The obvious solution was to create exclusive, invite-only marketplaces with other quality publishers. At the same time, no individual publisher could offer advertisers the ease of buying at scale that the search and social platforms were offering. The reasons appeared sound: the undifferentiated nature of digital advertising does not adequately reward premium publishers for their inventory and valuable audiences. The duopoly of Google and Facebook provided pressure that led to many publishers – national and regional – to bundle together into ad networks or exclusive private marketplaces (PMPs) to counter the threat. Back in 2018 the perception was that there was safety in numbers for publishers looking to grow digital advertising revenue.
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