Q2 AD NETWORK

2009 ONLINE ADVERTISING MARKET REPORT Q2: EMERGING TRENDS & OUTLOOK Q2 AD NETWORK MARKET REPORT To download this and other Rubicon Project market intelligence please visit rubiconproject.com/market-report the rubicon 90025 1925 S. Bundy Drive Los Angeles, California project 1925 S. Bundy Drive 207 0272 | Fax: 310 207 0528 Main Office: 310 Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 rubiconproject.com rubiconproject.com the rubicon project 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Table of Contents State of the Market ..................................................................................................................1 Key Takeaways ..........................................................................................................................3 CPMs Trend Upward Over the Quarter: the Rubicon 20 Index .....................................3 Taking Stock of the International Opportunity .................................................................7 Data Optimization: The Next Frontier in Display .............................................................. 8 Thoughts for the Future ....................................................................................................... 12 About the Rubicon Project ................................................................................................. 13 Footnote Index ....................................................................................................................... 14 MARKET REPORT 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com State of the Market Despite the less-than-optimistic predictions for growth in online advertising this year, the trends we’ve observed both in the news and in our own proprietary data reflect a healthy display ad market -- one that’s still thriving in part due to the scale, targeting and automation that only ad networks and exchanges can provide. Big media companies and VC firms invested $74 million on seven ad networkrelated deals during Q209 -- the dollar amount up nearly 16 percent from the previous quarter1. Notable investments included Collective Media, which raised $20 million in a second round from Accel Partners and iNovia Capital2, and Tumri, which added $15 million in funding from Time Warner3, to help finalize its transition from being a pure-play contextual ad provider, into a full service display advertising creative platform. Meanwhile, the theory that a crowded market, falling CPMs and mass publisher revolt would force a stream of ad networks out of business hasn’t panned out. As Jeff Lanctot, chief strategy officer at interactive ad agency Razorfish, told Mediaweek: the growing divide between ad rates for top tier publishers and niche sites has created a middle class of content providers that “can’t afford” to sever their ad network ties4. Instead of dying out, ad networks collectively expanded their reach. comScore found that vertical ad networks grew from accessing just over 21 percent of the total U.S. audience in March 2008, to 57 percent in March 20095. The data also found that vertical networks were effective at delivering more highly engaged audiences to advertisers across health, entertainment, and news and information sites, among others. That’s not to say that publishers were content to rely on networks to try to drive up the value of their inventory. In Q2, there was a marked shift in the industry toward making display ads more interactive, more interruptive and overall harder to miss. Members of the Online Publishers Association, which include sites like ESPN. com and iVillage, rolled out three new larger ad formats, designed to “inspire MARKET REPORT 1 Source: Petsky Prunier, July 2009 2 Source: Collective Media, April 2009 3 Source: paidContent, June 2009 4 Source: Mediaweek, June 2009 5 Source: comScore, April 2009 Page 1 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com better creative” from the agencies6. Individual sites like the New York Times tried crafting their own new ads7 in the hopes of delivering advertisers a better ROI, and even Google started offering expandable display ad units for AdSense8. But does bigger necessarily mean better? Some questioned whether just expanding the size -- not to mention the annoyance factor -- of ads was the right tactic for publishers trying to boost the value of their inventory9. Giving brands a bigger canvas to run more compelling creative on is definitely a good thing, but making sure those new ads reach the right audience is just as important. Which brings us to a second major shift during the quarter – the focus on new sources of demand willing to pay better rates for more valuable, secondary premium inventory. We defined that inventory in our last report as standard ‘display ad’ inventory that comes with some placement guarantees, (i.e. a tightly targeted audience segment) and can be sold by the site’s direct sales team or through a premium audience representative. “Advertisers have always wanted to directly buy audiences online. For the most part, they’ve had to make do with buying search keywords or content,” said the Rubicon Project CEO Frank Addante. “Google clearly owns search, and companies like Yahoo figured