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IAB Internet
Advertising
Revenue Report
An Industry Survey Conducted by PwC and Sponsored by
the Interactive Advertising Bureau (IAB)

2010 Full Year Results
April 2011
Table of Contents


Background                                    3

Executive summary                             4

Detailed findings                              5
• 2010 Fourth quarter and full year results
• Annual and quarterly trends
• Industry concentration
• Advertising formats
• Industry category spending
• Pricing models

Appendix                                      22
• Definitions
• Survey scope and methodology
• IAB board officers and directors
• Organization profiles




PwC                                            2
Background


About the IAB Internet Advertising Revenue Report
Conducted by PricewaterhouseCoopers LLP (“PwC”) on an ongoing basis, with results
released quarterly, the “IAB Internet Advertising Revenue Report” was initiated by the
Interactive Advertising Bureau (IAB) in 1996. This report utilizes data and information
reported directly to PwC, publicly available online corporate data and information
provided by online ad selling companies.

The results reported are considered the most accurate measurement of Internet/online
advertising revenues because the data is compiled directly from information supplied by
companies selling advertising online. All-inclusive, the report includes data reflecting
online advertising revenues from Web sites, commercial online services, ad networks and
e-mail providers, as well as other companies selling online advertising.

The report is conducted independently by PwC on behalf of the IAB. PwC does not audit
the information and provides no opinion or other form of assurance with respect to the
information. Only aggregate results are published and individual company information is
held in strict confidence with PwC. Further details regarding scope and methodology are
provided in the appendix to this report.




David Silverman
PwC




PwC                                                                                        3
Executive summary

IAB Internet Advertising Revenue Report
2010 Full Year Highlights

Internet advertising revenues (“revenues”) in the United States totaled $26.0
billion for the full year of 2010, with Q3 2010 accounting for approximately
$6.5 billion and Q4 2010 totaling approximately $7.5 billion. Internet
advertising revenues for the full year of 2010 increased 15 percent over 2009.

Key trends underlying 2010 results

Revenues Increased 15% in 2010 — Internet advertising revenues in the U.S. totaled
$7.45 billion in the fourth quarter of 2010, an increase of 15 percent from the 2010 third
quarter total of $6.46 billion, and an increase of 19 percent from the 2009 fourth
quarter total of $6.26 billion. 2010 full year Internet advertising revenues totaled $26.0
billion, up 15 percent from the $22.7 billion reported in 2009.

“With a strong rebound from 2009, the $26 billion spent on Internet advertising points
to a continued focus on digital media ad spend, with dollars catching up to the eyeballs.
More time spent online, especially with increases in digital video and social media, has
certainly helped to fuel the continued growth.”
                                                        —David Silverman, Partner, PwC
Search Continues to Lead, followed by Display Banners and Classifieds—
Search revenue accounted for 46 percent of 2010 revenues, down slightly from the 47
percent reported in 2009. Display advertising showed solid growth, accounting for 38
percent of 2010 revenue up from 35 percent in 2009. Digital video, which is a
component of display advertising, increased 40 percent from 2009 to 2010.

“As the latest IAB Internet Advertising Revenue Report concludes, online advertising is
growing. These results show that many advertisers and marketers take digital media
into consideration and more are using online advertising as part of their campaigns.
Consumers are shifting more of their time to digital media, watching television shows
and movies online, and advertisers recognize the opportunities to reach their targets
through this medium.”
                                          —Randall Rothenberg, President and CEO, IAB
PwC                                                                                       4
Detailed findings


Revenues totaled a record $7.45 billion in the Q410
Total 2010 fourth quarter revenues were $1.2 billion (19.0%) higher than the fourth
quarter of 2009, and $984 million (15.2 %) higher than the third quarter of 2010.




