S. sites’ web traffic is made up of visitors from other countries, and more than
half of global online spend comes from countries other than the U.S. It is unlikely that
most publishers will set up local sales forces all over the world, so ad networks that
MARKET REPORT

are focusing on international traffic and/or are based outside the U.S. have become
critical channels through which to reach these advertisers. This creates an enormous
monetization opportunity, if the right technology and relationships are in place.

In order for the online advertising market to grow from its current $65 billion market to
the projected $106 billion in 20111, however, there is a need for better technology to make
buying and selling more efficient. The last downturn created massive opportunities for
companies like Google and Overture (acquired by Yahoo! for $1.6 billion), which delivered
unparalleled efficiency to the market. So, while we recognize the seriousness of the
current market climate, we also identify this as an enormous opportunity to inject a more
efficient buying and selling model to push the industry forward.

There’s no doubt this is a tough time for many businesses in our sector and across the
board. Overall, however, we’re confident that online advertising will continue to represent
a significant and growing portion of marketing spend, driving continued demand for
ad networks and platforms like the Rubicon Project, which builds revenue, and offers
tremendous time and resource efficiencies for website publishers.

Frank Addante
CEO & Founder

1 Source IDC, June 2008

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State of the Market and Key Takeaways

What was the state of the ad network marketplace in the third quarter of 2008?
At the start, the outlook seemed healthy, particularly in terms of the cash influx.
In July, New York-based ContextWeb, parent company of the ADSDAQ display
ad exchange, picked up $26 million in a fourth round of funding. Turn, a San
Mateo, Calif.-based network that offers a toss-up of ad types and CPM-, CPC- and
CPA-based buys, raised $15 million in funding in August. But then in September,
a number of U.S. financial institutions crumbled in rapid succession, including
commercial banks like Washington Mutual and investment firms like Lehman
Brothers. Thus, the end of the quarter was much leaner in terms of investments of
all kinds, and ad networks were not immune to the cash and credit crunch.

Still, VC firms and other investors pumped $241 million into ad networks over
the course of Q3, according to Petsky Prunier.2 A majority (40 percent) of those
dollars flowed to vertical networks or exchanges, leading the investment bank to
conclude, “the proliferation of vertical networks is a trend that can be expected
to continue.” While the number of ad network-related transactions increased from
Q2 to Q3, the overall dollar amount dropped sharply – from around $400 million
in Q2, to $241 million in Q3. That drop was more pronounced year-over-year, as
networks snagged over $800 million in investments in Q3 of 2007.
MARKET REPORT

With the global economy facing stronger headwinds, there was much speculation
about how online advertising and the ad industry as a whole would weather the
storm. For example, GM, which had pledged to spend $1.5 billion more on digital
media advertising in the coming year, reversed course and said it would “pull
back slightly in all media types.”3 Media and tech expert Matthew Ingram asked
whether online advertising was “heading off a cliff” in a piece for Seeking Alpha,4
and financial pundits were even questioning whether Google, with its seemingly
rock-solid grip on the search marketplace, would meet Wall Street’s Q3 earnings
expectations. (It did, and trumped a number of them, actually.5)

Online advertising execs maintained that the interactive space would withstand
the greater economic pressures, as advertisers would shift more of their dwindling
budgets online. After all, products and services still need to be promoted, and the
Web offers distinct advantages in terms of proving return on ad spend (ROAS).

