Ad Revenue Report 2010

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A Supplemental Guide to the
3RD ANNUAL PREMIUM

PUBLISHER CONFERENCE
10.07.10 - - NYC
PubMatic is a global Ad Revenue Optimization company that provides premium online publishers with a full service solution to
manage and monetize non-guaranteed ad inventory. PubMatic s real-time Ad Price Prediction technology ensures that online
PubMatics
PubMatic
publishers get the most money from their advertising space by deciding in real-time which ad network or exchange can best
monetize each impression.
NEW AD REVENUE MODEL FOR PUBLISHERS
PubMatic is a global Ad Revenue Optimization company that provides premium online publishers with a full service solution to
manage and monetize non-guaranteed ad inventory. PubMatic
PubMaticss real-time Ad Price Prediction technology ensures that online
publishers get the most money from their advertising space by deciding in real-time which ad network or exchange can best
monetize each impression.
1
We’re on the brink of a seller’s market
for the first time in a decade.
2
Let’s talk about how publishers
can take advantage of it.
3
Dear Ad Revenue Conference Attendees,
Welcome to our 3rd annual premium publisher conference, Ad Revenue 2010. While this is our 3rd year in putting
together this event, our vision remains the same – that is to bring together the brightest people in on the online
advertising space and have a conference completely focused on the needs of the publisher.
This year there is a different feeling from the two previous years we’ve hosted this event. Even though just two years
ago our industry was hit hard by the recession, this year I feel confident that, for the first time in a decade, online
advertising is on the brink of becoming a seller’s market. There are some very smart and innovative companies in
our industry working hard to develop technologies that benefit the publisher first, rather than putting advertisers
and agencies first, which has been the status quo for too long. Moreover, after several difficult years, publishers are
starting to emerge from the challenging environment with optimism and a growth agenda that has been lacking for far
too long.
In the next few years, publishers will gain new ground that will give them equal footing to many of the players on
the buy-side in our ecosystem and allow them to sell their inventory with the same mix of art and science that other
companies have been using for the past several years. However, even as publishers gain new revenue advantages,
it is important for publishers to recognize the value of all of the opportunities in front of them. Our online advertising
ecosystem is complex, so understanding who truly brings value to publishers isn’t always easy.
We hope Ad Revenue 2010 will inspire publishers to take advantage of the favorable market opportunities by creating
a new ad revenue model – one that will make them more profitable entities in the near-term and long-term.
Enjoy the event!
Warm Regards,
Rajeev Goel
Co-Founder & CEO
PubMatic
4
Conference Program Guide
8 Opening Keynote with Randall Rothenberg
n The Brink of A Seller’s Market: Equipping Publishers To Sell Audience Effectively

O
9
Through Both Direct & Indirect Channels
ow Will the Advancement of Agency Trading Desks & Programmatic Ad Buying

H
10
Impact the Publishers’ Direct Sales?
ulti-Party RTB Case Study: Examining the Direct Impact of Real-Time Bidding from
M
11
Advertiser to Publisher
12 Protecting Publishers’ Audience Data In The Age of 3rd Party Audience Targeting
13 Embracing Change: Exploring New Business Models For Publishers
14 Closing Keynote with Terence Kawaja
Creating The New Ad Revenue Model
20 Overcoming Market Challenges
26 Taking Advantage of Real-Time Bidding
42 Direct Selling of Audience Targeted Campaigns
48 Monetizing Video
52 Going Mobile
56 Improving Cross Channel Sales Management
60 Next Steps
61 Educational Resources for Publishers
62 About PubMatic
5
Join. Learn. Lead.
The Interactive Advertising Bureau is dedicated to the growth of the
interactive advertising marketplace, of interactive’s share of total marketing spend, and of its
members’ share of total marketing spend.
Join Us for Ad Operations Summit

November 1, 2010 • New York, NY
What’s Next Hear from the thought leaders, publishers, agency executives and ad ops experts
who are leading the charge to wage—and win—the war on discrepancies. They will
explore in-depth the enormous strides they’ve made to reach this common goal—in
process improvements, quantitative research, system automation and integration
solutions. For more information, visit www.iab.net/events_training.
Join Us for IAB Consumer Protection & Education Campaign
The IAB Consumer Protection and Education Campaign is an initiative dedicated to

What’s Ongoing building a self-regulatory enforcement mechanism under the auspices of the Better
Business Bureau, executing a large public education campaign to support consumer
and business understanding and appreciation of the interactive advertising industry,
and undertaking advocacy at the Federal and state levels.
An integral part of this effort, IAB’s Privacy Matters campaign is the industry’s first
broad public education outreach. Twenty-four online publishers and ad networks have
donated 620 million ad impressions, and more than 450 million impressions have
already been served. We could use your help to reach our goal of 1 billion impressions.
We need you to:
Get involved by learning about IAB’s public policy efforts. Contact Mike Zaneis,
Vice President, Public Policy, mike@iab.net or (202) 344-4652
Donate ad inventory to Privacy Matters. Contact Marla Aaron, Director, Marketing &
Communications, marla@iab.net or (212) 380-4 714
Learn more at www.iab.net/public_policy.
PubMatic is a proud supporter of the IAB and the Consumer Protection & Education Campaign
6
October 7, New York City
Special thanks to our sponsor
7
Brand
advertising
in the digital
revolution
9:30 am
Opening Keynote:
Randall Rothenberg, President & CEO, IAB
8
Can the sell
side match
the buy side in
the data arms
race?
9:55 am
On The Brink of A Seller’s Market: Equipping Publishers To Sell Audience Effectively

Through Both Direct & Indirect Channels
Presented by Rajeev Goel, Co-Founder & CEO, PubMatic
Online advertising has been a buyer’s market for a decade. What will empower publishers enough to finally tip the
scale? PubMatic Co-Founder & CEO, Rajeev Goel, will argue the answer is enabling publishers to have the greatest
control of their audience data in order to effectively sell highly targeted audience campaigns through both direct and
indirect sales channels.
9
Is programmatic
ad buying bad
for publishers…
10:50 am
How Will the Advancement of Agency Trading Desks & Programmatic Ad Buying
Impact the Publisher’s Direct Sales?
The initial benefits of RTB for the publisher are clear – significantly higher CPMs through indirect sales channels. But
some argue this method of ad buying has become so effective at targeting audience across the Web for advertisers
that it threatens the value of the publisher’s directly sold inventory. This panel will discuss whether this is a real threat,
or an over-exaggerated fear, and how publishers can effectively manage both channels.
Moderator Panelists
David Moore, IAB & 24/7 Real Media Nate Woodman, COO, Adnetik
Ian Wallin, SVP Sales, TV Guide
Chris Stevens, Sr. Director at Orbitz Worldwide
Matt Greitzer – Co-Founder, Accordant Media
10
…or is it
good for both
publishers and
advertisers?
11:50 am
Multi-Party RTB Case Study: Examining the Direct Impact of Real-time Bidding from
Advertiser to Publisher
RTB is still new and both advertisers and publishers have a lot of questions about it. PubMatic
gathered some of its smartest demand side partners to examine some key questions for the
industry. The result is the first multi-party, comprehensive, buyer’s case study that tracks how
RTB works for different advertiser verticals as well as publishers.
Moderator Panelists
Jeanne Houweling Eric Simon, VP Media, [x+1]
VP Demand Partner Solutions
Bruce Journey, Founder and CRO, DataXu
PubMatic
Ari Buchalter, COO, MediaMath
Maureen Little, VP Business Development, Turn
11
How can
publishers
gain greater
control of
their audience
data? 1:35 Pm
1:30
Protecting Publishers’ Audience Data In The Age of 3rd Party Audience Targeting
Privacy concerns are not only a concern for consumers, but for publishers as well. How do publishers protect
their data from 3rd parties that use that data to sell advertising? Make no mistake, many publishers benefit greatly
from 3rd parties leveraging publisher data, but how much data collection is too much? And how can publishers be
better informed about who is collecting data from their sites?
Moderator Panelists
Doug Weaver, CEO, Upstream Group Denise Colella, CRO, Audience Science
Bennett Zucker , SVP/GM, Data Solutions, Ziff Davis
Scott Meyer, CEO & Founder, Better Advertising
Peter Naylor, EVP Digital Media Sales, NBC
12
How can
publishers
adapt to today’s
changing
marketplace?
3:05 Pm
Embracing Change: Exploring New Business Models For Publishers

