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Direct sale

Intermediated sale (unbundled)

Intermediated sale (bundle)

Intermediation (stand-alone ad network/ ad exchange) (e.g. Oridian)

Intermediation

+ from one and the same provider

Ad Serving (stand-alone 3rd party tools) (e.g.:DoubleClick, AdTech, 24/7)

Ad Serving (stand-alone 3rd party tools)

Ad Serving (e.g. Google AdSense network, Adlink)

Publisher's advertising space to be sold to advertisers through direct sales

Publisher's advertising space to be sold to advertisers through intermediaries

Publisher's advertising space to be sold to advertisers through intermediaries

TABLE 1

Online advertising sector Sale channels

Direct sale bundle

33. In the context of direct sales, advertisers and publishers negotiate the sale of online ad space directly. Direct negotiation is mainly carried out by the largest publishers - such as large newsmagazines, newspapers or news channels, online travel agencies, through their sales forces and generally focuses on their "premium" content (typically, ads on the homepage or banners). Yet, smaller publishers might also have the possibility to organize and manage the direct sale of their inventory. For direct sales, publishers need to purchase ad serving services from providers of ad serving technology25, such as DoubleClick.

Ad Serving (provided in-house)

+

Publisher's advertising space to be sold to advertisers through direct sales (e.g. Google Search Ads, Yahoo! Search Ads)

In parallel, advertisers purchase advertiser side ad serving services from third party providers.

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