Q409 vs. Q410, In billions                     Q310 vs. Q410, In billions



             19.0%          $7.45                           15.2%          $7.45

       $6.26                                         $6.46




       4Q09                  4Q10                     3Q10                 4Q10

PwC                                                                                   5
Annual revenues show strong growth


Annual revenues       2009 vs. 2010, In billions
for 2010 totaled
$26.0 billion, $3.4
billion or 14.9%
higher than 2009.
                                     14.9%         $26.04

                            $22.66




                             2009                  2010


PwC                                                         6
Historical annual revenue trends


Revenue growth recovers in 2010
2010 annual revenues increased on a year-over-year percentage and dollar basis, after
revenues dropped in 2009, impacted primarily by the economic recession.




Annual Revenue, In billions



                                                                                    $26.04
                                                                    $23.45 $22.66
                                                           $21.21


                                                  $16.88


                                         $12.54

                                 $9.63
 $8.09
         $7.13           $7.27
                 $6.01




 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




PwC                                                                                      7
Historical quarterly revenue trends


Quarterly growth recovers, continuing upward trend
After a decline and temporary plateau in 2009, quarterly revenues began to rebound in Q4
2009. 2010 started with a slight seasonal dip in Q1, however quarterly revenues
continued to increase through 2010, with a seasonal-aided burst of revenue in Q4. Over
the last 20 quarters, 15 quarters have seen positive growth in internet advertising.




Quarterly Revenue Growth Trends, In billions — 1999-2010
              $8

              $7

              $6

              $5
In billions




              $4

              $3

              $2

              $1

              $0
                   1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




PwC                                                                                    8
Historical revenue mix – First half vs.
Second half

Second half revenues reach $13.9 billion
The second half of the year is seeing an increasingly larger part of the revenue, as 53% of
revenue in 2010 was spent in the second half, compared to 52% in 2009, continuing the
trend of greater revenue later in the year.




Historical revenue mix, First half vs. Second half
              $30
                            Last 6 months
                            First 6 months
              $25


              $20
In billions




                                                                                                        $13.91
                                                                                      $11.94
                                                                                               $11.76
                                                                             $11.21
              $15
                                                                     $8.97

              $10
                                                             $6.76
                                                     $5.03
                    $4.07
                             $3.41           $3.98                                    $11.51 $10.90 $12.13
               $5                    $3.03                                   $9.99
                                                                     $7.91
                                                             $5.79
                    $4.01    $3.72                   $4.60
                                     $2.98   $3.29
               $0
                    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




PwC                                                                                                              9
Historical data findings


Annual and quarterly revenue growth
             Revenue    Q/Q      Y/Y                   Revenue    Q/Q      Y/Y
             (in mil)   Growth   Growth                (in mil)   Growth   Growth
Q1 1999        $693       6%       97%    Q1 2005       $2,802      4%       25%
Q2 1999        $934       35%     121%    Q2 2005       $2,985      7%       26%
Q3 1999       $1,217      30%     148%    Q3 2005       $3,147      5%       35%
Q4 1999       $1,777      46%     171%    Q4 2005       $3,608      15%      34%
Total 1999    $4,621              141%    Total 2005    $12,542              30%
Q1 2000       $1,922      8%      177%    Q1 2006       $3,848      7%       37%
Q2 2000       $2,091      9%      123%    Q2 2006       $4,061      6%       36%
Q3 2000       $1,951      -7%      60%    Q3 2006       $4,186      3%       33%
Q4 2000       $2,123      9%       19%    Q4 2006       $4,784      14%      33%
Total 2000    $8,087               75%    Total 2006    $16,879              35%
Q1 2001       $1,872      -12%     -3%    Q1 2007       $4,899      2%       27%
Q2 2001       $1,848      -1%      -12%   Q2 2007       $5,094      4%       25%
Q3 2001       $1,773      -4%      -10%   Q3 2007       $5,267      3%       26%
Q4 2001       $1,641      -7%      -23%   Q4 2007       $5,946      13%      24%
Total 2001    $7,134               -12%   Total 2007    $21,206              26%
Q1 2002       $1,520      -7%      -19%   Q1 2008       $5,765      -3%      18%
Q2 2002       $1,458      -4%      -21%   Q2 2008       $5,745      0%       13%
Q3 2002       $1,452      -1%      -18%   Q3 2008       $5,838      2%       11%
Q4 2002       $1,580      9%       -4%    Q4 2008       $6,100      4%       2%
Total 2002    $6,010               -16%   Total 2008    $23,448              11%
Q1 2003       $1,632      3%       7%     Q1 2009       $5,468      -10%     -5%
Q2 2003       $1,660      2%       14%    Q2 2009       $5,432      -1%      -5%
Q3 2003       $1,793      8%       24%    Q3 2009       $5,500      1%       -6%
Q4 2003       $2,182      22%      38%    Q4 2009       $6,261      14%      3%
Total 2003    $7,267               21%    Total 2009    $22,661              -3%
Q1 2004       $2,230      2%       37%    Q1 2010       $5,942      -5%      9%
Q2 2004       $2,369       6%      43%    Q2 2010       $6,185      4%       14%
Q3 2004       $2,333      -2%      30%    Q3 2010       $6,465      5%       18%
Q4 2004       $2,694      15%      24%    Q4 2010       $7,449      15%      19%
Total 2004    $9,626               33%    Total 2010    $26,041              15%