Business models need to change in order for today’s publisher, especially ones with more traditional roots, to
continue producing quality content and maintain relevancy and revenue growth. Salvation isn’t likely to come in
one form (i.e. paywall, iPad, etc.), so this panel will explore a combination of ideas and ideologies about what it
actually means to be a premium publisher in today’s digital age and how to best adapt to today’s competitive
marketplace.
Moderator Panelists
Jeff Jarvis Andy Jacobson, VP Digital Sales, Gannett Digital/ USA Today
Associate Professor
Jeremy Helfand, President, United Online Media Group
CUNY & Columnist
Kyoo Kim, VP Sales, MSNBC.com
Mark Josephson, CEO, outside.in
13
What does
the future
look like for
online display
advertising?
4:05 Pm
Closing Keynote:
Display Advertising Ecosystem Revisited: A Prospective Look
Terence Kawaja, President & CEO, LUMA Partners LLC
14
Happy
Hour
Sponsored by
4:30 Pm
15
Creating
the New
Ad Revenue
Model
The 5 biggest ad revenue
opportunities for publishers
in 2011:
Taking Advantage of RTB
1
Direct Selling of Audience
2 Targeted Campaigns
3
Monetizing Video
Going Mobile
4
Improving Cross Channel
5 Sales Management
16
Don’t look now, but online advertising is on the brink of becoming a seller’s market. True, the economic environment
doesn’t feel much better than it did two years ago, but if you look at the data the longest recession since the Great
Depression is officially over, unemployment is decreasing, and corporate profitability is on the rise. For those of us
in the publishing industry, those that have made it through the past few years have likely made the gut-wrenching
changes to their business models that were needed to survive. With sustainable cost models in place, many
publishers are now focused on revenue growth, attracting new viewership, and growing their bonds with existing
content consumers.
Why are we on the verge of a seller’s market for online

advertising? Technology for publishers is finally catching
up to the sophistication of technology for advertisers.
Equally important, with smartphones, new tablet devices, Sell Side Technology is
and growth in video consumption, more media than ever
is being consumed by the general public.
finally catching up to the
For the first time ever, the sophistication of publisher-
sophistication of the Buy
facing technology is on par with advertiser-focused Side Technology
technology. Publishers can now use Real Time Bidding
technology to drive up their revenue just as advertisers
use RTB to target a granular audience.
Also now, for the first time ever, publishers can sell based on audience and not just context through both the direct
and indirect sales channels. As agencies and advertisers rapidly increase their audience based buying, publishers
now have the technology platform and tools to manage their own and 3rd party audience data to sell their inventory
at significant price premiums.
Lastly, while new devices have typically only led to a fragmentation of the publisher’s audience, they are now driving
explosive consumption of media. This gives publishers the ability to sell not just traditional display advertising but
growing amounts of mobile and video inventory that can lead to higher engagement with consumers and increased
monetization.
But all of this isn’t to say that taking advantage of the seller’s market is easy. Publishers must actively work to seize
this opportunity. Publishers must rethink and reinvent what they are selling, not just repackage the same ad units.
They must learn how to sell based on audience. They must also make bets on specific devices (to iPad or not to
iPad), not provide a generic user experience across dozens of different device footprints.
In sum, publishers must leverage the technology and data that the buyers have been utilizing for the past several
years in order to create a new ad revenue model.
17
On the brink
of a seller’s market
For the past 10 years the online advertising market conditions have been
more favorable for advertisers than publishers, but that is changing
Market Factors
Market Factors
Market Factors Internet adoption syrockets;
Unsold inventory does too. Ad Advertisers use ad networks to
Content is still king; Scarcity
networks emerge to monetize get inventory at a cheaper price.
keeps pricing high.
via indirect sales.
2001 2003 2005
Effect on Publisher Effect on Publisher Effect on Publisher

Ad Revenue Ad Revenue Ad Revenue
Direct Sales Direct Sales Indirect Sales Direct Sales Indirect Sales
While overall online ad spend is Premium Publishers are not gaining Some premium publishers swear
small, ad pricing grows. a lot of money from ad networks, but off ad networks, accusing them
it does provide revenue that would of cannibalizing their direct sold
not otherwise be there. inventory. Revenue from ad nets
becomes stagnant.
18
Market Factors
Market conditions improve.
More overall dollars come
online, mobile, video and display
ad spends increase. Selling
Market Factors
advertising with audience data
Ad networks grow, Ad gains big traction and improves
Market Factors
Exchanges emerge; publisher ad revenue for both
commoditization/arbitrage Rise of Sell Side Platforms, indirect sales and direct sales.
reaches all time high. DSPs, and Real-time bidding.
2007 2009 2011
Effect on Publisher Effect on Publisher Effect on Publisher

Ad Revenue Ad Revenue Ad Revenue
Direct Sales Indirect Sales Direct Sales Indirect Sales Direct Sales Indirect Sales
Virtually every analyst forecast for The online ad space shows its Publishers create a new
online advertising spend was lowered resilience with a surprisingly strong ad revenue model to take
for 2008; layoffs on the publisher and rebound in 2009; PubMatic data advantage of favorable
agency side were all too common. shows a 111% increase in online ad market conditions and new
pricing in 2009 from 2008.
monetization opportunities.
19
Overcoming Market Challenges
Advertisers are closer to the money. That’s what has been the collective conventional wisdom of the online advertising
technology community for a decade. So it is no surprise that for many years most of the innovation in online
advertising has been focused on the buy side.
More recently, a number of smart companies have been working to change the tide so that publishers can have more
control over how their advertising inventory is sold and how much it is sold for. Through technological innovation,
these sell side focused companies have begun to crack the code that will enable publishers to earn ad revenue more
efficiently than before and on their terms.
New opportunities are being developed, but there are of course many challenges that still exist.
The Need For Consolidation In The Online Advertising

Ecosystem
Advertisers are changing their buying habits faster than many publishers can keep up. For example, more and more
advertisers are seeking to buy audience rather than context. Currently, most publishers aren’t able to accommodate
that advertiser demand, so they rely on DSPs and ad networks to facilitate the transactions for them.
That example of publishers depending on another

segment in the online advertising space to help sell their
Every time a consumer advertising isn’t an anomaly; in fact, advancements
on the buy side have made publishers more and more
sees an ad on a Website, dependent on third parties to help them stay competitive
there can be up to 15 and meet advertiser demand.
companies involved with Publishers partner with companies that provide ad
the process operations, ad servicing, yield management, data

management, analytics, inventory management, and the
list goes on.
Meanwhile, the advancements on the buy side have developed so quickly and the companies have become so
competitive that innovation continues at a breakneck pace. So publishers aren’t the only ones dependent on third
parties to stay competitive.
20
Buy side companies are partnering with data suppliers, data exchanges, ad verification companies, dynamic creative
optimizers, and the list goes on here too.
It’s a vicious cycle, which has lead to the most complex marketplace online advertising has ever seen. Every time
a consumer sees an ad on a Website, there can be up to 15 companies involved with the process. That is neither
efficient nor economically sustainable.
All markets experience times of expansion and contraction, and online advertising is in the midst of an epic expansion
—nonetheless, the seeds of consolidation have been sown.
Nobody has done a more compelling job of demonstrating how complex and convoluted the online advertising
ecosystem has become than Ad Revenue 2010 closing keynote speaker Terence Kawaja, President & CEO at LUMA
Partners LLC.
This is Mr. Kawaja’s latest Landscape rendering from October 2010.
In order for publishers to efficiently keep up with evolving advertiser demands, there needs to be consolidation of
services, solutions, and technology on the sell side. Ultimately publishers need to eliminate complexity by working
with fewer companies that provide more, rather than maintaining dozens of business relationships. Many analysts and
investors believe that consolidation is on the way.
21
According to investment bank Petsky Prunier, merger and acquisition activity in Q3 2010 is up 27% from Q2. More
importantly, the most active sector for M&A in Q3 was—no surprise—Marketing Technology. So what does the future
hold? According to a Q&A on AdExchanger.com with Jay C. MacDonald, Partner, DeSilva + Phillips:
“There are a lot of variables: timing, funding levels, market conditions and more. But, we don’t see mass
consolidation happening until the first few bets are made and the industry absorbs the impact of those
and then decides if they are right or wrong.”
Mass consolidation hasn’t happened yet, but the drumbeats are getting louder.
Data Leakage is a $1 Billion Dollar Problem For Publishers

Data leakage occurs when 3rd parties track a publisher’s audience by dropping pixels on their site without the
knowledge of the publisher. 3rd parties use publishers’ audience data in order to increase the value of the media
they are selling independently of the publisher. This is a problem that has grown considerably in the past year along
with advertiser demand for audience targeted advertising.
There are a lot of companies that have profited greatly from this practice at the expense of the publisher. The problem
is so prolific that PubMatic estimates that data leakage is costing publishers up to $ 1 billion annually in lost revenue.
“Leakage,” however, is not technically what is happening. PubMatic CEO, Rajeev Goel, has openly stated in an
article on AdExchanger.com in September 2010 that data leakage is not necessarily the most appropriate term for
the phenomenon, because their data is not actually being leaked—rather, it is being taken when the publisher isn’t
looking. This is an important factor to take into consideration, because not all pixel dropping is a bad thing.
Many publishers have benefited greatly from the pixel

