The document discusses factors contributing to challenges facing premium display advertising. It summarizes that: 1) Premium display advertising revenues for many publishers have declined significantly as budgets have remained flat and new categories have emerged slowly. 2) Non-premium advertising networks and Google's display business have grown substantially as ad tech allows more efficient aggregation of audiences at lower costs. 3) Changes in consumer behavior like limited additional shifts to online from traditional media have also constrained growth in premium display advertising.