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ADFOX presents an overview of the Russian RTB market in 2012. It gives information about the current state of advertising RTB products in Russia and follows the formation of the market in 2012. Also, ...

ADFOX presents an overview of the Russian RTB market in 2012. It gives information about the current state of advertising RTB products in Russia and follows the formation of the market in 2012. Also, in our review, we give definitions of key terms and profiles of the Russian market members.

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    Adfox russian rtb_market_2012_overview_en Adfox russian rtb_market_2012_overview_en Document Transcript

    • Russian RTB market in 2012 February 2013
    • Table of contentsTable of contents........................................................................................................................................... 2Introduction .................................................................................................................................................. 3RTB Development Prerequisites in Russian Online Advertising Market ....................................................... 5RTB principles of operations ......................................................................................................................... 6Russian RTB market ....................................................................................................................................... 8 RTB market players ................................................................................................................................... 8 2012 Events .............................................................................................................................................14 Advertisers ..............................................................................................................................................15 Forecasts and figures ..............................................................................................................................16Conclusions and Outlooks ...........................................................................................................................18 RTB for Advertisers..............................................................................................................................18 RTB for Publishers ...............................................................................................................................18 RTB for Agencies..................................................................................................................................19 RTB for Technological Companies .......................................................................................................19Attachment .................................................................................................................................................20 Global RTB Market and Major European and American Markets...........................................................20 References...............................................................................................................................................22The Russian RTB market in 2012, ©ADFOX, 2013 2
    • IntroductionAccording to the recent study by the American company Accordant Media, Russia has beennamed one of the countries with the highest RTB market development rate in 2012. It enteredthe Top 15 list of RTB-markets where in the 4th quarter of 2012, online advertising exchangesshowed the highest growth rate y-o-y. It is not surprising, since the last year can be describedas the year of birth of Real-time Bidding in Russia, and only by the end of that year theecosystem which is expected to gain momentum was formed.This review provides an understanding of the current state of advertising RTB-products inRussia and tracks market development in 2012, explains the RTB mechanism to advertisers andmarket experts and highlights their expected implementation effects. When creating it, ADFOXCompany experts used public data, studies of Russian and foreign companies, market experts’opinions as well as their own assessments and judgments.The RTB protocol regulates automated trading of digital media on a wide range of technologyplatforms, devices and advertising products where real-time pricing is a prerequisite. The RTBmarket comprises all players who provide media, technologies and services that interactaccording to the RTB protocol and advertising products sold within the protocol framework.Worldwide, the RTB market as an independent phenomenon emerged in 2009 when the majorplayers of the global online advertising market, firstly, Google started investing into thattechnology. The RTB technology allows adjusting the rights of all advertising market players -advertisers, publishers and advertising technologies, meeting the interests of each party anddelivering high efficiency of advertising campaigns.According to eMarketer and IDC estimates, the global RTB market has been growing by 50-80%a year, and the growth is not so much due to opening of new markets, such as Russia, Turkeyand China, but also due to intensified use of the technology by market players. The mainadvantage of the technology is automatic setting of fair price for an advertising contract notaffected by human factor. Such approach to pricing allows balancing between the interests ofpublishers seeking to maximize their advertising revenue and advertisers wishing to ensuremaximum efficiency of advertising campaigns for a fair value.The RTB ecosystem has just formed in Russia. In 2012, all major players of the Russian onlineadvertising market announced launches of their own RTB-services and use of the RTB protocolto optimize placement of ads. An RTB working group was formed in IAB Russia and most of themarket players take part in its meetings. In 2012, the basic standards of operation of the RTB-ecosystem in Russia were put forward for discussion and approval and steps to develop themarket through joint efforts of players were outlined.The Russian RTB market in 2012, ©ADFOX, 2013 3