dropping, and there are a lot legitimate companies doing
Publishers need to see the it. The legitimate companies use that data to help sell
audience targeted campaigns in which, in many cases,
ratio between pixel dropping the publisher lacks the ability to package that audience
and revenue contribution in data themselves.
order to determine the value Audience targeted campaigns provide ad revenue lift for
publishers – in fact, in the joint PubMatic + Digiday study
trade-off
from September 2010, 80% of publisher respondents
stated they received a premium for audience campaigns
over non-audience campaigns.
22
There are some 3rd party companies, however, that take audience data from publishers but don’t contribute enough
revenue back to them. This is why publishers need to the ability to see if the value trade-off for the relationship with
the 3rd party is worth it. In order to do that, publishers need to do three things:
1
Get Transparency
Know who is dropping pixels on your site and how often
2
See Pricing:
Understand the revenue contributions from those dropping pixels on your site
Determine The Value of the Relationship with the 3rd Party
3 Look at the ratio between pixel dropping and revenue contribution and determine the value trade-off
with the 3rd party
Before the publisher makes any immediate choices regarding the value of their 3rd party relationships, they should
also consider ad quality and relevance. Now that the economy is starting to pick up again, ever so slowly, there
seems to be a renewed focus on the part of the publisher on the user experience and ad quality when compared
to several years ago. Publishers are no longer willing to tolerate slow loading ads, poor quality ads, malware, or
irrelevant ads that lead to a poor user experience. Again, these issues may not show up in the daily CPM statistics
but will certainly decrease the publisher’s audience, and therefore revenue, over time.
Lastly, the best relationships between publishers and 3rd party monetization sources are built over mutual respect,
trust, and understanding. The 3rd party should know who the publisher’s audience is, what the publisher’s brand
stands for, what’s acceptable creative and what’s not.
23
Ad Quality Control & Malware Remain Growing Problems
Some information from this section provided by PubMatic’s Malware Protection partner
Malvertising is an ever-growing problem in online advertising, as the distribution of viruses and malicious code has
moved from the realm of nefarious links in email and websites into the delivery of advertising on the web. The effects
of malware on publishers go beyond revenues, impacting the publisher’s reputation as a safe environment for web
surfers to visit.
There are a myriad number of methods malvertisers use to spread malicious code, but three primary methods
malvertisers utilize to enter the online advertising ecosystem stand out:
• Fake advertisers/agencies: Firms posing as legitimate agencies or advertisers buy ad inventory through DSPs,
ad networks, or directly from web publishers. Often, these organizations are unknown or newly formed entities,
without a credit history or with inconsistent corporate information, that are looking for immediate distribution
of their campaigns. These campaigns may be launched with legitimate or altered ad creatives that contains
malicious code or the ability to execute such code.
• Hijacked ad creative: The creative for a legitimate campaign is hosted by a third-party server, which is swapped
or redirected by a malvertiser as it comes in contact with content during an ad call that passes through multiple
parties. This is often the result of lax security policies.
• Legitimate ads with malicious pixels or code: The creative is served by a legitimate advertiser/agency and is
a legitimate ad campaign, but the malvertiser is able to take control of the creative for a brief period of time to add
code or a pixel that calls additional content on creative load.
In any scenario, the majority of ad units being delivered appear to be legitimate but intermittently deliver malicious
payloads. The resulting harm to users, beyond financial loss, includes computer take-overs by computer bots and
identity theft.
Publishers are threatened by malware from two sources—through upstream partners where they do not control
what creative is served on the site, and through direct sales to malvertisers. The current trends in malvertising show
that malvertisers switch between attacking consumers through direct sales to publishers and utilizing DSP’s and
exchanges—depending on what their revenue models determine is successful in creating the largest numbers of
impressions. Malvertisers also utilize predictable timing lags to lull publishers into a false sense of security by NOT
buying inventory for stretches of up to 6 months to 1 year before coming back (under a different agency name).
Regardless of the tactics utilized, publishers need to be vigilant for both direct sales and through upstream partners
to be safe.
24
What can publishers do to take control over the malvertising issue? Set up policies and checkpoints throughout your
ad sales and operations organization:
• Develop a set of vetting criteria for doing business with new partners: corporate background, domain
registrations, and business reference checks. Ensure that credit checks and client backgrounds are verified
against databases of known malvertisers.
• Publish your policies to potential advertisers and partners that communicate the economic consequences of their
involvement with malicious advertisers.
• Only work with third-party upstream ad sales partners such as Sell Side Platforms for representation firms who
have policies and technology in place to stop malvertising from reaching your website in the first place.
Advancements in technology that prevent malware have been a significant help to publishers as the problem
continues to evolve. Malware is not the only problem that publishers face while protecting their brands. Other key
problems include:
• Blocklist Management
• The inability to screen ads in real-time
• Identifying the source of creative violations and malicious ads
• Preventing advertising latency
There has been a lot of innovation in the area of brand control for publishers, especially from Sell Side Platforms
(SSPs). Unlike advertising exchanges, SSPs deal with only premium publishers and were pushed to innovate in order
to protect the brands of the publishers they work with.
25
Opportunity #1
Taking Advantage of RTB
The Rapid Growth of RTB is Unprecedented

In February 2009 PubMatic launched the world’s first Real-Time Bidding (RTB) API allowing publishers to give buyers
access to their inventory at the impression level. That enabled buyers to target the right audience, at the right time, in
the right context, and at the right price. At the time, it was expected that the adoption rate for advertisers leveraging RTB
would be strong and steady, but few predicted how rapid
the growth of RTB would be less than two years later.
For marketers that have
used RTB before, Most emerging types of advertising have been met by
35 %
advertisers with caution, if not skepticism. In many cases
new ways for advertisers to reach consumers takes
several years before there is wide enough acceptance in
the media buying community to warrant a single advertiser
spending millions of dollars per year—let alone for one
of their 2011 online advertising
campaign. This has not been the case for real-time
budgets, on average, will be bidding.
spent on RTB campaigns
Thousands of advertisers are actively using real-time
+ bidding to reach the specific audience they want and
Media Study, September 2010
are spending significant percentages of their advertising
budgets to do so.
Online advertising experts would be hard pressed to find a similar success story as RTB with respect to its lightning
fast growth. Online video advertising, for example, is growing very rapidly, but it did not grow as fast in its first two
years of availability as RTB.
26
Contributing Factors in RTB’s Rapid Growth
How the widespread adoption of RTB, and the advertising dollars associated with it, grew this quickly is something of
a unique story. Some would argue that it was a perfect storm that catapulted the rise of RTB. Those factors include:
1 2
The Bad Economy Forced Advertisers RTB Reduced Media Waste and Increased ROI
To Demand More Accountability From By Allowing Advertisers To Reach Only The
Their Advertising Spend Audience They Wanted
Nearly everyone in the advertising industry felt the Media trading desks and more advanced media agencies
pressure of the recession during its peak in 2007 and found great success by working closely with media trading
2008 as advertising budgets shrank across the board. experts on the buy side—soon dubbed Demand Side
Advertisers were forced to spend significantly less Platforms (DSPs). DSPs provided the technology to media
while still being expected to show positive results from buyers, which enabled them to reach a specific audience at
their smaller advertising spends. the impression level, and in real time.
While far from perfect, online advertising allows By leveraging audience data, online advertising campaigns via
advertisers to better track performance and ROI DSPs consistently outperformed other types of media buying,
than offline advertising. As a result, online advertising resulting in consistently greater ROI, and greater advertising
became a bigger percentage of advertising budgets spending from advertisers.
for many advertisers.
3 4
Higher Expectations From Advertisers Publishers Benefited From Significantly Higher
Led To Expedited Innovation And Buying eCPMs And Opened Up More Inventory To RTB
Expertise From Media Agencies The benefits from the rise of RTB were not exclusive to
Better accountability and higher ROI expectations advertisers. Not only did users get more relevant advertising,
from advertisers put pressure on the media buying but publishers that participated in RTB campaigns began
community to find better solutions for the advertisers to see their advertising revenue from indirect sales increase
they represented. Advertisers wanted more from their dramatically. PubMatic reported in Real-Time Bidding from The
media buying agencies than simply putting more Publisher Perspective, a white paper released in February of
advertising dollars online. 2010, that most publishers experience much greater eCPM
from RTB campaigns than from non-RTB campaigns, and some
Advertisers wanted to work with media agencies that PubMatic publishers have seen gains of over 300%.
were the foremost experts for online media buying.
This led to the rise of media trading desks. These Similar to how consistently better performing campaigns led to a
specialized units within large media agencies created continued increase in budgets for RTB campaigns for advertisers,
a ready source of talent and resources that could publishers saw consistent increases in revenue and made more
specialize in working with the RTB ecosystem to drive inventory available for advertisers to bid on in real-time.
rapid adoption.
27
Multi-Party,
Multi-Vertical
Real-Time Bidding
Case Study
Despite all of the benefits that real-time bidding (RTB) has provided for advertisers and publishers over the past year,
it is still a relatively new method for online advertising targeting.
Advertisers want to know how much better the performance and return on investment is for RTB campaigns
compared to other types of targeted online advertising campaigns. Advertisers also want to know if RTB campaigns
experienced similar results across different advertising
46
verticals. Similarly, many publishers want to know how
% much more revenue they can expect from RTB campaigns

compared to other media campaigns.
PubMatic collaborated with four Demand Side Platform (DSP)

f those who use DSPs or
o partners, [x+1], DataXu, MediaMath, and Turn, in order to
answer those questions. The result is the first multi-party RTB
ad networks to buy targeted
case study that tracks performance and ROI across several
audience inventory have advertising verticals, and also tracks how much revenue lift
never leveraged RTB participating publishers experienced in comparison to non-
RTB campaigns.
+
28
A Group Effort, Not An “Apples to Apples” Test For DSPs
Each DSP executed different campaigns with significantly different variables including different verticals, different client
objectives, and different creative—all of which have significant impact on the outcome of a campaign.
Moreover, this study was a group effort by all participants, which have a similar goal of educating the online
advertising marketplace about RTB. All participants agreed that the best way to demonstrate how RTB performs
against other targeting methods would be to discover the differences in performance by the different campaigns across
completely different advertiser verticals. Therefore, it would be impossible to compare the performance of any DSP
against another in this study.
While the campaign variables prevent comparison of DSP performance, they do allow for the tracking
of 3 different targeting methods across different advertising verticals
Campaign Variables
Advertising Advertiser Advertisement Campaign Audience & Campaign