2 Source: Petsky Prunier, September 2008


3 Source: bNet.com, September 2008
4 Source: Seeking Alpha, October 2008
5 Source: Financial Times, October 2008

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“Last time the Internet got battered by the real world it fell down. Back then, no
one sought refuge online,” said Jarvis Coffin, CEO of performance-based network
Burst Media. “Today it is television and newspapers that are feeling the pain as
buyers and seller[s] look to the Internet as high ground … While I don’t believe the
Internet will emerge unscathed from the rising tide of uncertainty, it will emerge
more confident and, ultimately, dominant.”6

As Geoff Ramsey of eMarketer notes in his most recent article on this topic, “the
Internet is inherently more measurable and accountable than are traditional
channels.” He also cites a June McKinsey & Co. survey of 340 senior marketing
executives worldwide, 55% of whom said they’re cutting expenditures on
traditional media, precisely in order to increase funding for online efforts.7

But the outlook is a bit darker by some forecasts. Nielsen, for example, found that
display ad spending in the first half of 2008 had dropped by 6 percent year-over-
year. That was countered by a TNS report released a week later, which said that
display spending had actually increased by 8 percent. While analysts said that
the 14-point difference could be attributed to factors like Nielsen including only
CPM-based stats (completely ignoring performance-based buys like CPC and CPA),
others questioned the accuracy of both companies’ measurement tactics.8

A dig through the Rubicon Project’s own data shows some revealing trends,
MARKET REPORT

however. First and foremost – the sky is not falling. While there are cases of
average CPMs trending downward in the third quarter, particularly in verticals
like Young Adults and Music, we also saw CPMs trending upward, or at worst
maintaining their second quarter pricing, in most of the twenty verticals we track.
Two sectors worth noting for their particular CPM growth: News & Reference
(which has been quite beleaguered offline) and Technology. Second, network
performance in Q3 also varied by type. Behavioral networks were seemingly
affected by the negative publicity surrounding data collection practices and
consumer privacy, as average CPMs were down from the previous quarter, while
some of the larger, all-purpose networks saw marked pricing lifts.

For this report, the Rubicon Project analyzed almost 28 billion impressions
delivered over the course of Q3 (up nearly 100 percent from Q2) to 240 million
unique Internet users, across nearly 270 networks, including Revenue Science,
Ad.com and 24/7.

6 Source: Burst Media Blog, July 2008


7 eMarketer, October 2008
8 Source: Mediapost, September 2008

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Some key takeaways:

1. Impact of Market Downturn = Strong Opportunity for Online


Advertising

Major media agencies and third-party research firms revised both global
and U.S. ad spending forecasts across all media downward as a result of the
economy – and most of the negative stats came in advance of September’s
financial meltdown. But the same companies also forecast overall gains
in online advertising dollars, often directly at the expense of traditional
mediums. While we expect cutbacks across the board, the shift to online
bodes well for ad networks with strong technology, data-targeting and/or
niche vertical focus, as those specialized nets best enable advertisers to
buy (and publishers to sell) their ads more effectively.

2. News & Reference Sites Saw 36% Gain

Newspapers are struggling with sales and circulation numbers offline, but
the ad representation, sales and content distribution deals they’ve brokered
with ad networks and other Web-based properties have started to net
positive results. Though some of the growth was (and will be) tempered by
MARKET REPORT

the besieged economy, the shift to online sales channels is clearly having a
positive impact on the News & Reference vertical, where CPMs rose 36% in
Q3.

3. Young Adult and Social Networking Sites – Supply Outpacing Demand

On the other hand, Young Adult and Social Networking sites (which tend
to have similar audiences and advertisers) didn’t fare as well from a CPM
perspective in Q3. While page views, unique visits and time spent stats
remained high, CPMs tracked downward. This makes sense: as supply is
growing much faster than demand, CPMs will naturally decrease because
of this excess inventory. With more than 150 million consumers spending
time on social networking sites, advertisers continue to spend to reach this
audience, though at lower rates. As these social networks add audience
micro-targeting and tracking capabilities technologies to raise rates,
however, they will essentially turn into behavioral networks, adding yet
another twist to the ever-confusing publisher/network dynamic in the
space.