    • This review provides data, analysis of developments, forecasts, and conclusions. Unlessspecified otherwise, this information represents an expert opinion and assessment provided byADFOX experts.The Russian RTB market in 2012, ©ADFOX, 2013 4
    • RTB Development Prerequisites inRussian Online Advertising MarketThe RTB technology started its triumphal march around the world in USA, moving later toEurope and reaching Russia in early 2012.Among the main prerequisites for the technology to emerge were the following: o Development of behavioral targeting systems and Big Data application o Successful experience in the search advertising market where auction pricing is one of the most attractive features for an advertiser o Demand of Internet publishers for a tool to effectively manage monetization of the remnant traffic o Advertisers’ desire to get qualitative, highly-targeted audience and flexibly manage their own advertising campaigns o Advertisers’ intention to reach new markets and audiences while maintaining control over pricingA number of companies of all sizes announced their launch of RTB into commercial operationduring 2012. Western players (Google, Facebook, Crimtan, Criteo) are entering the Russianmarket , local market players (Yandex, ADFOX, AdRiver) develop their own products, newcompanies emerge their central technologies focusing on the RTB protocol (Between,DataMind). But 2013 will see the real kick-off for RTB in Russia, when market players will notonly test the new technology, but also involve the largest advertisers into its usage.The Russian RTB market in 2012, ©ADFOX, 2013 5
    • RTB principles of operationsRTB (Real Time Bidding) is a technology of auction-based sale and purchase of ad views.The RTB auction takes place in real time: while a user downloads a web page, the system isholding an ad view auction. An ad view request is sent to all bidders. In a split second DSP-systems should determine the value of such an ad view and place a bid. The auction winnergets the right to demonstrate his ad. The auction winner pays the second highest proposedprice.The "second price" auction is typical for auctions when participants do not know each othersbids. The idea behind such an auction is that participants do not need to be overly cautiouswhen placing their bids, and so they offer their real prices. Each participant knows that if hewins, he will definitely pay less than he offered. So he simply states the price which coincideswith his personal assessment of the lot.The RTB ecosystem functions according to the Open RTB protocol developed under theauspices of the Interactive Advertising Bureau (IAB), a public organization.The Russian RTB market in 2012, ©ADFOX, 2013 6
    • Source: OpenRTB API Specification Version 2.1RTB Market Players:DSP (Demand Side Platform) is a platform that allows agencies and advertisers to purchaseonline ads at different ad exchangesSSP (Sell Side Platform) or Exchange is a platform for website owners that allows automatingsales of traffic to make more money through those sales using the auction-based pricingmechanism.ATD (Agency Trading Desk) is a centralized platform for advertising purchase by variousadvertising models.DMP (Data Management Platform) - platforms to manage the data which allow you organizing,segmenting and analysing huge amounts of information used for targeting of advertisingmessages with the purpose of delivering of the most sought after and useful for each viewer adat the particular moment.Ad Networks - intermediaries between advertisers and publishers. They collect media sites intoa single pool and make it easy to advertise, while accumulating expertise and facilitate selectionof the best options to meet the demand.Data Brokers are organizations and services that collect and sell information about users’consumer interests to improve accuracy of targeting of advertising messages.Ad Verification & Brand Protection means ad post-verification and brand protection against ill-designed and posted advertisements.Ad Servers are technological companies that provide software, infrastructure and tools foradvertisers and publishers to manage and optimize placement of ads in interactive media.The Russian RTB market in 2012, ©ADFOX, 2013 7
    • Russian RTB marketRTB market playersProfile: SSP, AdServerADFOX has been operating in the online advertising market since 2005. In November 2012,ADFOX entered the RTB market and opened its own platform for commercial use to optimizeadvertising revenue from placement of advertisements at ADFOX SSP websites. Currently,ADFOX SSP completed technical integration with Begun, DataMind, Kavanga, Retargeter andSoloway systems. Ad networks and DSP are connected through the IAB Open RTB APISpecification V2.0 protocolProfile: DSPThe company was founded in 2006 in Germany. Currently it is one of the leading independentEuropean companies engaged in advertising based on consumer data. The company offers alarge assortment of products for websites, agencies and advertisers.The Russian RTB market in 2012, ©ADFOX, 2013 8
