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serving provides detailed metrics (reach, frequency, conversion) which are not typical of search or context-based text advertising, for which even simple click- through rates may go a long way in measuring the effectiveness of ads.

  • 77.

    The market investigation confirmed the distinction between display ad serving and serving for other kinds of ads.

  • 78.

    It is worth noting that the supply structure of the online ad serving technology is different for text and display ads. As explained above, serving technology for text ads, in particular, search text ads, is normally provided as an ancillary service to the sale of online ad space, that is to say it is "bundled" with the sale of the space. On the other hand, a number of companies, including DoubleClick, are active in the provision of stand-alone serving technology for display ads.

  • 79.

    The notifying party also considered that the provision of display ad serving, management and reporting infrastructure technology could be further distinguished according to whether services are provided to advertisers (and agencies) or to publishers (including self-provisioning). The ad serving for publishers and the one for advertisers are based on the same basic technology which provides trafficking, ad delivery, reporting and optimization. However, these systems are used for different purposes and thus require different functionalities. Advertisers require ad generation, ad hosting and sophisticated reporting technology to measure the effectiveness of the advertising spending, whereas publishers require sophisticated inventory management and sales reservation functions forecasting the likely availability of inventory according to specified criteria and targeting. Thus, there would not be demand-side substitutability between these two types of products.

  • 80.

    This seems to be confirmed by the structure of supply in online ad serving technology. Indeed, while some providers are offering ad services for publishers and advertisers, such as DoubleClick, Openads or Atlas, some others are only present on one of the two sides of the market (such as OpenAdStream or CheckM8 for publishers and Bluestreak or Mediaplex for advertisers).

    • 81.

      The market investigation confirmed that there is a separate market for the provision of ad serving for display ads. The investigation also indicated that such a market could be further subdivided between the provision of such services to advertisers and to publishers.

    • 6.2.

      Relevant geographical market

      • 6.2.1.

        Provision of online advertising space

    • 82.

      The notifying party considers the relevant geographic market to be at least EEA- wide if not worldwide, since the conditions of competition would be largely homogeneous at least across the EEA. In particular, digital advertising would facilitate the provision of ad space across borders. For instance, no technological constraint would impede supplying ads on a given website from abroad, and no technological barrier would exist for customers to purchase advertising space on a cross-border basis. Furthermore, it has been submitted that advertisement campaigns are increasingly conducted on an international scale by global


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