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Impact of Market Downturn = Strong Opportunity for Online


Advertising

Ad Spend Forecasts Come Down, Yet Online Advertising Dollars Continue to


Grow

The U.S. economy had been battered by the subprime mortgage mess and housing
sales slump since the start of 2008, but by Q3, the ad industry began to feel the
ill effects more deeply. A number of media planning and buying agencies revised
their U.S. and global spending forecasts downward, though the stats highlighted a
distinct opportunity for the Web to steal dollars from traditional mediums.

Carat, for example, predicted that U.S. ad spend would only grow by about 2
percent in 2008, down from the 4 percent it had forecast in March. But the media
giant also pegged online spending, in particular, to grow slightly.9 According to
Jerry Buhlmann, CEO of Aegis Media (Carat’s holding company) “[the] Internet is
set to overtake radio this year to become the world’s third most popular medium,
behind TV and print.”

Zenith Optimedia (ZO) slightly dropped its overall ad spend forecast at the end
of June, predicting that North American advertisers would spend 3.5 percent
MARKET REPORT

more in 2008 than they did the previous year. That was down from the 3.7
percent growth ZO had forecast in March, and the more than 4 percent growth
it had forecast at the end of 2007. But the media agency also believes worldwide
Internet advertising would still climb nearly 27 percent this year, as advertisers in
the U.S. and Western Europe, in particular, would shift more dollars to the Web.10

Meanwhile, third-party research firms also predicted slower growth. In August,


eMarketer said that advertisers would spend $1 billion less in 2008 than it had
forecast in April. At $24.9 billion, that’s still up more than 17 percent from 2007,
growth that senior analyst David Hallerman said would come directly at the
expense of traditional mediums. “Even as the potent mix of a misfiring economy
and consumers’ changing media habits shave advertising dollars from traditional
venues, such as newspapers and television, Internet ad spending will continue to
grow rapidly,” he said.11
Wall Street Implodes

9 Source: Mediapost, August 2008


10 Source: AdWeek, June 2008
11 Source: eMarketer, August 2008

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But the worst was yet to come, as all of the spending predictions came before Wall
Street, well … imploded. In late September, Washington Mutual, AIG and Lehman
Brothers all went belly up, and the ensuing fracas sent the Dow Jones down by
7 percent (almost 800 points). Americans were glued to the WSJ and MSNBC,
worried as their 401(k)’s, children’s college funds and other investments dwindled
in a matter of days. Congress scrambled to pass a financial package that would
stem the losses, though the $700 billion piece of legislation had many critics.
Some advertising execs spoke out in favor of the package, arguing that it was a
necessary measure for the health of the country’s economy – and thus the ad
industry – though there was skepticism about how long it would take consumer
confidence to rebound.12

Network Trends: Separating the Wheat From the Chaff

A look at some of the data collected across the Rubicon Project’s 1300
publisher clients shows that there’s room for optimism. Average CPMs served
across thousands of sites and 270 ad networks slipped 11 percent from Q2, but
performance varied by network type and channel. Some channels experienced
nearly a 40 percent lift in CPMs from Q2, while others dropped by almost 20
percent.
MARKET REPORT

It is worth noting that CPMs do not tell a full story regarding the health of
the online advertising economy. The pace of growth in the supply of Internet
advertising inventory is simply faster than the growth in ad dollars spent. As a
result, CPMs are dropping in many areas. If every site on the Internet doubled the
number of ad units per page, as an example, CPMs would drop by half, though
overall revenue would remain constant. Hence CPM is a relevant metric, but not
an overall indicator of market health. Total revenue and ad spend are the correct
indicators.

“Inventory as a whole has increased with a highly contested Presidential race


combined with dire economic news,” noted Shayne Mihalka, CEO of Underdog
Media. “General inventory has increased, creating a higher level of gross revenue
but no substantial increase in CPMs.”

CPMs do, however, serve as a reasonable indicator of trends within different


content channels. In the Q3, the poorest performing channels across the
Rubicon Project’s network of sites were Entertainment, Music and Young Adult.
In Entertainment, average CPMs dropped 17 percent from Q2, and Music CPMs

12 Source: AdAge, October 2008

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slumped by 14 percent. Lastly, CPMs across the Young Adult channel fell 8 percent
from the previous quarter.