    • Profile: AdServer, Data SupplierOnline ad operating system AdRiver began its work in March 2001 and is presently one of theleaders in the Russian market of technological solutions relating to online advertising. AdRiverbelongs to the Internest Group of companies. Internest’s portfolio of brands also includes aselective advertising operator Soloway and a banner exchange network RLE.Profile: DSPBegun is the first Russian contextual advertising service with pay for performance and auctionpricing. The company has been operating in the market since 2002.Begun is an authorizedreseller of Google AdWords in Russia, Ukraine and Kazakhstan. The monthly audience of theBegun network is 27.7 million users. Begun is integrated with major SSPs represented in theRussian market.Profile: SSPBetween Digital is a young Russian profitability management system that allows websites toeffectively sell online advertising using the RTB technology. It announced its commercial launchin December 2012 and was operating in the test mode since May.Profile: DSPCrimtan is a Russian branch of the British Crimson Tangerine Company, a player in the mediaInternet advertising market. The high-tech network of behavioral advertising created on thebasis of its own platform. The company provides advertisers with Internet-marketingopportunities using profiling, Internet audience segmentation and targeting as well asoptimization.The Russian RTB market in 2012, ©ADFOX, 2013 9
    • Profile: DSPCriteo was founded in Paris in 2005, and currently positions itself as a personalized retargetingoperator. The company has more than 3 million customers, the core of which is made of majoronline retailers. Criteo operates in more than 30 countries around the world including Russia.Profile: DSPA project launched by Tinkoff Digital created by Oleg Tinkoff and Goldman Sachs in 2012 forInternet investing purposes. Commercial operations were announced in December. Yota.Playbecame one of the first customers of the platform.Profile: RetargetingeTargeting is a young technological company engaged in studying of the Internet audience andselling of targeting and retargeting solutions. The company employs dynamic, local targetingand a number of other instruments.Profile: RTB StackThe company was founded in 1998; it has been operating in Russia since 2005. Google is theleading web corporation in all major global markets. The company has been developing RTBsince 2009, and by now it has invested more than one billion dollars into development andpromotion of the technology. In Russia, Google has been offering RTB products since thebeginning of 2012.The Russian RTB market in 2012, ©ADFOX, 2013 10
    • Profile: DSPInvite Media was founded in 2007 in the USA. The company owns a universal platform to buybanner advertising. It was bought by Google, one of Internet majors.Profile: DSPA Russian technology to optimize advertising budgets. In addition to providing tools for buyingdirect advertising targeted by audience actions and behavior in real time, it provides tocustomers access to the Russian traffic exchange. Retargeter is the first independent servicewhose operations are based on the company’s technology.Profile: DSPKavanga is one of the largest Runet advertising networks operating on the basis of its owntechnological platform. The company was founded in 2008. Currently it integrates more than1,000 high-quality theme-based Websites within the single advertising space. The uniquemonthly coverage of the Russian audience amounts to 27 million people aged 12-54 years.Profile: RetargetingmyThings is a European supplier of personalized behavioral banner advertising. The CompanysMoscow branch was opened in 2011. In 2012, Yandex chose myThings as its first media buyingpartner to work with its own RTB platform.The Russian RTB market in 2012, ©ADFOX, 2013 11
    • Profile: DSP, RetargetingSoloway, a selective advertising operator has been operating in the market since 2004. Itbelongs to the Internest Group of companies and uses the most advanced online advertisingdevelopments. Advertisements are displayed within the extensive media space whichcomprises hundreds of theme-based websites. The monthly audience of Soloways media spaceencompasses 31 million users.Profile: ATDThe VivaKi Russia Group of communication agencies (until July, 2008 - Publicis Groupe MediaEurasia) was founded in late 2005. Agencies of the Group specialize in media planning, adplacement and advisory services. According to the Kommersant newspaper and the industryportal AdIndex, VivaKi is the largest media buying group in Russia.Profile: ATDXaxis is one of the worlds largest target audience buying companies which provides services tomore than 800 advertisers and launches annually more than 300 billion ad views in thenetwork. The Company’s patented DMP has the largest base of unique anonymous userprofiles. In October 2012, Xaxis opened its office in Moscow as part of GroupM Russia.The Russian RTB market in 2012, ©ADFOX, 2013 12