out how to use content as a proxy to reach an audience. But we’re at the point where exchanges can package audiences directly using data. And we think managing that data better is the key to delivering better performance for advertisers -- and ultimately -- more revenue for publishers.” For this Q2 2009 report, the Rubicon Project analyzed nearly 97 billion impressions across 400+ ad networks, including Pulse 360, Advertising.com and Specific Media. MARKET REPORT 6 Source: Mediapost, June 2009 7 Source: Forbes, May 2009 8 Source: Inside AdSense, March 2009 9 Source: BusinessWeek, March 2009 Page 2 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Key Takeaways • CPMs Trend Upward Over the Quarter CPMs across the Rubicon 20 Index, our newly introduced index that tracks the performance of a group of the Web’s most high-traffic premium properties across a variety of factors, have risen by an average of about 40 percent vs. the first quarter. Meanwhile, publishers in the music, arts & hobbies, and women-centric content verticals also saw their ad prices increase -- in some cases, by nearly 270 percent. • Taking Stock of the International Opportunity The whole world turned to U.S.-based news and entertainment sites in the wake of a pop icon’s death -- and while some publishers were able to capitalize on their domestic traffic spikes, we believe the vast majority missed the chance to make money from the influx of international traffic. We shed light on why publishers (and ad networks) have to get smarter about monetizing a global audience, and some things they can do to get there. MARKET REPORT • Data Optimization: The Next Frontier In Display As display ad deals shift from being targeted around verticals to true “audiences,” data providers that help publishers supply those unique audiences become more valuable. But how do publishers manage multiple data providers to make sure they’re showing the most targeted ads, and generating the most revenue? CPMs Trend Upward Over the Quarter: the Rubicon 20 Index As we’ve seen noted in past reports, ad rates can fluctuate wildly across verticals within a given month or quarter. For a more comprehensive read into the health of the display ad market, we began monitoring a discrete group of twenty premium websites, analyzing impressions across a number of factors (including CPM, revenue, and traffic volume). We are pleased to introduce the Rubicon 20 Index. We created the Rubicon 20 Index to track the health of the online advertising market, much as the Dow Jones Industrial Average offers a glimpse into the health of the U.S. financial markets. We’ll continue to track this throughout the year; the Rubicon 20 Index will be updated weekly and published by MediaPost Page 3 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com (www.mediapost.com) as well as on the Rubicon Project website (www. rubiconproject.com). Tracked from the start of 2009, the Rubicon 20 Index tracks ad revenue and ad pricing performance across a roster of twenty of premium Web properties spanning content verticals including news, games, finance and entertainment. The 20 sites selected all share high traffic volume and strong brand recognition. The index reflects relative performance of these sites. the Rubicon 20 Index rose 38 percent in Q2 2009 vs. Q1 2009: MARKET REPORT This chart reflects growth for the online display ad marketplace, reflecting both quarterly trends as well as the slowly growing economy that underlies the online ad business like any other. The significant growth in June relative to the earlier, slower growth patterns demonstrates advertisers’ increasing willingness to throw their hats into the online ring, even as some marketing spending is still on hold. Let’s look more deeply into the trends emerging within the overall picture: Strong Growth on Music Sites -- Less Emphasis on Travel in Q2 In addition to the rise across the Rubicon 20 Index, there are further insights to be gained from examining pricing performance on a category or channel basis. Page 4 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com In Q2, music sites were among the top-gaining properties, with CPMs up by nearly 270 percent versus Q1 -- performance that was likely driven because these sites became much more valuable to advertisers in the wake of Michael Jackson’s death. Other music industry-related events during the quarter included the MTV Movie Awards (during which rapper Eminem had a much-hyped10 encounter with pant-less actor Sacha Baron Cohen), as well as ongoing tours by stars like Beyonce and Britney Spears. Revenue growth was strongest in the dating, education and health verticals in the quarter; in light of consumers’ attention to the state of the economy, fears around the H1N1 virus and the emerging noise around the current healthcare debate, the spike in education and health revenue seems logical. As for dating? Well, in light of worries about the economy, healthcare and hopes for the summer ahead, perhaps online dating was bound to see a boost in this period. Meanwhile, publishers in the travel vertical took a hit, with CPMs down by more than 36 percent vs. Q1 2009. We think there were two main causes for the drop: the swine flu mania that swept the globe in mid-April and May, and the sluggish economy that had more people thinking of “staycations”11 than planning road trips and expensive getaways. MARKET REPORT Overall, both revenue and CPMs are trending upward across our entire base of premium publishers – CPMs up to the tune of nearly 40% relative to one year prior, and revenue growth at 297%. 