How this will play out: the major media companies will each buy or build DSP-like capabilities to allow data-driven access to their inventory. They will build out their network of publishers so they can fulfill any audience request internally (internally here meaning either their own inventory or that of their enfiefed publishers.) At that point media buyers will be faced with an array of relatively undifferentiated media companies to buy from, each offering to best place the media buyer’s ads in its own audience.

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