    • Profile: RTB StackYandex is the Russian largest Internet company, its core activity being development of a searchengine. The company owns the cognominal Web-search engine and the - yandex.ru. Internetportal. It was founded in 1997. According to Liveinternet data for October 2012, the Yandexsshare of the search market amounts to 60.7%. Yandex announced launch of its own RTB-platform in March, 2012. Presently several DSP-systems are already connected to Yandex RTB-system, including Yandex-owned Direct and media advertising system.The Russian RTB market in 2012, ©ADFOX, 2013 13
    • 2012 EventsIn January 2012, the Network and IAB Exchange Committee released OpenRTB API 2.0specification that contained detailed explanation of Real-Time Biding interface (RTB), necessaryinterface elements and recommendations for its development.Yandex has announced launch of its own RTB-platform in March 2012. Yandex.Direct, theCompanys media advertising placement system and myThings were connected as platformpartners. Such sites as travel.ru, forumhouse.ru, newsru.com and klerk.ru. were among itslaunch partners.The same month ADFOX started test operation of the SSP-platform based on the OpenRTBprotocol. One of the largest Russian Internet media holding companies, SUP Media whichcomprises LiveJournal, Gazeta.ru, Championat.com and other resources, was the launchpartner.In September 2012, the Facebook social network announced completion of tests of theFacebook Exchange (FBX) RTB system. The official launch took place in early December 2012.Sberbank, the largest Russian bank, became the first customer of the system.In September, VKontakte social network announced launching by the end of the year of its ownretargeting system. At the initial stage, it is planned to show the social networks advertisingblocks on other sites only for authorized VKontakte users.In late September 2012, ADFOX put the RTB-system into commercial operation for its largeclients. Today five DSP-platforms are connected to ADFOX SSP: Begun, DataMind, Kavanga,Retargeter and Soloway.In early November 2012, Mail.Ru started the remarketing function in its Target ad network toidentify users who have already visited the site and to show them personalized advertisements.At the same time Tinkoff Digital announced launch of its own DataMind RTB-platform. About $5 million is planned to be invested into the project. Yota.Play media service became the firstclient of the platform.In mid December, Between Digitals RTB-system was put into operation with open connectionfor publishers.The Russian RTB market in 2012, ©ADFOX, 2013 14
    • AdvertisersAccording to RealTime Trading report 2012q3 by Rubicon Project , the rating of global marketsegments engaged in RTB trading operations is headed by sellers of electronics and gadgets,financial services, travels and cars. The whole eCommerce segment is also at the top of therating.Advertising Category % Change Change1. Technology & Computing 2%2. Personal Finance 16%3. Travel 21%4. Shopping 32%5. Automobile 38%6. Business 27% +17. Arts & Entertainment 31% +18. Style & Fashion 10% -29. Home & Garden 21%10. Food & Drink 14% (с) RealTime Trading report 2012q3, Rubicon ProjectThis data is definitely valid for the United States, where RTB has been successfully operating forseveral years. In todays Russia, the main advertisers participating in auctions are the major e-commerce representatives. For instance, Yota.Play became one of the first customers of theplatform. The tool is tested by major banks, Sberbank becoming the first client of the FacebookExchange in Russia.It is no secret that DataMind created by Oleg Tinkoff, primarily if focused on promotion of theBank Tinkoff Credit Systems. There are other examples in the market of how forward-thinkingadvertisers do not wait for external proposals but develop and advance their RTB-products.Using corporate platforms to manage their advertising placements they create sources ofadditional revenue through attraction of third-party advertisers.The Russian RTB market in 2012, ©ADFOX, 2013 15
    • Forecasts and figuresIt’s premature to speak of specific metrics based on experimental data due to weak RTBmarket. However, market players and foreign agencies giver certain Russian RTB marketdevelopment forecasts.According to experts, referring to eMarketer, by 2015, the RTB market in Russia will reach $ 720million to make up 18% of the whole Russian Internet advertising market estimated at $ 4billion by analysts. This estimate of the RTB share raises doubts due to the fact that the RTBmarket in Russia will become financially established only in 2013, and based on assessments ofRussian Association for Electronic Communications (RAEC) and Higher School of Economics, theentire Internet advertising market in 2012 will amount to $ 1.8 billion, the RTB part of whichbeing negligible.iTech researchers make their forecast of the RTB-sales share of the display advertising marketin Russia in comparison with European countries: Source: iTech estimates, based on data by Econsultancy (2011), IDC (2011)According to forecasts of the majority of Russian experts, in 2013, RTB can occupy about 5% ofthe display advertising market. During discussions, $ 50 million are mentioned as a forecast for2013. According to market participants, major brands already apply to them while budgetingfor RTB.The main problem faced currently by RTB market players in Russia is the lack of data onconsumer interests of users, which restricts personal targeting. Unlike the USA, Russia has noThe Russian RTB market in 2012, ©ADFOX, 2013 16