10 Source: Pop & Hiss, June 2009 11 Source: SF Gate, June 2009 Page 5 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com News, Music and Entertainment Sites Cope with the Celebrity-Fueled Traffic Boom On June 25, AOL-owned gossip site TMZ.com broke the news that Michael Jackson died, and the resulting traffic explosion caused big problems for various news, entertainment and social media sites12, since their servers weren’t prepped for the onslaught. But server performance wasn’t the only thing these publishers were concerned about. In the wake of the breaking news, and the days leading up to Jackson’s livestreamed memorial, there was a massive influx of impressions that they may not have had ad campaigns ready to fill. That’s where ad sales optimization comes in handy. “Online ad inventory is constantly in flux due to emergent traffic patterns on the web,” says Billy Shipp, manager of online advertising operations at Current TV. At Current, Shipp has devised a specific plan of attack to handle traffic volatility – like that his site faced after two Current TV journalists were very-publicly detained in North Korea. “We have two primary mechanisms for managing this chaos: (1) inventory forecasting and (2) an ad inventory waterfall. First and foremost, we do our best to predict what traffic will look like taking into account historical traffic patterns and best guesses as to relevant short term factors likely to impact available inventory. This allows us to directly sell as much inventory as possible maximizing our revenue potential. Secondly, our ad impressions roll over such that when we do not have a direct ad to serve we pass the ad call along to a third party (the Rubicon Project in this instance) who can help us monetize that impression.” A high-profile entertainment news publisher that works with the Rubicon Project and boasts both a huge online presence and high ratings for its daily television show saw impressions spike 436 percent above its monthly average on the day of Jackson’s death. This was followed by a 382 percent increase in traffic on the day of his memorial. Our technology helped this publisher serve the most targeted, best quality, and more importantly, highest-yield ads to its instantly-expanded audience – prompting revenue increases that dramatically outpaced even the site’s traffic spikes – a 529 percent ad revenue increase on June 25, and a 752 percent revenue increase on June 30th. MARKET REPORT 12 Source: TechCrunch, June 2009 Page 6 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Taking Stock of the International Opportunity Still, even U.S. publishers that were working with ad optimization firms to manage their domestic traffic left a tremendous amount of revenue on the table in the wake of Jackson’s death, simply because most weren’t able to optimize their international traffic in the same way. “Breaking news opens up the international traffic floodgates for many Web publishers, but especially those with large, well-known media brands,” said Jay Stevens, the Rubicon Project’s VP and GM of international. “The challenge lies in being ready to make as much money as possible -- regardless of whether the overseas traffic is coming in as a dribble or as a torrent.” Other challenges include dealing with currency conversions and payment reconciliation from non-U.S. advertisers; without a platform that automates these tasks, a publisher’s sales team can wind up being mired in administrative duties instead of spending time brokering premium-priced sponsorships and custom ad deals. A look across all impressions optimized by the Rubicon Project for premium Web publishers in the second quarter reveals that a great deal (42 percent – more than 37 billion ad impressions) of their traffic originated from outside the U.S. in Q2. Challenges around monetizing international traffic include inefficiency in the sales process, the difficulties in monitoring the advertising quality of international networks and ensuring they adhere to the publisher’s quality standards, as well as the difficulties in the buying process. With the recent announcements of our UK-Europe (EMEA) and Asia-Pacific office openings in London and Sydney, we’re aggressively building out our international team and infrastructure to help close that gap for publishers. Preliminary data from a well-known U.K. news publisher shows that we were able to bump up CPMs on their non-U.K.