In contrast, our News & Reference, Technology, and TV & Film channels saw the
largest gains. Average CPMs in News & Reference exploded – 36 percent higher
than Q2. Technology CPMs also took off – up 35 percent from the previous
quarter; TV & Film grew 27 percent from Q2.
MARKET REPORT

Q3 2008 – the Rubicon Project

The variations in pricing reflect advertiser perceptions about the value of both the
content on a site and the audience it can attract, a perception that – fair or not –
often extends to an entire channel.

“Some channels have endemic advertisers that are willing to pay higher CPMs,”
said JT Batson, the Rubicon Project’s VP of publisher communities. “Take TV &
Film. You have a new release coming out every week, so the sites that attract
moviegoers are going to consistently get higher CPMs. On the other hand, some
of the early Entertainment or Music sites can draw similar, if not larger audiences,
but they’re not sites where advertisers have felt the most comfortable in terms
of putting their brand. Whether right or wrong, those channels have a lower
perceived value.”

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There were also variances by ad network type.13 For example, larger networks that
offered a mix of targeting types actually saw moderate gains in CPM prices. In Q3,
CPMs across Network A, a large, all-purpose player, were up 18 percent from the
previous quarter. Meanwhile, CPMs across Network B, a leading, technology-rich
contextual ad network, were up 16 percent from Q2; and on Network C, one of the
largest horizontal networks, they were up 7 percent.

Smaller networks, which we define as those that serve fewer than 20 million
impressions per day, also saw some fluctuations. For example, average CPMs
on Network D, a smaller all-purpose network, rose nearly 38 percent in Q3. Lead
generation-focused Network E saw a 13% overall gain in CPMs, while they fell by
almost 23 percent on performance-focused Network F. The net effect across the
Rubicon Project’s full network, however, was flat.

Pure-play behavioral networks seemed to maintain their place as the top of


the heap – their overall CPMs remain among the highest in the industry. CPMs
remained relatively flat for one major behavioral player, though they slipped by 2
percent on another.
MARKET REPORT

Q3 2008 – the Rubicon Project

13 Networks are not named to protect confidential data.

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Vertical Profile: News & Reference

The digital transition has not been kind to newspaper publishers; as their reader
base has increasingly flocked to the Web, but they’ve struggled to replace lost
offline ad dollars with online revenue. Rather than build out the infrastructure and
train their entire sales teams to shill online classified and display inventory, news
publishers like Gannett, Tribune and McClatchy inked various site representation
and sales deals with ad networks and Web giants. One of the largest such deals
was brokered in late 2006, when Yahoo bowed its newspaper consortium which
included display and classified ads, HotJobs listings and distribution across its
entire network.14

And now it seems like some of those deals are starting to bear fruit. In Q3, the
Rubicon Project’s data shows News & Reference publishers across the board were
able to garner higher CPMs. Indicative of the increased value that advertisers
were putting on their audiences, CPMs for publishers across the channel were up
almost 36 percent, though per network performance varied slightly.

On the network side, average CPMs in News & Reference on leading contextual
Network B, for example, grew wildly - up 81 percent from Q2. On Network C, one
of the largest horizontal networks, CPMs increased 20 percent from the previous
quarter, and while they were down almost 30 percent on the all-purpose Network
MARKET REPORT

A, their CPMs for this category were still among the highest in all channels. Even
on smaller networks, News & Reference CPMs showed prime performance. For
example, CPMs on the lead gen-focused Network E were up nearly 300 percent
from Q2.

