laura martin, managing director, needham & co. on quality works
DESCRIPTION
Presentation: Quality Works Cheap wasn’t as inexpensive as we thought. There is a clear trend towards premium ad units, publishers and platforms. Automation saves time and money, but programmatic buying has a dark side. Fraud, lack of transparency, viewability all remind brands that they need real relationships which algorithms can’t provide. What are the implications of the growing value of quality?TRANSCRIPT
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Laura Martin, CFA Presentation to OMMA
July 2014
The Future of Premium Display:
Video
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Source: Cisco Visual Networking Index, 2012-2017E
Video Ads Driving Premium DisplayIn
trod
uctio
n
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Source: Vision Mobile, 2012
Family vs Individual Focus: Implications? D
evic
e Pr
olife
ratio
n
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Where Are We Tod ay? Share of Video Ads by DeviceD
evic
e Pr
olife
ratio
n
Source: FreeWheel US Study, 1Q14
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Where Are We Tod ay? Consumer Demand Trends: Complimentary?D
evic
e Pr
olife
ratio
n
Source: Nielsen Cross Platform Study, 4Q13.
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Is it the Platform or Programming that Skews Old?
Sample CBS Programming: Online vs Offline
Dev
ice
Mat
ters
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Where Are We Tod ay? Share of Online Ads ViewedEc
onom
ics
Source: FreeWheel US Study, 1Q14.
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Where Are We Tod ay? Video is the Highest CPM Display UnitEc
onom
ics
Source: Media Dynamics, The Media Book, April 2014. Total revenue attributable to an ad-driven revenue model is calculated as the number of viewers times CPM (price per 1,000 views) times the ad-load (ie, # of ads per hour).
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Where Are We Tod ay? Audiences Disappearing B
igge
st C
halle
nge
Source: Nielsen Cross Platform Study, 4Q13.
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Closed Systems: No Advertising
Source: Nielsen Cross Platform Study, 4Q13.
Big
gest
Cha
lleng
e
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AdvertiMsing: TV + Internet = 3Y
our Q
uest
ions
Laura’s Bio
Martin holds a BA from Stanford and MBA from Harvard, as well as a CFA designation.
Martin’s first job was in media investment banking at Drexel Burnham Lambert
After the Drexel bankruptcy, she joined Capital Research & Management, managing $500M of media equities.
In 1994, she joined Credit Suisse First Boston where she was nationally ranked by Institutional Investor magazine for 4 years in the cable & entertainment industries.
In 2001, Martin moved to Paris to became EVP of Financial Strategy & Investor Relations for Vivendi Universal.
In 2003, Martin returned to publishing research on the largest Media and Internet companies, distributed through Soleil Securities.
In 2009, Martin joined Needham & Company.
If you give me your card, I’ll send you my thematic research
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1. The Economic Power of the TV BundleD
iscl
osur
esEquity Disclosures
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Laura Martin, [email protected]
July2014
Your Questions