intermediation services, its ad exchange would still have a much smaller number of participants than competing ad intermediation services.
With regard to the size and importance of DoubleClick's customers, [<20]* of DoubleClick's Top 100 EU publisher customers are ranked within the Top 50 websites across EU Member States by Nielsen/NetRatings. At the EU level, DoubleClick serves [10-20%]* of the top 50 publishers total ad impressions ([30-40%]* if DE, the non-hosted version of DFP, is included)131. On a worldwide basis, and based upon comScore data for September 2007, [<20]* of the top 50 worldwide web properties are within DoubleClick top 100 publisher customers132.
However, the figures provide an incomplete indication with regards to the importance of DoubleClick’s customers. Publishers with quality traffic and having premium content tend to use the direct sales channel more than other publishers such as smaller publishers and blogs whose needs are better suited by intermediation platforms. The DFP publisher base has less unsold inventory than do smaller sites and ad networks, to which ad exchanges are more valuable. The principal customers of ad exchanges are ad networks and small publishers with large amount of inventory, not large publishers with a high ranking in Nielsen/NetRatings. Indeed, the top sites usually relying on direct sales tend to have limited amounts of the lower-value remnant or unsold inventory that is typically sold through an ad exchange. Neither of these two customer groups constitutes a significant proportion of DoubleClick’s customer base. Such customers are unlikely to serve significant impression volumes through an ad exchange, even though they are likely to use an ad network or ad exchange for at least some of their ad sales.
Even taking these considerations into account, the actual customer base for
ad serving technology would only be relevant to evaluate the future position of DoubleClick in intermediation services if it could be demonstrated that ad serving clients could easily be converted into intermediation clients.
This scenario is not convincing, however, as it disregards how the market
currently works. Both publishers and advertisers, especially middle and companies, that is to say those that are similar to DoubleClick's customer typically are using more than one intermediation platform (ad exchange network) at the same time (multi-homing). Data provided by the notifying shows that more than half of DoubleClick customers used at least networks133 (and sometimes more than 5)134.
large base, or ad party 2 ad
131 For those customers, DoubleClick does not, and cannot, record impression volumes because the ad does not run through DoubleClick's servers. Therefore, in calculating percentages of total ad impressions served by DoubleClick, the percentage will be overstated when ad impressions flowing through a publisher using DE are included.
Nielsen/NetRatings and comScore measure internet traffic and are considered by the online advertising industry as providing the main available data.
See submission of the notifying party's economic advisers of 13 September 2007, page 4.