Q3 2008 – the Rubicon Project

14 Source: paidContent, April 2007

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News & Reference sites also outperformed most other verticals in terms
of CPMs, as only Food & Drink sites garnered higher prices during Q3.
“Newspapers have been trusted for hundreds of years, and much of that trust
has extended to their websites,” Batson said. “Most advertisers want to have their
brands associated with them.” CPMs in other verticals like Family & Home and
Dating were consistent with Q2 rates. Social Networking and Young Adult channel
CPMs, in contrast, slipped from Q2 to Q3.
MARKET REPORT

Q3 2008 – the Rubicon Project

Vertical Profile: Social Networks and Young Adult

Whether it’s LinkedIn for work, Flickr for play, or Facebook for a mix of the two,
social networks continue to proliferate – and Americans spend plenty of time
updating their profiles, sharing photos and playing with various branded apps.
Hitwise found that users spent an average of 30 minutes per month on MySpace
in August, and about 20 minutes on Facebook.15 But most social networking

15 Source: VentureBeat, September 2008

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sites (and related Young Adults properties) seem to struggle with monetizing
that engagement. From Google’s admission that it was having trouble wringing
cash out of its ad deal with News Corp.’s MySpace,16 to Facebook’s fumbled foray
into behavioral targeting,17 it has been difficult for social media properties to get
advertisers to spend consistently – and make that spending seem worthwhile.

Average CPMs in the Social Networking channel fell by 3 percent in Q3; but
as with News & Reference, performance varied by network. For example, CPMs
dropped by nearly 33 percent on the large horizontal Network C; and fell by 14
percent on all-purpose Network A. And while average CPMs were actually up 11
percent on the giant contextual Network B, actual CPM prices were still dismally
low.
MARKET REPORT

Q3 2008 – the Rubicon Project

Meanwhile, CPMs in the Young Adult channel slipped by 8 percent in Q3. They
tumbled by nearly 40 percent on Network C, and by 22 percent on Network B. The
trends were also mirrored on smaller networks, with average CPMs in Q3 down by
21 percent on Network F. The only exception was Network E, the lead-generation
focused network, which delivered 31% higher CPMs in this category in Q3.

16 Source: CNET, January 2008


17 Source: eConsultancy, August 2008

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Q3 2008 – the Rubicon Project

“Social networking sites face three problems: first, the basic rule of supply and
demand. Social networking traffic is abundant, and in most cases undifferentiated
from one publisher to the next. This excess supply has driven down CPM prices to
a low equilibrium,” noted Raleigh Harbour, the Rubicon Project’s VP of Ad Network
Development. “Second, user-generated content (UGC) still ‘spooks’ advertisers.
MARKET REPORT

To an advertiser, UGC is an unknown risk exposure that is in constant flux. Real or


perceived, this fear factors into pricing. Finally, long user sessions result in lower
performance. For example, a typical social networking visitor may spend 40-50
ad impressions deep into a site, verses 5-10 for a typical news or sports site. This
lowers the probability that the same user will click (and therefore convert) on an
single ad impression, hence reducing the value of that inventory for advertisers.”

Q3 2008 – the Rubicon Project

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When average CPMs for both Social Networking and Young Adult channels are
stacked up against some of the top- and even moderately performing verticals,
the differences in pricing become quite clear. “Generally social media does not
convert at the same level as, say, news and reference,” noted Shayne Mihalka, CEO
of Underdog Media. “The decline in CPMs during Q3, however, is almost certainly
due in part to an increase in traffic in this sector.” Again, inventory outpaced
supply, driving down CPMs, even as overall revenue grew.

One significant exception to the overall trend in Social Networking appears to


be LinkedIn. In building a popular and effective business-centric networking site,
the company seems to have structured itself to buck the three trends Harbour
refers to above. For LinkedIn, demand for the site’s attractive, niche content and
top-tier audience remains high and is likely keeping pace with supply; UGC is
tightly monitored and remains business-focused, making it a low content risk for
advertisers; and impressions/visit don’t likely run as high given their audiences
limited time, and focused reasons for visiting.