    • third party data market. Therefore, each company collects its own data (first party data) anduses them to implement, for example, retargeting techniques.In this case, adequate amount of traffic put up for sale is also required given the targetingmultiple settings. Otherwise, buyers will simply not find users to meet all the parameters. Themore active the auction platforms will sell their traffic through RTB, the more likely theiraudience will be in demand, and advertisers will achieve the expected effect of the campaign.It is not surprising that it is major players representing RTB Stack, first of all, Google who canboast of the first successes in the RTB market. However, they have their own problems. First ofall, the internal auction is “overheated” due to the large number of customers and corporatepurchases through AdSense. That is why the market is interested in having no monopoly on RTBtechnologies and no large numbers of players participating in auctions.Better transparency of the advertising space purchase and sale mechanism, improvement oftools and, more importantly, growing popularity of technology due to its equitable revenueallocation between online platforms will be among the RTB market growth drivers in Russia.The main success factors of RTB-platforms will be the number of connected SSP and DSPpartners, pinpointed targeting by socio-demographic and cost-behavioral factors, systemtransparency and efficiency.The Russian RTB market in 2012, ©ADFOX, 2013 17
    • Conclusions and outlooksRTB has adopted the best search and contextual advertising features, such as auction pricingand personalized targeting. Auction pricing creates fair competitive environment, and targetingby search query or key words replaced the whole range of socio-behavioral techniques.Meanwhile the range of forms of impact on the audience expanded greatly. RTB technologydevelopment in Russia will have a positive impact on performance of all its members:advertisers, sites and technical agency companies.RTB for advertisers o Due to an RTB-auction advertisers are given the highly targeted audience that reliably corresponds to the specified parameters. Under the RTB scheme, one will not have to assume that appropriate users are more likely to see ad at the selected sites as the system will ensure the banner is demonstrated only to the target audience. o That leads quite logically to increase of conversion and effectiveness of advertising campaigns. Use of consumer data, retargeting and other technical capabilities leads to qualitative change in the audience reaction to advertisements. o An advertiser will be able to monitor the advertising campaign results and adjust its implementation process in real time. That ensures flexible approach to exercising of control over own ad views. o Small advertisers who never had an opportunity to advertise at popular Internet advertising platforms will get access to them. Platforms share their audiences with a large number of interested buyers due to channeling of remnant traffic sale through RTB-auction.RTB for Publishers o RTB will become a good addition to the basic direct advertising sale channel. Publishers can make more money by selling own remnant traffic concurrently with sale of package offers to major buyers. It is virtually impossible to effectively manage sales of remnant traffic without RTB technology. o Each ad view sold through an auction is sold not at a fixed price but at the highest offered price. RTB can considerably increase the value of the website audience. Currently not the platforms look for traffic buyers, but advertisers compete for the right to show their ads. The platform, in turn, establishes the minimum ad view price.The Russian RTB market in 2012, ©ADFOX, 2013 18
    • o In this case the risks are minimal - the SSP-platform interface assumes control over those who advertise at the platform and allows blocking unwanted categories of advertisers or specific traffic buyers. o The RTB technology avoids charging additional fees to resellers. o High-quality targeting technologies allow displaying advertisements only to the appropriate audience and thus increasing conversion, performance and growing interest of advertisers to the platform.RTB for Agencies: o Inclusion of RTB technology-based products into the own range of products allows advertisers to provide unique services related to specific scenarios, dynamic creativity, landing-page. Agencies become carriers of expertise and greatly expand their capabilities.RTB for Technological Companies o Emergence of the RTB market creates a new competitive environment for technological companies. Techniques to analyse user behavior algorithms are required for the RTB- ecosystem to function and develop. Companies that specialize on creating retargeting tools, behavioral funnels and related technologies will get the second wind. o A new civilized data trading market emerges. Any company including Internet sites and services can enter that market.If all RTB market participants in Russia are interested in that, we can watch its developmentrate comparable to the ones in Western countries.The Russian RTB market in 2012, ©ADFOX, 2013 19