-based traffic by more than 19x in just one month. This data clearly demonstrates why we’re bullish about the high-growth international market potential for publishers. MARKET REPORT Page 7 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Data Optimization: The Next Frontier in Display The placement of online ad campaigns involves any number of different parties: a brand advertiser’s in-house ad team focused on custom buys; the media-buying agency who might supplement those custom buys with rich media banners on both premium and mid-tier sites, and ad networks or exchanges, who add significant reach with banner buys across a broader array of sites still. The analytics start flowing, and the media plan appears to be effective, generating the desired number of impressions, click-throughs and unique visits to the campaign’s various landing pages. But without a holistic view of the data -including some way of scoring the impressions on a per-site, per-network, or even per-lead basis -- how can the brand be sure it reached the specific audience it was targeting? Data providers, web analytics firms, publishers and in the end, consumers all contribute to the vast amount of data that is created and captured throughout the process, but the challenge is converting that raw data into intelligence that can help more effectively sell inventory. Publishers face two main problems when it comes to data: 1) they have access to a wide berth of data and 2) though they have data on their visitors, there’s no unified mechanism available to consolidate, organize and apply that data toward better inventory forecasting by user segment, precise targeting through an ad server, and achieving better performing advertisements that generate higher rates. They’re left with only a little knowledge – just enough to inaccurately target their future campaigns! It’s no secret that brands are diverting more dollars from traditional budgets to digital ones, albeit cautiously. The metrics are still unproven as to offering the most effective ROI to warrant a significant spend shift. We believe that audience is the answer: as publishers gain a better grasp of their audience, by marrying their own data with that from outside sources, they’ll finally be able to deliver advertisers the evidence they need to invest more dollars in online display advertising. Data optimization is a market that’s not only attracting the attention of dominant online content companies; it’s starting to attract interest from strategic investors. In Q2 five companies in the online targeting and ad optimization space raised a total of $42 million worth of funding-- that’s up nearly 45 percent in deal value versus the same quarter in 2008. The deals included Atlas Venture and Flybridge Capital Partners’ $6 million funding of ad targeting technology developer MARKET REPORT Page 8 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com DataXu13, as well as the additional $13 million investment we received from Clearstone Venture Partners, Mayfield Fund and IDG Ventures Asia. The Data is There, It’s Just Fragmented Ad networks, particularly those with proprietary behavioral or contextual targeting technology, offer up one view of audience data; as do traffic analytics providers like Omniture, data exchanges like AlmondNet, and increasingly, media agencies themselves. If able to piece all those disparate data points together, advertisers would have a clearer picture of the audience it reached with a campaign -- then be able to refine spending to different sites or networks for better performance, if necessary. Publishers would also benefit from consolidation of layers of data. With a comprehensive view of their site’s audience, publishers are empowered to sell against an audience, which is at the heart of an advertiser’s intent, and ultimately eliminates media waste (ad impressions that go un- or under-monetized). When publishers are able to deliver the desired audience to advertisers it becomes easier to command higher CPMs. Access to an aggregated view of data also enables publishers to maximize yield through a diversified pricing strategy, allocating more of their inventory to networks or data exchanges that are delivering them the best CPMs [or rates]. But as it stands, there are an overwhelming number of different data traffickers for publishers and advertisers to choose to work with, each with their own terminology and definitions -- for an “in-market auto buyer,” for example -- as well as their own invoicing platforms, payment schedules and ad tags. “There really isn’t one company that has a broad view of the daisy chain when it comes to display ad data -- whether it’s on ROI for advertisers or yield management for publishers,” said Chris Weiss, director of marketing and PR at contextual ad and data firm LucidMedia. The shift toward audience-based display deals has created a clear need for third party data optimization services, in the same way that the growth of ad networks created the market for ad network optimization two years ago. MARKET REPORT 13 Source: Mass High Tech, April 2009 Page 9 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Why Data Fragmentation is Such a Pain “No single data provider can solve the problem for publishers – none has a full view of every consumer and each action, interest and profile attribute, for example. They all see a fraction of the audience and each have different attributes on the consumer,” said Raj Chauhan, the Rubicon Project’s VP of ad network development. “There’s also no way for publishers to know which of these providers is paying on time, or who’s making them the most money, at a glance.” At the Rubicon Project, we work exclusively and round-the-clock