Vertical Creative Objectives Geo Target Scale & Budget
Campaign Constants
3 Targeting Types Time Frame For Test All Inventory Processed Via PubMatic
Hypotheses
1. PubMatic publishers would see higher eCPM from RTB campaigns vs Non-RTB campaigns.
2. RTB would outperform the other targeting methods across very different advertising
verticals despite the fact that each DSP had a vastly different advertiser objective and campaign
scenario.
Case Study Objectives

1. Track RTB Performance vs. Non-RTB Performance For Each Advertising Campaign
2. Track Similarities in RTB vs. Non-RTB Campaign Performances Across Multiple Advertising Verticals
3. Track Publisher Ad Revenue Lift (eCPM) From RTB Campaigns vs. Non-RTB Campaigns
29
Case Study Methodology
Tracking the Performance of Different Targeting Methods for the Same Campaign
Leveraging PubMatic for publisher inventory, each DSP focused on managing one campaign for a single, specific
advertiser, but purchased publisher inventory for the campaign in three different ways. Each DSP then tracked how
the same campaign performed by the following media buying methods:
Targeting Method 1 Targeting Method 2 Targeting Method 3
Non-RTB Non-RTB RTB

Impression-Level
Run of Network Audience Targeting Optimization
Tracking The Performance of Different Targeting Methods Across Different Advertiser Verticals
Each DSP also focused on a specific industry, selected by PubMatic, in order to see if RTB had similar results across
different advertising verticals.
Step 1
4 advertising verticals are
selected
Auto CPG Finance Telecom
Step 2
Each DSP studies 1 vertical
selected by PubMatic
Non-RTB Non-RTB Non-RTB Non-RTB

Step 3 Run of Network Run of Network Run of Network Run of Network
Each DSP tracks the
performance of 1 advertiser’s Non-RTB Non-RTB Non-RTB Non-RTB
campaign across 3 different Audience Targeting Audience Targeting Audience Targeting Audience Targeting
targeting methods
RTB RTB RTB RTB
Impression-Level Impression-Level Impression-Level Impression-Level
Optimization Optimization Optimization Optimization
Step 4
All 4 DSPs access publisher
inventory through PubMatic
and PubMatic tracks eCPM
of participating publishers
PubMatic Publishers
30
Key Takeaways
• ublishers generated significantly higher CPM from the RTB campaigns in
P
comparison to Non-RTB campaigns, across all advertising verticals, by an
average of 64%
• TB outperformed the non-RTB (RON) media buying methods across all four
R
advertising verticals by an average of 749%
• Non-RTB campaigns that were audience targeted outperformed Non-RTB

campaigns that were not audience targeted by an average of 324%
• Based on cost-per-success metric as outlined by the advertisers for each

campaign, RTB provided better ROI than non-RTB audience targeted
campaigns by 101% on average
PubMatic publisher eCPM from RTB was

64% higher on average than from Non-RTB
campaigns during the same time frame
180
160
CPM Index (Non-RTB = 100)
140
120
100
80
60
40
20
0
Non-RTB RTB
31
Campaign performance by targeting
method conducted by
Automotive
Campaign Overview
DataXu’s client is a large auto manufacturer, who ran a National US campaign designed to promote their seasonal
sales clearance event. The campaigns goals were to drive user engagement with specific pages on the auto
manufacturer’s website including the event details, special offers, design a vehicle, and inventory search landing
pages. The campaign had a CPA goal of $5.
Campaign Type: Performance
Audience Target: Auto intenders
Success Metric: All executions measured on a CPA basis named above.
Campaign Strategy
To drive the most efficient and effective performance, DataXu’s media management platform evaluates over 100
different attributes and bids in real time on an impression by impression level. The campaign launched across multiple
ad exchanges evaluating over 5 billion impressions, finding the most relevant impressions, at the most affordable
price. The campaign also included automotive behavioral segments and retargeting. The overall campaign beat the
CPA target by over 100%.
Unique advanced analytics derived from campaign data:

• Ads shown in the beginning of the week were more valuable.
• Campaign appealed to consumers interested in news & current events.
• Urban consumers showed highest level of interest.
• Campaign performed best on coastal states.
32
Campaign Results
Campaign performance by targeting method—

Auto: DataXu
(Traditional Media Placement = 1,0)
12.00
10.00
Performance Index
8.00
6.00
4.00
2.00
0
Non RTB Non RTB RTB
RON Audience Targeted
Performance percentage differences by targeting method for specific Automotive campaign
• RTB outperformed Non-RTB Run Of Network by 975%
• RTB outperformed Non-RTB Audience Targeted by 155%
About DataXu
DataXu is the leading media management platform for online display advertisers. Combining media buying and
analytics, DataXu has a transformative approach to digital advertising, helping brands and their agencies use
dynamic ad decisioning intelligence for better media effectiveness, operational efficiencies and audience insights.
For more information visit: www.dataxu.com
DataXu Headquarters: Contact

281 Summer Street (857) 244-6200
Boston, MA 02210 Email: sales@dataxu.com
33
Consumer method conducted by
Packaged
Goods (CPG)
Campaign Overview
A leading US CPG marketer turned to its digital agency to drive measureable growth in online consumer engagement
for one of its national prepared-foods brands. The client wished to target 25-50 year old females with the goal of
driving email registrations to the brand’s Web site, at which members could find coupons & special offers, email
newsletters, recipes & tips, discussion boards, and other rewards. The client hoped to exceed benchmarks from prior
display efforts, both in terms of cost-per-signup (CPS) performance, as well as significantly surpass previous levels of
overall signup volume.
Campaign Type: Brand Engagement
Audience Target: Females 25-50 with interest in flagship client brand
Success Metric: User registration with online brand community – grow volume and lower CPS
Campaign Strategy
Having achieved mixed results from traditional media placements and network buys, the agency looked to
MediaMath’s TerminalOne® platform to deliver breakthrough performance through a combination of broad access
to biddable media inventory, integration of numerous 3rd party data providers, and proven bid optimization by
MediaMath’s Brain™ algorithm. To highlight the benefits of bid optimization and real-time bidding (RTB), three
different strategies were pursued in parallel: (1) Non-RTB “run-of-network”, (2) Non-RTB audience targeting, and (3)
RTB impression-level optimization. In each case the results were benchmarked to an average of prior display results,
normalized to the prior monthly spend levels.
The results, displayed in the Figure, were impressive. At fixed spend levels, strategy (1) performed over 3x worse
than the benchmark, at a 360 CPS index. Strategy (2) performed slightly better than the benchmark, with an 88
CPS index. Strategy (3) significantly outperformed the benchmark at a 39 CPS index – blowing prior performance
levels away—and was nearly 10x more efficient than the non-optimized buying of Strategy (1). And with a simple
adjustment to the TerminalOne campaign optimization settings for Strategy (3) the MediaMath Brain algorithm was
able to “re-invest” some of those performance gains to grow volume by 3.2x while achieving a CPS index of 59,
delivering improvements in both performance and scale.
34
Campaign Results

CPG: MediaMath
10.00
9.00
8.00
Performance Index
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0
Non RTB Non RTB RTB

Performance percentage differences by targeting method for specific

CPG campaign
• Non-RTB Audience Targeted by 126%
About MediaMath
MediaMath’s TerminalOne™ platform powers the new marketing professional by integrating media, data,
optimization, analytics, and workflow automation to return focus to marketing strategy rather than media execution.
MediaMath’s technology has driven breakthrough results for dozens of agencies representing the world’s leading
brands on thousands of campaigns.
For more information visit: www.mediamath.com
MediaMath Headquarters Contact

415 Madison Avenue (646) 840-4200
3rd Floor Email: info@mediamath.com
New York, NY 10017
35
method conducted by
Finance
Campaign Overview
The Internet today is transforming the way financial services companies market and interact, turning their websites
into dynamic information hubs. For consumers seeking new and better financial products, financial service company
websites have become the source for the latest, most relevant product information. And, for the companies
themselves, the Internet has become the information and service superhighway, allowing them in real-time to
message consumers and prospects.
To succeed in this 21st century, ever-changing landscape, the biggest challenge for the financial services industry has
been to maintain the need for scale while achieving cost effectiveness and message relevancy across three core goals:
Audience Target: High value prospects
Success Metric: Submission of a completed application
Campaign Strategy
In the PubMatic case study, [x+1] used Platform+1, its universal Demand Side Platform, to automate a targeted
and real-time bidding campaign. Set up in Platform+1 included establishing client-specific business rules such as
geographic location and time of day along with [x+1]’s patented Predictive Optimization Engine (POE™). This allowed
[x+1] to automatically find and optimize audiences at scale across various data sources, both client-supplied and
third party, with results tracked in real time.
A crucial success factor in the campaign was finding a diverse and large mix of inventory and price points. This in turn
enabled [x+1] to find the optimal balance of audience composition and price points to build a sound ROI solution.
Utilizing POE™, [x+1] was able to further refine the best performing audiences, driving even stronger conversion lift
going forward. PubMatic’s inventory exceeded expectations and led to positive results almost immediately, due to
the quality of its audience composition. Had the campaign run longer, [x+1] believes it would have seen a continuing
trend of improved scale, efficiency and performance based on the combination of PubMatic’s strong inventory and
POE™’s predictive decisioning.
36
Campaign Results