Perhaps this unique position among social networking sites is what drove LinkedIn
to become a network itself in Q3, as a means of taking charge of its own high-
value inventory. LinkedIn partnered with New York-based Collective Media to
launch its ad network in September. The deal lets LinkedIn bundle its own traffic
MARKET REPORT

with targeted inventory from Collective Media’s sites. Steve Patrizi, LinkedIn’s
director of advertising sales said that the decision to “go network” was fueled
largely by advertiser requests. “The message we hear from advertisers is simple:
they want mass reach against specific segments of decision-making professionals,
and they want their ads to appear in quality environments,” he said, in an iMedia
interview.18

Thoughts for the Future

While no one can be sure how the effects of Wall Street’s cave-in will play out over
the coming months, it’s clear that online advertising has the potential to thrive in
spite of mounting adversity. “Advertisers are going to see the efficiency of online
spend and – barring anything crazier than what’s already going on – we should
see a large bump in offline dollars coming online over the next year,” said Raj

18 Source: iMedia, September 2008

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Chauhan, the Rubicon Project’s VP of business development.


Indeed, eMarketer is pegging U.S. online ad spending to grow by more than 14
percent to reach $28.5 billion next year, with continued growth at an even faster
pace, until 2012.19 “While the rate of growth may be slowing, total dollars will
continue to increase as ad spend continues to shift online from offline,” said Frank
Addante, the Rubicon Project’s founder and CEO. “Advertisers might have been
able to ignore the Internet ten years ago during the dot-com bubble, because
only 5 percent of consumer time was spent online. Today, people are spending
about a third of their time online – more than twice the amount they spend
watching television.20 An Internet marketing strategy is no longer optional; today
advertisers must maintain an online presence.”

The “dot-bomb” of the early part of this millennium was also driven by the
venture capital dollars driving the online ad market at that time; the largest online
advertising spenders were the same venture-backed companies that tended
to go belly-up in the fall, taking the online ad industry down with them. Today,
marketers of all stripes are spending online, from the largest consumer packaged
goods companies to automakers to entertainment brands. Gone are the days
when the bulk of online ad dollars are coming from online properties; today, online
marketing is an integral part of any brand’s strategy.

But we’re also well aware of the fact that cutbacks will come (some have come
MARKET REPORT

already)21 on both the buying and selling side of the table. “In the recession of
2009, marketers will be making cuts almost across the board, and will seek safe
harbors and cost-efficient alternatives,” noted media analyst Jack Myers.22

Inevitably, some networks will fail (in recent weeks, some have already closed
their doors).23 Those networks that are merely wholesale inventory brokers that
lack technological or content differentiation will struggle to survive. Ad networks
that offer specialized audience-targeting technology, unique data or tracking
capabilities, and/or highly niche vertical focus will continue to deliver value via
access to premium inventory and audiences.

Publishers will almost certainly lay off lower-performing direct sales staff, and
media agencies may also thin their ranks; but that means that ad networks will
have access to more inventory, and that with fewer individual buyers at work,

19 Source: eMarketer, October 2008


20 Source: IDC, February 2008
21 Source: Washington Post, October 2008
22 Source: JackMyers Media Business Report, October 2008
23 Source: Wall Street Journal, October 2008

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interactive buys will need to be carried out through far fewer channels. That
means ad networks can provide more value than ever, since advertisers will be
honed in on making the most efficient buys possible. “We think it will be a good
time for ad networks,” Addante said. “In fact, they may even become a threat to
the largest publishers they serve today, as they provide the same efficiency and
sometimes more effective behavioral targeting for advertisers. We’ll be watching
this trend carefully in coming months.”
MARKET REPORT

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Footnote Index
1. IDC - Worldwide Spending on Internet Advertising Will Soar Past $106 Billion in 2011,
According to IDC http://idc.com/getdoc.jsp?containerId=prUS21304208