to understand the needs of, and most effectively optimize revenue for, the Web’s top publishers. As such we’ve identified three main pain points when it comes to online ad data optimization: • No standardization: Many data providers and networks build their audience profiles around cookies; others use unique visitors, clicks, or their own proprietary methods of user tracking and targeting. To effectively monetize, publishers are forced to plug a number of different pixel tags onto their sites, which can slow down page load times. MARKET REPORT A lack of standards in the way audience data is collected, how long it’s stored, and whether it’s being shared can also lead to discrepancies in revenue reports -- fueling publisher concerns that their data is being used in ways that aren’t clearly spelled out, and limiting what advertisers will pay. • The inability to compare profiles across multiple data providers: “Everyone is arriving at their own high-level definitions of ‘in-market home buyers’ or ‘female head of household’, and no one wants to reveal their secret sauce,” adds Chauhan. “That means a publisher could deliver strong performance for a mortgage advertiser based on one data provider’s profile, but poor performance for another.” It also makes mapping one campaign to multiple profiles extremely difficult for advertisers. • The data isn’t scored: There’s only so much information that can be stored in a single cookie, click or page view; with limited info, there’s no way for an advertiser to gauge the quality of the impressions they’re buying through one data provider versus another. Similarly, it means that publishers have no way of knowing which network or data provider is delivering them the best yield, and also, that they can’t consistently sell the quality of their audience. Publishers have no way to evaluate the yield from their audience on an apples-to-apples basis. Page 10 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com • Lack of unified technology: Even when the publisher does have a lot of good data, it’s hard to sell the inventory to advertisers when publishers can’t measure or forecast how many of those particular users are visiting, (and how often, etc.). They lack not only broad visibility across a multitude of data sources, but also a technology solution to capturing, tracking, and acting upon the data. Optimizing the Online Ad Buying Process from End-to-End “Let’s say an advertiser is trying to reach female sports enthusiasts in New York City,” said Addante. “Quantcast tracks the unique visits, eXelate knows that three thousand are sports enthusiasts, and Digital Envoy knows that fifteen hundred of them are in New York. Someone needs to tie this together, quantify the value of each impression, and make it all saleable through the various channels.” The ideal solution would be a platform into which all data providers can “plug in” to give sellers (publishers) access to scored, standardized profile analytics – which they can use to both drive revenue higher from their sales channel partners, like ad networks, and also to optimize their in-house direct guaranteed sales to their customers. Such a platform would ease publisher’s worries about tracking which data provider needs to pay them when -- and more importantly – help them most effectively leverage their own data as well as that from third-party providers so that the campaigns on their sites are generating revenue that captures the full value of their audience. MARKET REPORT Page 11 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Thoughts for the Future Keeping an Eye on Pending Online Advertising Regulation In June, members of the House of Representatives’ Subcommittee on Communications, Technology and the Internet convened for a hearing on ad targeting and regulation; this was only the most recent of a series of hearings. By most accounts, the legislators made it clear that they planned to issue some form of regulation -- whether it’s standardized privacy guidelines or even a mandatory opt-in system -- this fall14. Representatives throughout the online advertising industry continue to dedicate efforts on Capitol Hill to provide further insight for federal regulators around behavioral targeting, ad trafficking, consumer privacy and the overall economic importance of an ad-supported Internet. A sample of industry activity includes: • In May the Interactive Advertising Bureau public policy council convened in DC to discuss self-regulation; in June IAB formed the Long Tail Alliance and hosted a two-day event in Washington, D.C., featuring web publishers from 25 Congressional districts and 13 U.S. states, to explain the importance of the advertising-supported Internet empowering small business growth in America. • The Network Advertising Initiative (NAI) went before the house commerce committee in June to testify about online and behaviorally-related advertising topics, specifically “the business models and technologies deployed by its members to enhance the relevancy of online advertising, including behavioral advertising; the economic benefits to Web content providers and consumers that result from these advertising technologies; and the steps taken by NAI members to enhance corresponding