Finance: [x+1]
8.00
7.00
Performance Index
6.00
5.00
4.00
3.00
2.00
1.00
0
Non RTB Non RTB RTB
Performance percentage differences by targeting method for specific

Finance campaign
About [x+1]
[x+1] helps brands, agencies and media companies connect with consumers in more meaningful, actionable ways,
delivering offers where they’re most relevant. [x+1] uses its Predictive Optimization Engine (POETM) to enable
automated, real-time decision making to ensure that the right message is delivered to the right person at the right time.
For more information visit: www.xplusone.com
[x+1] Headquarters Contact

470 Park Avenue South (212) 741-4222
Suite 17S Email: sales@xplusone.com
New York, NY 10016
37
method conducted by
Telecommunications
Campaign Overview
Turn’s customer is a prominent telecommunications provider whose campaign employs geo-targeting across 14
Western states including Arizona, Colorado, Idaho, Iowa, Minnesota, Montana, Nebraska, New Mexico, North
Dakota, Oregon, South Dakota, Utah, Washington and Wyoming. The campaign goal is the successful launch and
rebranding of the brand’s flagship high-speed internet service with a focus of driving efficient transactions. The
emphasis was on new customer acquisition for high-speed internet, but also included a strong up-sell incentive to
existing subscribers to bundle existing packages. The campaign goal is based on cost per transaction (CPT).
Audience Target: Geo-targeted across 14 states
Success Metric: All executions were measured on a CPT basis. Performance was measured based off of orders
through the “Order Confirmation Page Conversions”
Campaign Strategy
Launched across fourteen pre-selected states, this telecom brand focused on targeting the right audience through
re-marketing segments in order to help establish new acquisitions and up-sell existing customers. Its goal for the
campaign was a CPT lower than $100. Because it was highly geo-targeted with a limited re-marketing segment, the
campaign’s success hinged on the Turn Platform’s algorithmic intelligence that crunches more than 2,000 behavioral,
contextual, inventory, and ad selections variables within 25 milliseconds to guarantee winning bids for the most
valuable impressions available. The Turn Platform then automatically optimized and adjusted pacing to achieve the
desired spend. To boost the campaign’s reach and drive new acquisitions, Turn used its Audience Extension tool to
define additional segments of tech savvy consumers and families with moderate to high internet consumption.
Results speak for themselves: The dynamic cost per thousand (dCPM) was nearly a $60.00 better effective
cost per action (eCPA) for re-marketing. Additionally, the dCPM had a 562% lift over flat RON and 44% lift over
flat CPM re-marketing.
38
Campaign Results

Telco: Turn
7.00
6.00
Performance Index
5.00
4.00
3.00
2.00
1.00
0
Non RTB Non RTB RTB
Performance percentage differences by targeting method for specific Telecom campaign
About Turn
Turn was founded to bring the efficiencies of search advertising to online display and empower the world’s premier
advertising agencies and brands to reach custom audiences at scale. We are a software and services company with
the industry’s only end-to-end platform for delivering the most effective data-driven digital advertising in the world.
Our self-service interface, optimization algorithms, real-time analytics, interoperability, and scalable infrastructure
represent the future of media and data management.
For more information visit: www.turn.com
Turn Headquarters: Contact:

835 Main St. (650) 353-4399
Redwood City, CA 94063-1901 Email: advertisers@turn.com
39
Study Conclusion
While there are many individual case studies that highlight the benefits of RTB, this case study marks the first time
that multiple online advertising companies worked together to demonstrate that RTB has significant benefits for both
publishers and advertisers.
During the course of this study, RTB consistently outperformed, and provided greater ROI to the advertisers, than
other types of media buying methods for all participants. RTB has enabled the advertiser, for the first time, to reach
the right audience, in the right context, at the right time, and for the right price. Perhaps somewhat surprisingly, this
ability to precisely target an audience allows the advertiser to pay more for ad inventory because of the improved
return on investment.
All participants hypothesized that RTB would be

the media buying method that would provide the
It would be reasonable to most satisfactory results to the advertiser—and that
is because all participants recognize that RTB has
conclude that the results significant advantages over the other methods. Those
of this study are consistent advantages include impression-level audience targeting
technology, dynamic creative optimization, and more
with what the online intelligent pricing.
advertising industry as a
PubMatic publishers that participated in these RTB
whole has experienced campaigns consistently achieved greater eCPMs than
with RTB if had they not participated in the campaigns. The

results of this study are consistent with the eCPM lifts
that PubMatic publishers are experiencing on a regular
basis. RTB continues to gain wide acceptance from
the premium publisher community, and it is not uncommon for publishers that previously chose not to work with ad
networks to show interest in making inventory available for RTB-only campaigns.
Given that PubMatic continues to see a rapid rise in RTB advertising campaigns, it would be reasonable to conclude
that the results of this study are consistent with what the online
advertising industry as a whole has experienced with RTB.
40
RTB will account for
up to 20% of all non-
guaranteed advertising
by the end of 2011
– Rajeev Goel, CEO, PubMatic
The Future of RTB

Driven by positive results for marketers across the industry, advertiser budgets for RTB campaigns are growing
exponentially. Rajeev Goel, PubMatic’s CEO, estimates that RTB will account for up to 20% of non-guaranteed
advertising by the end of 2011.
PubMatic has insight into several key indicators leading to that conclusion, including experiencing advertiser budgets
for RTB increasing over 100% each quarter for the past several quarters.
Another key indicator for PubMatic’s forecast is a large spike in the number of RTB branding campaigns. While
PubMatic has been facilitating RTB brand campaigns since RTB’s inception, the early adopters for RTB were
skewed heavily towards performance advertising. There is now high demand for RTB campaigns for both brand and
performance campaigns. This finding is significant because it not only leads to larger advertising budgets in the short
term, but it also underscores how quickly RTB has become accepted across the industry.
Platform expansion for RTB is also on the horizon and gaining a lot of interest among publishers that intend to
capitalize on the revenue opportunities provided by the iPad, smartphones, and other portable devices. While still in
very early stages, in the next year RTB will expand to mobile and video inventory at scale. Even publishers that were
previously opposed to ad networks have expressed interest in selling inventory via RTB because of the more granular
quality and channel controls provided via RTB.
Over 95% of PubMatic publishers allow access to real-time bidders and they continue to open up more of their
inventory every day. On the advertiser side, the spending also continues to grow at a pace that may very well usher
in the RTB era quicker than previously expected—where 100% of online publisher inventory sold through indirect
channels is purchased via RTB.
41
Opportunity #2
Direct Selling of Audience

Targeted Campaigns
If RTB was, in fact, the biggest story in online advertising in 2010, then enabling publishers to sell audience
campaigns at scale will be the biggest story in online advertising in 2011 and 2012. It is the Holy Grail for publishers
and advertisers alike.
It will combine two important ingredients that online markets are looking for:
• The applied science of audience targeting currently available through indirect channels, such as through DSPs, ad
networks, and ad exchanges.
• The guaranteed premium placement that only a publisher’s direct sales force can provide, including transparency
and advertiser safety.
It will also provide publishers two new opportunities for long-term ad revenue monetization:
• More ad revenue from higher valued ad campaigns
• More control over when and how their advertising inventory is used for audience targeted campaigns
For the past several years, publishers have been sidelined, depending on 3rd parties to monetize their audience -
even while advertiser demand for audience-targeted campaigns has begun to eclipse the demand for contextual
targeted campaigns.
For advertisers, “who” is watching their ads is becoming more important than “where” they are watched.
AudienceScience declared at the beginning of 2010 that 77% of advertisers were planning on using audience
targeting this year, and PubMatic can confirm that campaigns leveraging audience targeting have grown exponentially
in the past year.
However, the growth of “who” doesn’t mean that the “where” isn’t important. Marketers want both. Marketers
control the budgets, and they will dictate how media buying will evolve. As such, the number of companies that are
stepping up to help publishers sell advertising with audience data is growing at a pace reminiscent of the growth of
ad networks several years ago.
This will create both opportunity and challenges for publishers, but the opportunities are too great for smart
publishers to ignore. And that means that publishers will have to understand how to best monetize their audience
data, and who to partner with in order to best monetize it efficiently.
42
Audience Selling Defined
Audience selling leverages anonymous data collected throughout the Web, which give insight into audience behavior.
This enables audiences to be segmented in many different ways, including by demographics, interests, purchase
intent, and more. Personally identifiable information is not collected about the audience.
The Buy Side, The Sell Side, & The Data Arms Race
To provide some context as to how the demand for audience targeted campaigns has grown over the past two years,
one only needs to look at the most advanced ad networks and DSPs – referred to here as “The Buy Side.”
The Buy Side has moved quickly to help advertisers find the audience they want to reach, at scale, and with
efficiency. And they’ve done a remarkable job because they’ve become experts at leveraging audience data for
improved targeting and vastly superior campaign performance.
If there were an actual “data arms race” The Buy Side would have an overwhelming advantage over The Sell Side, in
2010.
To give insight into just how lopsided The Buy Side

