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    • 109.

      As is apparent from these market share calculations Google has a leading position not only in the overall EEA search advertising market, but also in the overall intermediation market and/or the two possible sub segments (search and non-search) of the intermediation market.


          Google's main competitors


Google's main competitors in search advertising are Yahoo! and Microsoft

with market shares of up to 15% at the worldwide level and at least 5% in the EEA for Yahoo! and approximately 5% for Microsoft both at the worldwide and the EEA-wide levels74. In addition, there are local search engine providers which concentrate their activities in individual EEA Member States (for instance Seznam.cz in the Czech Republic75, virgilio.alice.it in Italy, exalead.fr in France Sesam in Sweden and Norway, SAPO in Portugal and miner.hu in Hungary). Yahoo! and Microsoft are both also active in search intermediation. In fact, Yahoo! has significant search intermediation revenues, and Yahoo!'s revenue ratio between search intermediation sales and direct search sales is higher than Google's. Microsoft, on the other hand, focuses more on direct sales of search ads to be published on the results pages of its search engine. In addition, following its acquisition of IMW Group in July 2007, TradeDoubler also offers search intermediation services.

111. In Zanox

non-search intermediation in (belonging to Axel Springer),

the EEA, among others TradeDoubler, AdLink, Interactive Media (belonging to







AOL/TimeWarner) and Tomorrow Focus are active (approximately 15-20% market share in the case of TradeDoubler, approximately 5-10% in the case of Zanox and around 5% for each of the other (groups of) companies)76. Smaller players in non-search intermediation in the EEA include not only Yahoo! and Microsoft, but also Oridian, GWB media-marketing GmbH, WPP and VCMedia (belonging to ValueClick). At the worldwide level, apart from the ad networks and ad exchanges active in the EEA, there are numerous other players. Moreover, some of the ad networks and ad exchanges active in the EEA play a much more significant role outside the EEA (e.g. ValueClick, whose worldwide revenues are 20-30 times its EEA revenues; also WPP's worldwide revenues are significantly higher than its EEA revenues). As noted above, to some extent also direct sales of non-search ads also exert a competitive constraint on intermediated sales of non-search ads.

112. As regards intermediation in general, according to comScore, Google AdSense had more than 166 million unique visitors per month (and Google sites


Market share estimates based on revenue figures provided by the relevant parties during the market investigation.


According to a survey that Google conducted to measure the use of search engines in various countries, [40-50%]* of the 725 respondents in the Czech Republic named Seznam.cz as their primary search engine (compared to [10-20%]* for Google.com and Google.cz).


Market share estimates based on revenue figures provided by the relevant parties during the market investigation.


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