2. Petsky Prunier - Deal Notes (Q308) http://petskyprunier.com/index.php?/deal-notes/

3. bnet - http://industry.bnet.com/advertising/1000223/general-motors-to-cut-media-
spending-drops-super-bowl/

4. Seeking Alpha - Is Online Advertising Heading Off a Cliff? http://seekingalpha.com/


article/98763-is-online-advertising-heading-off-a-cliff

5. FT.com - Google Climbs on Evidence of Ad Resilience http://www.ft.com/cms/


s/0/655e7234-9be3-11dd-ae76-000077b07658.html

6. Burst Media - In a Troubled Economy, Online Media will thrive http://burstmedia.


wordpress.com/2008/07/17/in-a-troubled-economy-online-media-will-thrive/

7. eMarketer – Online Ad Spending Will Keep Growing http://www.emarketer.com/Article.


aspx?id=1006653

8. Mediapost - Ad Trackers: Online Is Up, No It’s Down, No It’s Up http://www.mediapost.


com/publications/?fa=Articles.showArticleHomePage&art_aid=91391

9. Mediapost - Carat Lowers Overall Ad Outlook, Boosts Online’s http://www.mediapost.


MARKET REPORT

com/publications/?fa=Articles.san&s=89410&Nid=46526&p=451792%3Cbr%20/%3E

10. AdWeek - ZenithOptimedia Cuts Ad Spending Forecast Again http://www.adweek.com/


aw/content_display/news/media/e3i5ec77cd249430213c49beb8f9bba7e82

11. eMarketer - Online Ad Spending Update http://www.emarketer.com/Article.


aspx?id=1006477

12. Advertising Age - Execs Offer Their 2 Cents on $700B Bailout Plan http://adage.com/
abstract.php?article_id=131503

13. the Rubicon Project does not cite specific data associated with any given network; we
are committed to protecting our partners’ and customers’ data.

14. paidContent - Yahoo-Newspapers: It’s Official: McClatchy Joins; Deal Expands


To Display Ads, Search, Content http://www.paidcontent.org/entry/419-yahoo-
newspapers-its-official-mcclatchy-joins-deal-expands-to-display-a/

15. VentureBeat - Hitwise: Facebook and MySpace see usage metrics go up and down,
kinda http://venturebeat.com/2008/09/25/hitwise-facebook-and-myspace-see-usage-
metrics-go-up-and-down-kinda/

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rubiconproject.com

16. CNET - Google still waiting for social ad payoff http://news.cnet.com/8301-10784_3-


9862529-7.html

17. eConsultancy - Beacon lawsuit shows being too “forward-thinking” has risks http://
www.e-consultancy.com/news-blog/366173/beacon-lawsuit-shows-being-too-forward--
thinking-has-risks.html

18. iMedia - Is LinkedIn’s ad network what advertisers crave? http://www.


imediaconnection.com/news/news-is-linkedin-s-ad-network-what-advertisers-
crave-_20554.html

19. eMarketer - Is Online Safe from the Meltdown? http://www.emarketer.com/Article.


aspx?id=1006626

20. IDC – IDC Finds Online Consumers Spend Almost Twice as Much Time Using the
Internet as Watching TV http://www.idc.com/getdoc.jsp?containerId=prUS21096308

21. Washington Post - Layoffs Roundup: Layoffs Roundup: Sirius XM; Zillow; SearchMe;
Hi5; Seesmic; Lulu; Zivity; SkyRider

22. http://www.washingtonpost.com/wp-dyn/content/article/2008/10/17/
AR2008101702472.html

23. eMarketer - Online Ad Spending Will Keep Growing (Jack Myers quoted) http://www.
emarketer.com/Article.aspx?id=1006653

24. Wall Street Journal - Shakeout Threatens to Thin Out Web-Ad Brokers http://online.
MARKET REPORT

wsj.com/article/SB122514803617173825.html?mod=googlenews_wsj

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