data advantage is, the joint PubMatic + Digiday study On average, publishers
conducted September 2010 asked both publishers and
have 0.5 data partners,
intermediaries (DSPs + ad networks) how many data
partners they work with. while the average number
On average, publishers have 0.5 data partners, while the of data partners for The
average number of data partners for The Buy Side is more Buy Side is more than 5
than 5. The result wasn’t surprising. If you were to visit
the Website of the most advanced companies on The Buy +
Side, you would likely find somewhere on the Website an
area that highlights all of the data partners they have. And
understandably so, because the ability to leverage that data through multiple partners is what has given them the
edge for so long.
In the next year publishers with the right strategy in place will gain significant ground on The Buy Side. In two to three
years, the data playing field will be leveled, if not tilted in favor of the publisher.
That is not to suggest that publishers should not have an indirect audience selling strategy; In fact, indirect audience
selling will remain a key component of their overall ad revenue strategy. However, once publishers have more control
over their audience data, they will have more control over when to work with 3rd parvties for audience selling and
when not to.
43
Selling With Audience Data is a Three Part Process
In order for publishers to sell audience targeted campaigns directly, they will need to have a strategy for acquiring
data, managing it, and monetizing it. As simple as a 3-part process might sound, this is a brand new opportunity for
publishers and there is a learning curve.
Acquire
• Understanding what data to acquire

• Collecting data from your audience
• Purchasing data from 3rd parties
Manage Monetize
• Analytics from 3rd pary data providers • Direct sales on your site
• Leveraging inventory and pricing forecasting • Audience extension—retargeting
• Protecting your data from “data leakage” • Audience extension—look alike targeting
Acquiring Data & Selecting Data Partners

In many cases advertisers prefer working with 3rd party data over, or in addition to, a publisher’s own data because it
is verified by another source beyond the one selling it.
One of the reasons that DSPs and ad networks have been so successful with selling audience-targeted campaigns is
the fact they have mastered the art of working with many data partners. They know what data provider to work with
44
for certain campaigns, and more importantly for their return on investment, when they need a specific type of data,
they know where they can find it for the most appropriate price point.
Publishers are less familiar with where to find data at the right price. In the PubMatic + Digiday study, 60%
of publisher respondents said they need better
understanding of how data pricing works. One of the best
ways publisher can gain insight into data pricing is to have 60% of publishers need
aggregated access to multiple data providers.
better understanding of
Data pricing and quality is different depending on the
provider, but having an overview of how different data
how data pricing works
providers view the publisher’s audience along with the
ability to compare pricing will help guide publishers in the
+
right direction—especially in cases where an advertiser
insertion order calls for a specific type of data to be used.
Managing Data & The Rise of Data

Management Platform (DMPs)
2010 has seen a proliferation of data focused companies. Most of these companies work with The Buy Side primarily,
but many also are beginning to work with publishers as their secondary, but growing, client base. A smaller number
are focused primarily on the publisher.
As a result of publishers beginning to leverage 3rd party audience data more and more, we can expect to see new
companies as well as existing companies begin to offer Data Management Platforms (DMPs) for publishers.
Managing data can be complex, and these companies will play an important role in the publisher’s audience selling
strategy. Publishers will need help with understanding inventory availability, inventory forecasting, and pricing
guidance in order to maximize the revenue made from audience campaigns.
The more audience data a publisher efficiently manages, the more potential ways that inventory can be segmented.
This is significant because it could make a publisher’s inventory attractive to an entirely new set of advertisers.
45
Direct Audience Selling on Site & via Audience Extension
Once publishers have the ability to acquire the right data and manage it, they will have several options for how to sell it.
1 2 3
Audience Audience Audience
On Site Extension via Extension via
Retargeting Look Alike
Targeting
1. Audience On Site:
The first option that publishers have is the ability to sell audience targeting against their own audience on their own site.
This opportunity presents the greatest ad revenue potential—at least on a CPM basis—because it offers both
advanced audience targeting with a guaranteed premium placement. Depending on the publisher this may not have
the potential for scale in terms of impression availability.
However, if the publisher works with multiple 3rd party data providers, which would enable a greater variety of
audience segmentation against the same inventory, that inventory would have more potential advertisers interested in
purchasing it.
Advanced Audience Targeting

+
Guaranteed Premium Placement
=
Greatest Ad Revenue Potential For Publishers
46
2. Audience Extension via Retargeting
Retargeting is a form of online advertising in which ads are shown to consumers based on previous online actions
that did not result in a conversion. In other words, an advertiser can run a campaign to reach users that had
previously viewed a site after the user has left the site. The user can be identified via a cookie, which tracks the
user’s movement across the web. The ad will then be shown to the user while the user is on another site. This helps
companies advertise to the 98% of people who visit a site but leave without making a purchase, filling out a form, or
converting in some other way.
Audience Extension via Retargeting allows publishers to expand their monetization pool. In particular, this makes
sense for publishers who have sold out of their inventory for specific audience segments. This especially benefits
publishers with large amounts of traffic but a relatively smaller percentage of repeat users.
3. Audience Extension via Look Alike Targeting

With look-alike targeting, advertisers can take an audience from a particular site and target new users that look
like the users on the original site. The look-alike audience is defined using specific web behaviors or through
demographic-based attributes, such as age, gender, or specific interest areas. The basis for look-alike targeting is the
idea that if an existing customer exhibits specific behaviors or attributes, then prospects with similar attributes would
be good candidates to become customers, as well.
Although not completely new, look-alike targeting has been showing up more frequently in recent digital media buys
as an additional service or line item.
Somewhat similar to the case for retargeting, publishers with sold out inventory can take advantage of Audience
Extension via Look-alike Targeting to monetize users not on their site. However, unlike with retargeting, publishers
with smaller amounts of traffic may particularly benefit from this type of targeting, since it allows publishers to
significantly extend their monetizable user base.
A number of recent studies, such as this case study from Quantcast (below), have demonstrated the effectiveness of
look-alike targeting.
Finding the Right Balance of Direct and

Indirect Audience Selling
While having the ability to sell audience directly will give publishers an advantage to compete for audience-targeted
advertising dollars, they shouldn’t make the mistake of thinking they will have 100% sell through without help.
Publishers will need to find the right balance between what audience campaigns are sold indirectly and what is sold
directly. Selling indirectly will need to remain a key part of publisher revenue strategy for several reasons
47
Opportunity #3
Monetizing Video
Some information from

this section provided by
Online Brand Campaigns at Scale

Video advertising is widely recognized by analysts as the highest growth segment in online advertising. Consumers
are watching more videos and watching them longer. This provides a great revenue potential for publishers as video
advertising consistently fetches significantly higher CPMs than most other digital ad units.
To advertisers, video presents an advertising format that is superior in effectiveness to other mediums. According to
Dynamic Logic, video advertising—both display and pre-roll—leads to purchase intent for 1.1% of all viewers that
saw an ad, a number that is significantly higher than average click-through rates (CTR) of performance campaigns for
online display advertising.
While the opportunity is ripe for publishers to take advantage of the growth of online advertising, not all publisher
categories are experiencing the same growth in video viewership. In fact, some publisher categories fair far better
than others. It will be key for publishers to understand how online video is consumed in order to create a strategy that
will provide the most views and the best performance.
48
Video Viewership Varies by Publisher Type and Video
Content
In terms of growth in the number of streams for media companies’ video content, traditional broadcasters that have
repurposed video content originally shown on television are more popular than Web media brands, or publishers
that only have a presence online, according to Brightcove. Newspapers, magazine publishers, and online media
properties (i.e. Huffington Post) are all growing their video audiences in 2010, however.
While the type of content may contribute greatly to the numbers, traditional broadcasters - which are generally
recognized as having more “professional” video content—also garner longer than average viewing times as compared
to most other categories.
Broadcasters are also the best at getting people to watch in-stream video advertising. According to research by
TubeMogul, the rate at which people click away from a pre-roll ad before completion is lower on broadcaster sites
than magazine and newspaper sites. The lowest completion rates occur on video sharing sites.
Overall, a disproportionate share of online video viewing (42%) occurs during the eight-hour workday, according
to Brightcove and TubeMogul, making online video one of the best ways to reach people at work. Broken out by
category, an interesting trend emerges: broadcasters, unlike other media companies, have a “primetime” that mirrors
broadcast television.
Creating The Best Strategy To Increase Views