    • AttachmentGlobal RTB Market and Major European and American MarketsReal-Time Bidding technology was set up in life due to support of the Google Company thatsince 2009, has invested more than one billion dollars into development and promotion of thetechnology. Four years ago RTB was definitely a new technology, and not many companiesbelieved in its prospects. The fact is that there were numerous examples in online advertisingwhen new, seemingly breakthrough technologies turned out to be just overblown informationbubbles. They received strong experts’ support but did not survive in the market largely due tothe fact that advertisers did not believe in them.Due to the Google’s confident involvement into the technology, major advertisers put theirtrust in the technology though not immediately. Developments of the Admeld Companyacquired by Google formed the basis of the technological innovation, and a year later morethan 78% of sites and 17% of Google partner network advertisers moved over to this model. Itis not surprising that this Internet giant currently occupies the largest share of the RTB market.RTB reached its zenith particularly in 2012. The market revenues increased from 0.99 to 1.9billion dollars, and the average CPM factor amounted to 3.17 dollars. According to IDC andeMarketer estimates, in 2012, the RTB share in the total Internet advertising market reached20%.The IDC research agency is the most optimistic in its estimates of the RTB market. According toit, the average annual growth rate of the RTB market will exceed 50%, and that allows it toforecast the market growth from $ 1.4 billion in 2011 to $ 13.9 billion in 2016. ForresterResearch makes similarly optimistic forecasts; according to them, the average cost perthousand views of advertising material in the RTB using networks will increase from $3.17 in2012 to $6.64 in 2017. According to Parks Associates analysts, the RTB share throughout theonline advertising market will reach 50% in the same year.Fast growth of RTB popularity on the US market of online advertising is explained not only byhigh development level of the market as such, but by certain features of the American law andunique attitude towards consumer data. It is no secret that the Google AdWords systemsucceeded in its time due to precise targeting, but targeting itself became possible only after aperiod of lengthy and thorough Google users data collection. There is much more room formaneuver and use of consumer data in the US legal environment than in Europe.The US leadership in the RTB-advertising market is also explained by the fact that large nationalcompanies became interested in the technology. According to Rubicon assessments, AT&T,The Russian RTB market in 2012, ©ADFOX, 2013 20
    • Sprint Nextel, Verizon operators, Toyota, Chrysler, Ford automobile manufacturingcorporations, Southwest Airlines, Airtram Airlines as well as the American Express bankingpayment system and the Unilever multinational corporation became major advertisers in theRTB market.The situation is different in Europe. For example, according to Rubicon data, in France amongthe RTB largest advertisers are Zalando, Price Minister, La Redoute, 3 Suisses Internet-shops,Orange, Bouyges Telecom, Vivendi operators, financial companies Buyster, Western Union aswell as the Gaz of France Company. In the UK, major advertisers are represented by thetelecommunication sector and car manufacturers.The largest growth of US advertisers’ spend is noted in the following categories: Cars, Work andCareer, Education, Public and Social Services. In Europe, by contrast, the fastest growingadvertising spend is linked to products and services relating to pets, health, real estate, religion,and food.According to many market representatives, 2012 became the most important landmark in RTBdevelopment. It was the year when RTB technology was adopted by major advertisersinterested in the international coverage of their audience, and prominent sites which becameconfident that it was RTB that made the most efficient use of their advertising capacities inInternet resources. That view is supported by eMarketer experts who note the consistent andstable growth of the RTB share in the total online advertising market; according to their data,the RTB share grew from 4% in 2010 to 8% in 2011 and 13% in 2012. Moreover, according totheir estimates, RTB will occupy 28% of the online advertising market by 2016.In the past year, the RTB technology was recognized in the North American and Europeanmarkets, in the next few years this technology can radically change the online advertisingmarket worldwide. The main areas for expansion are BRIC countries where the largest share ofthe worlds Internet users is concentrated, but the online advertising market there makes itsfirst steps. However, the market growth rates in BRIC countries allow expressing optimism inrelation to RTB prospects in these regions.The Russian RTB market in 2012, ©ADFOX, 2013 21
    • ReferencesOpenRTB API Specification Version 2.1, 2012, IABReal-Time Bidding in the United States and Western Europe, 2010–2015, 2012, IDCRubicon Project Marketplace Report – Q3 2012, 2012, Rubicon ProjectReal-Time Bidding Poised to Make Up Quarter of All Display Spending, 2012, eMarketer.comRTB Insight: Trading Desk — революция в управлении медийной рекламой, 2013, CossaGoogle Integrates Admeld Into DoubleClick AdX, Preps ‘Unified’ Publisher Solution, 2012,Adexchanger.comGlobal RTB Ad Impression Growth Continued to Slow in Q4, 2013, Marketingcharts.comЧто за революция грядет на рекламном рынке и что такое RTB, 2012, Firma.ruWhy RTB is a game-changer for digital ads, 2011, Marketingweek.co.ukRTB Hits The Mainstream, 2011, Forrester Research, Inc.The Russian RTB market in 2012, ©ADFOX, 2013 22
    • Russian RTB market in 2012 Office 508, 6 B Artioukhinoi Street, Moscow, Russia Tel +7 (495) 661 76 77 Email: info@adfox.ru www.adfox.ru All issues relating to the review, please address to Vera Khiteeva, vera@adfox.ruThe Russian RTB market in 2012, ©ADFOX, 2013 23