consumer confidence through a selfregulatory Code of Conduct designed to promote transparency and choice for online behavioral advertising15.” Like many in the industry who could be impacted by potential regulations, we’re keeping a close eye on developments and allocating resources toward industry efforts to ensure that we and our publishers are protected above and beyond any industry or government regulations. There are many obstacles and pre-conceived MARKET REPORT 14 Source: paidContent, June 2009 15 Source: NAI, June 2009 Page 12 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com notions of online advertising from those outside our industry, but working together, we can provide the transparency, education and thought leadership required to keep our industry strong, healthy and growing. About the Rubicon Project Based in Los Angeles, the Rubicon Project launched in 2007 and set on a mission to automate the $65 billion global online advertising industry. Responding to one of the largest problems plaguing website publishers today – monetizing ad space that goes unsold (as much as 70 - 80 percent) across a fast-growing number of global ad networks – the Rubicon Project pioneered the category of Ad Network Optimization (ANO). Backed by $33 million in funding from Clearstone Venture Partners, Mayfield Fund, and IDG Ventures, the Rubicon Project developed its patent-pending Smart Matching™ technology, which uses billions of pieces of proprietary market data to match each publisher ad impression to the best money-making opportunities from ad networks. The company serves more than 1500 premium customers (publishers like Gannett, CareerBuilder, Washington Post/Newsweek Interactive and YellowPages.com) by optimizing more than 45 billion ads each month across hundreds of demand sources. Reaching more than 500 million unique Internet users, the Rubicon Project is one of the largest sources of ad inventory and reach on the Internet and the preferred source of targeted, audience-segmented inventory for ad networks and other resellers, many exclusive, around the world. The unique combination of demand optimization and SmartMatch™ technology drives revenue lift ranging from 30-300% for the Rubicon Project’s customers. the Rubicon Project [HQ] 1925 S. Bundy Drive Los Angeles, CA 90025 Phone: 310.207.0272 Fax: 310.207.0528 the Rubicon Project [New York] 106 Seventh Avenue New York, NY 10011 Phone: 212.243.2759 Fax: 310.207.0528 the Rubicon Project [Sydney] 58 Ronald Avenue Greenwich NSW 2065 Australia Phone: 61.400.006297 the Rubicon Project [London] 48 Charlotte Street London W1 2NS Phone: 44.20.3170.5615 Fax: 44.20.3170.6330 MARKET REPORT Page 13 1925 S. Bundy Drive Los Angeles, California 90025 Main Office: 310 207 0272 | Fax: 310 207 0528 the rubicon project rubiconproject.com Footnote Index 1. Petsky Prunier - Deal Notes (Q209) http://petskyprunier.com/index.php?/deal-notes/ 2. Collective Media - Collective Media Closes $20 Million In Growth Equity Funding With Accel Partners http://www.collective.com/prn031 3. paidContent - Display Ad Firm Tumri Closes $15 Million Financing; Time Warner Adds Backing http://paidcontent.org/article/419-display-ad-firm-tumri-closes-15-millionfinancing-time-warner-adds-back/ 4. Mediaweek - Not Dead Yet: Ad Nets Have Survived, Thanks to the Recession http:// www.mediaweek.com/mw/content_display/news/digital-downloads/broadband/ e3i344418db676344f04b10994f29e3fcb9 5. comScore - comScore Study Highlights Rapid Emergence of Vertical Ad Networks for Reaching Engaged, Targeted Audiences http://comscore.com/Press_Events/Press_ Releases/2009/4/comScore_Study_Highlights_Rapid_Emergence_of_Vertical_Ad_ Network 6. MediaPost - 37 Sites Ready To Implement OPA’s Bigger, Badder Ad Form http://www. mediapost.com/publications/?fa=Articles.showArticle&art_aid=108864 7. Forbes - Gray Lady Juicing Up Digital Ads http://www.forbes.com/2009/05/28/newyork-times-business-media-advertising.html MARKET REPORT 8. Inside AdSense - Introducing expandable ads on AdSense sites http://adsense. blogspot.com/2009/03/introducing-expandable-ads-on-adsense.html 9. BusinessWeek - Online Ads: Will Fewer, but Bigger, Be Better? http://www. businessweek.com/technology/content/mar2009/tc20090310_456699_page_2.htm 10. Pop & Hiss - Video: Eminem vs. Sacha Baron Cohen’s Bruno http://latimesblogs. latimes.com/music_blog/2009/05/eminem-vs-sacha-baron-cohens-bruno.html 11. SF Gate - ‘Staycations help cut the costs of summer’ http://www.sfgate.com/cgi-bin/ article.cgi?f=/c/a/2008/06/20/MNKE11CL2B.DTL 12. TechCrunch - The Web Collapses Under The Weight Of Michael Jackson’s Death http:// www.techcrunch.com/2009/06/25/the-web-collapses-under-the-weight-of-michaeljacksons-death/ 13. Mass High Tech - Stealthy DataXu grabs $6M in first VC round http://www. masshightech.com/stories/2009/04/13/daily48-Stealthy-DataXu-grabs-6M-in-first-VCround.html 14. paidContent - The Big Takeaway From Ad Targeting Hearings: Legislation Is On The Way http://paidcontent.org/article/419-the-big-takeaway-from-ad-targeting-hearingslegislation-is-on-the-way/ 15. Network Advertising Initiative - NAI Testifies Before the House Commerce Committee on Behavioral Advertising Issues http://www.networkadvertising.org/ Page 14