Among media companies, 81.9% of video streams were discovered via direct traffic or navigation within a publisher’s
own site, according to Brightcove and TubeMogul. With 81 percent of videos being viewed through on-site
navigation, publishers should consider how video fits into their regular content flow.
From third party referral traffic, traditional search is still king, but things are changing. Currently, 64 percent of video
views on publisher sites that are via referral come from Google, followed by Yahoo (11.9 percent), Facebook (4.3
percent), Bing (2.6 percent), and Twitter (1.2 percent).
Facebook and Twitter, which currently don’t account for as many viewing referrals as traditional search, are the
fastest growing. At current rates, Facebook will surpass Yahoo! within the year to be second only to Google in referral
traffic to online video content for media companies. Referrals from Facebook also view videos longer.
This trend is largely good for publishers. According to the same joint Brightcove and TubeMogul report, viewers
coming from Facebook and Twitter watch longer than viewers coming from search.
49
Average Monthly Growth in Referred Video Streams (Q2)
48.31%
38.72%
35.20%
15.53%
3.21%
Bing Google Yahoo Twitter Facebook
More Video Advertising Will Be Sold Through Indirect

Sales Channels
With more places for publishers to have video watched coupled with the rapid increase of overall viewership, it is
likely that in the near future there will be an abundance of online video ad inventory not entirely unlike the online
display adverting category. This will lead to more online advertising being sold through indirect channels as publishers
need help to better monetize their unsold inventory and advertisers look for more efficient ways to reach their target
audience at scale.
Similarlto display advertising, as more online video adverting inventory is purchased through indirect sales channels,
such as ad networks, the way in which it is bought and sold will change. Even for the most premium publishers, what
was once reserved for direct sales only will likely open up to intermediaries as buying efficiency improves. Online
video advertising exchanges already exist, but in the near future, so will Real-Time Bidding for those exchanges.
Publishers will need to consider what type of content will remain available only through direct sales vs. what will be
made available for indirect sales.
50
More on Video...
As the role of Sell Side Platforms continues to evolve, video will play an important part. Publishers should explore
platforms which help publishers with all of the key revenue opportunities for monetization.
51
Opportunity #4
Going Mobile
Some information from

this section provided by
Mobile Advertising Is Finally Reaching Scale

Mobile advertising revenue opportunities for publishers are another contributing factor that is helping to shift online
advertising from a buyer’s market to a seller’s market. According to a report last year from Juniper Research, mobile
advertising spend is expected to grow to $5.7 billion by 2014. Publishers that want to capitalize on the growth of
mobile advertising should understand where the best opportunities for their particular brand exist.
However, because mobile brings the potential for even more advertising inventory, publishers will need to find the
right balance between selling mobile advertising alongside their traditional display advertising to ensure the overall
value of their advertising continues to improve.
Several Key Drivers Leading To Increased Mobile

Advertising Spend
The potential ad revenue that can be generated from the mobile channel is worth careful consideration for publishers
that anticipate rapid mobile viewership in the next few years. As investment in the mobile space continues, marketers
can expect to see rapid innovations in mobile advertising formats and targeting capabilities. According to a report by
Borrell Associates, mobile may account for as much as 20% of every dollar spent on digital advertising.
52
After a slow start, there are several key drivers that will
usher in a new, higher-growth era for mobile advertising
SCALE: Smartphone & Digital Tablet Adoption is Skyrocketing

1 According to Gartner, smartphone global sales have experienced a 48.7 percent year-over-year increase.
Smartphones, such as the iPhone, BlackBerrys, and phones running on the Android operating system,
have applications, which provide a digital canvass that improves user experience for advertising.
Tablets, such as iPad, offer similar opportunities. At least one research company, USB, projects iPad
sales alone will surpass 28 million units.
ENGAGEMENT: More Engaging Ad Units For Brand Campaigns

2 With apps come more engaging advertising units, which lead to better performing mobile advertising
campaigns. Mobile advertising formats via applications include video, interactive, expandable, and more.
This is a far superior opportunity for advertisers, especially brand advertisers, than the options the mobile
web provided marketers.
TARGETING: Better Audience Targeting Including Hyper Local

3 Audience targeting with mobile phones has improved significantly in the past few years. Location-aware
phones, which most smartphones are, allow marketers to target locally in ways that cannot be done
with online advertising including click-to-call campaigns for local businesses and coupon redemption
campaigns. Last year Starbucks ran a mobile redemption campaign with 60% redemption rate—a rate
that cannot be matched with online advertising. Starbucks is not the only advertiser excited by the
opportunity. ABI research expects advertisers to spend $1.8 Billion on location-based mobile campaigns
per year by 2015.
4
PERFORMANCE: Ad Network Optimization Improves Performance
As mobile ad inventory grows, so does the need for publishers to use mobile ad networks to fill the
unsold inventory. Similar to how Ad Network Optimizers work for display campaigns, Mobile Ad Network
Optimizers have real-time decision making technology that provide advertisers with better performing
campaigns while increasing ad revenue for the publisher. As a testament to the growth of this segment,
mobile Ad Optimizer Smaato now serves over 16 billion ad impressions per month.
EFFICIENCY: Marketers Can Purchase Mobile Inventory More Efficiently

5 Similar to how improved methods for buying display media has increased online advertising spend,
making mobile advertising buying more efficient will improve overall mobile ad spend. In the near future,
marketers will be able to purchase mobile inventory at the impression level via Real-Time Bidding (RTB),
which has proven to be a very successful strategy for online display marketers.
53
Preparing For Mobile Platform Expansion
While overall advertising dollars in the mobile space are relatively small compared to traditional display advertising,
smart publishers are carefully considering their mobile advertising strategy now. And of course, the mobile advertising
strategy starts with the overall mobile experience, not just the monetization component.
Publishers should start by considering the key platforms that they want to support in the future. There are multiple
mobile platforms, from iPhone to BlackBerry to Android to iPad and more. Because of the different audience
composition for each platform and the significant variation in technical capabilities of each platform, publishers should
carefully consider the major mobile platforms in which they will make strategic investments. For remaining mobile
platforms, a compromise “one-size-fits-all” investment can be made.
Once the specific platforms for investment are identifies, publishers must invest in building out platform-specific
experiences. For example, New York Times content viewed via the iPad should have a very different experience as
compared to the same content viewed via a BlackBerry device. While this may seem obvious, in far too many cases
publishers provide only a generic browser experience for all mobile platforms.
While the first several years of mobile platform buildout will require investing in acquiring substantial viewership,
ultimately a monetization strategy must be created. That strategy should take into account the advertiser’s desire
to not only reach an audience in a differentiated way on a specific platform, but in addition the desire to reach an
audience across multiple channels such as print, browser, and mobile. This requires thoughtful investment in a cross-
channel ad sales platform, process, and organization.
54
Stay on the Lookout...
In order to provide more detailed guidance, PubMatic and Mobile Ad Optimization partner, Smaato, will release a
white paper focused on the mobile opportunities for premium publishers.
55
Opportunity #5
Improving Cross Channel Sales

Management
Traditionally, cross channel sales management has been of limited interest to publisher companies. Sure, both direct
sales (ad sales made via the publisher’s sales force, typically with a guarantee of delivery) and indirect sales (ad sales
made via intermediaries such as ad networks, exchanges, and demand side platforms, typically on a best efforts
basis) are managed independently by the sales and ad operations teams. But holistic management ACROSS these
two sales channels has largely been missing.
As recently as a few years ago, the majority of a premium publisher’s ad inventory was sold via the direct sales
channel. And that inventory accounted for 80% or even 90% of the publisher’s revenue. For the typical VP of Sales,
why bother spending a disproportionate amount of time managing indirect sales closely. Fast forward to today,
where the majority of ad inventory for a premium publisher is most likely to be sold via the indirect sales channel. And
the indirect sales channel may be responsible for up to 40% of revenue. Naturally, the VP of Sales’ interest in this
channel has increased dramatically.
But managing indirect sales on its own is not enough. Publishers must learn to manage effectively across these two
sales channels in a unified way, for a variety of reasons.
56
More Marketers are Purchasing Inventory via
Real-Time Bidding
As real time bidding continues to gain momentum, a stark dichotomy is emerging between the once-a-year rate card
setting process that most publishers go through and the by-the-millisecond pricing changes that media buyers are
making. As agency trading desks garner a larger share of agency budgets and conduct fine-grained impression and
audience level analysis to change their pricing in real time, the once-a-year rate card looks more and more obsolete.
Publishers need to incorporate pricing data across both sales channels on a frequent basis to guide their rate cards
and price floors in each channel.
Greater Revenue Potential with Direct Audience Selling

Just as real time bidding is gaining momentum, so is audience based selling. Most publishers sell placements and ad
units via their direct sales force today. However, they are increasingly being asked to sell a combination of placement
and audience segment going forward. This changes the very nature of calculating inventory, availability, and delivery
of ad impressions which requires effective cross channel sales management.
The Need To Understand Sales Profitability,

Not Just Revenue
While most publishers track sales revenue as a key metric, and indeed bonuses are often paid based on top-line
revenue, ultimately profitability is the most important metric for managing a long term business. Given the specifics of
the media business, such as fancy dinners, golf outings, and spa trips, revenue doesn’t necessarily equal profitability.
A direct sold Insertion Order at $10 CPM might be far less profitable than an indirectly sold segment of inventory at
$4 CPM when the cost of sales is calculated.
57
Brand Advertiser Requirements are Shifting
Lastly, as we emerge from the deep recession of the past few years, the requirements of brand advertisers have
changed in substantial ways. As Chief Marketing Officers have been compelled to justify their every marketing
dollar, even brand advertising requires some measure of metrics-based justification. This often means that brand
advertisers are just as concerned about click-through rates, lead counts, and conversions as traditional performance
advertisers. As a result, high performing inventory that is being sold via the indirect sales channel may need to be re-
classified as direct inventory, and vice-versa.
Cross channel sales management requires effective sales analytics, inventory forecasting, and pricing capabilities,
which requires going beyond today’s solutions that provide data and instead working off of actionable insights. These
three components, taken holistically across both direct and indirect sales, can provide publishers with greater insights
into their business and the ability to increase both revenue and profitability.
Sales Analytics
Traditional ad serving systems provide reporting, but often don’t provide true insight into what is driving the business
forward. For example, which sales executives are responsible for the most profitability across direct and indirect
sales, or guaranteed and non-guaranteed media buys? Which audience segments are the most in demand and
growing the fastest? Which direct sold insertion orders are priced below real-time bidded price points and therefore
present an opportunity for far higher profitability? Which ad units should be sold up front versus on a spot basis?
A robust cross channel sales analytics platform provides a holistic view of the business across these important
dimensions.
58
Inventory Forecasting
While inventory forecasting systems have improved incrementally over the last few years, there are still significant
limitations that render them of limited effectiveness for cross channel sales management. The vast majority of
inventory forecasting systems don’t support audience based forecasting of inventory. As a result, they cannot answer
simple questions such as the number of impressions available for male viewers with incomes over $50,000 per year.
Even more difficult is targeting a combination of audience and placement, such as the requirement to target female
viewers on the home page only. Second, no inventory forecasting system available in the market today can take into
account the demand for inventory via the indirect sales channel to project inventory availability.sales, or guaranteed
and non-guaranteed media buys? Which audience segments are the most in demand and growing the fastest?
Which direct sold insertion orders are priced below real-time bidded price points and therefore present an opportunity
for far higher profitability? Which ad units should be sold up front versus on a spot basis? A robust cross channel
sales analytics platform provides a holistic view of the business across these important dimensions.
Inventory Pricing
As the percentage of inventory sold via the indirect sales channel has skyrocketed, and price points continue to
move up with the advent of real time bidding, it’s increasingly important for pricing systems to take as input the price
signals from both direct and indirect sales channels. Real time bidding signals can and should be incorporated into
the publisher’s rate card on a periodic basis. Similarly, pricing and sell through rate in the direct sales channel should
impact dynamic floor price setting in the indirect sales channel.
Solving the challenges of sales analytics, inventory forecasting, and inventory pricing via a cross channel sales
management approach won’t be easy. But the benefits to revenue, profitability, and overall operational excellence are
increasingly clear as the indirect sales channel gains in importance for most premium publishers.
59
Next Steps
Coming out of what has been statistically shown to be the worst recession since World War II, there are finally hopeful
signs on the horizon for publishers to scale their revenue. PubMatic believes that best in class publishers are scaling
their revenue not through incremental change and innovation, but through wholesale change.
As previously discussed, RTB is growing at an unprecedented rate across the online advertising ecosystem.
Agencies through their agency trading desk units, DSPs, and SSPs are ushering in a new and far more efficient way
to monetize media and audience at scale. Every publisher must have a strategy in place to capture RTB dollars and
protect themselves against channel conflict.
Similarly, advertisers and agencies are increasingly interested in monetizing fine-grained audiences in the right
context, as opposed to context alone. Here again there are new actors, primarily data exchanges and social
networking companies that capture and process this data at scale, that are driving the buy-side community in this
direction. Publishers must arm themselves with the same audience data that the buy side sees in order to ensure that
the publisher can sell what the advertiser is looking for.
Mobile and video are the new frontiers of media consumption. As smartphone usage in developed economies
explodes and video consumption shifts from TV to Internet, publishers must have a multi-screen strategy in place to
support advertisers who want to reach an audience wherever they spend time.
And lastly, publishers must embrace and understand cross channel sales management. The old lines that created
distinct channels of guaranteed and non-guaranteed inventory at wildly different price points are fading as price
points come closer together and advertiser needs blur across both channels. Savvy publishers are looking holistically
at their placements, audience, and inventory across both channels and maximizing yield in a concerted fashion.
60
Education
Resources
For Publishers
at PubMatic.com
The only RTB white paper dedicated to

publisher education rather than the
advertiser education.
61
About
PubMatic
Our Mission: To provide publishers with the greatest control of their ad revenue and brand.
Our Publisher Platform: We provide premium publishers one platform with the technology and
services needed to earn the most ad revenue possible while keeping unwanted ads of their site.
Impression-Level Ad Auction with Real-Time Bidding (RTB)
Global Demand Representation
Audience Analytics and Monetization
Brand Control and Data Safety
Guaranteed Inventory Yield Management
Enterprise Ad Operations Support
Some of the world’s most respected online publishers have chosen to work with PubMatic, including The
Huffington Post, eBay, United Online, TV Guide, Scribd, MSNBC, and the majority of the
ComScore Top 10. www.PubMatic.com
Contact Us
Online publishers interested in working with PubMatic should contact:
Sales@PubMatic.com
Ad networks interested in working with PubMatic should contact:

AdNetworks@PubMatic.com
Copyright © 2010 PubMatic. All rights reserved. PubMatic, PubMatic logo, Ad Auction Engine, Ad Price Prediction,
Data Firewall, Live Creative Dashboard, and TrustedPartner Program are trademarks of PubMatic or its affiliates in the U.S.
and other countries.
62
63
Contact Us:
Phone: (646) 706-7171
Publishers contact: sales@PubMatic.com
Ad Networks contact: adnetworks@PubMatic.com
For General Information: info@PubMatic.com
www.PubMatic.com
California Office: New York Office:

444 High St. 100 Vandam St.
Fourth Floor New York, NY 10013
Palo Alto, CA 94301
London Paris Amsterdam Pune Hamburg
64

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A Supplemental Guide to the

3RD ANNUAL PREMIUM

NEW AD REVENUE MODEL FOR PUBLISHERS

Enjoy the event!

8 Opening Keynote with Randall Rothenberg

 n The Brink of A Seller’s Market: Equipping Publishers To Sell Audience Effectively

 ow Will the Advancement of Agency Trading Desks & Programmatic Ad Buying

13 Embracing Change: Exploring New Business Models For Publishers

14 Closing Keynote with Terence Kawaja

Creating The New Ad Revenue Model

20 Overcoming Market Challenges

26 Taking Advantage of Real-Time Bidding

42 Direct Selling of Audience Targeted Campaigns

56 Improving Cross Channel Sales Management

61 Educational Resources for Publishers

Join Us for Ad Operations Summit

Join Us for IAB Consumer Protection & Education Campaign

The IAB Consumer Protection and Education Campaign is an initiative dedicated to

We need you to:

Learn more at www.iab.net/public_policy.

Special thanks to our sponsor

On The Brink of A Seller’s Market: Equipping Publishers To Sell Audience Effectively

Ian Wallin, SVP Sales, TV Guide

Chris Stevens, Sr. Director at Orbitz Worldwide

Matt Greitzer – Co-Founder, Accordant Media

Maureen Little, VP Business Development, Turn

Bennett Zucker , SVP/GM, Data Solutions, Ziff Davis

Scott Meyer, CEO & Founder, Better Advertising

Peter Naylor, EVP Digital Media Sales, NBC

Embracing Change: Exploring New Business Models For Publishers

Mark Josephson, CEO, outside.in

Why are we on the verge of a seller’s market for online

2001 2003 2005

Effect on Publisher Effect on Publisher Effect on Publisher

2007 2009 2011

Effect on Publisher Effect on Publisher Effect on Publisher

The Need For Consolidation In The Online Advertising

That example of publishers depending on another

companies involved with Publishers partner with companies that provide ad

the process operations, ad servicing, yield management, data

This is Mr. Kawaja’s latest Landscape rendering from October 2010.

Data Leakage is a $1 Billion Dollar Problem For Publishers

Many publishers have benefited greatly from the pixel

Determine The Value of the Relationship with the 3rd Party

• The inability to screen ads in real-time

• Identifying the source of creative violations and malicious ads

• Preventing advertising latency

Taking Advantage of RTB

The Rapid Growth of RTB is Unprecedented

% much more revenue they can expect from RTB campaigns

PubMatic collaborated with four Demand Side Platform (DSP)

Advertising Advertiser Advertisement Campaign Audience & Campaign

Case Study Objectives

Targeting Method 1 Targeting Method 2 Targeting Method 3

Non-RTB Non-RTB RTB

Non-RTB Non-RTB Non-RTB Non-RTB

• Non-RTB campaigns that were audience targeted outperformed Non-RTB

• Based on cost-per-success metric as outlined by the advertisers for each

PubMatic publisher eCPM from RTB was

Campaign Type: Performance

n The Brink of A Seller’s Market: Equipping Publishers To Sell Audience Effectively

ow Will the Advancement of Agency Trading Desks & Programmatic Ad Buying

Why are we on the verge of a seller’s market for online

Performance percentage differences by targeting method for specific Automotive campaign

Performance percentage differences by targeting method for specific

Performance percentage differences by targeting method for specific Telecom campaign