PwC                                                                                 10
Industry revenue concentration


Top 50 companies command 91% of revenues in Q4 2010
•    Online advertising continues to remain concentrated with the ten leading ad-selling
     companies, which accounted for 72% of total revenues in the Q4 2010, up slightly from
     the 71% reported in Q4 2009.
•    Companies ranked 11th to 25th accounted for 11% of revenues in Q4 2010, consistent
     with the 11% reported in Q4 2009. Companies ranked 26th to 50th accounted for 8%
     in Q4 2010, also consistent with the 8% in Q4 2009.




% Share of total revenues
    100                                                                            Q4 2010
                                       TOP 50                                           91%
     80
                                       TOP 25                                           83%


     60                                TOP 10


                                                                                        72%
     40



     20



      0 2001 2002      2003    2004    2005     2006   2007    2008    2009    2010
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4
          Q1
          Q2
          Q3
          Q4




PwC                                                                                       11
Fourth quarter 2010 results


Search and Display continue to lead ad formats
•   Search revenues accounted for 45% of Q4 2010 revenues, down from 47% in Q4 2009.
    Search revenues totaled $3.3 billion in Q4 2010, up 14% from Q4 2009, when Search
    revenues were $2.9 billion.
•   Display-related advertising accounted for $3.0 billion or 40% of total revenues during
    Q4 2010, up 31% from the $2.3 billion reported in Q4 2009. Display-related
    advertising includes Display Banner Ads (26% of Q4 2010 revenues, or $1.9 billion),
    Rich Media (5% or $416 million), Digital Video (5% or $411 million), and Sponsorship
    (4% or $266 million).
•   Classifieds revenues totaled $697 million or 9% of Q4 2010 revenues, up 17% from the
    $594 million (also 9%of total) reported in Q4 2009.
•   Lead Generation revenues accounted for 5% of Q4 2010 revenues, or $375 million,
    consistent with the $374 million (6% of total) reported in Q4 2009.
•   Email revenues accounted for 1% of Q4 2010 revenues or $40 million, down over 48%
    from the $77 million (1% of total) reported for Q4 2009.




Ad Formats – Q4 2009                            Ad Formats – Q4 2010
Total – $6.3 Billion                            Total – $7.5 Billion
                   2% 1%                                                 4% 1%
              7%                                                    5%
                                       Search
         5%                                                    5%
                                       Display / Banner
      6%                                                   5%
                                       Classifieds
                                                                                 45%
                             47%       Lead Generation    9%
    9%
                                       Digital Video
                                       Rich Media
                                       Sponsorship
           23%                         Email                    26%



PwC                                                                                      12
Full year 2010 results


Display advertising gains ground in format share
•   Search remains the largest online advertising revenue format, accounting for 46% of
    2010 revenues, down from 47% in 2009. In 2010, Search revenues totaled $12.0
    billion, up over 12% from $10.7 billion in 2009.
•   Display-related advertising revenues totaled $9.9 billion or 38% percent of 2010
    revenues, up 24% from the $8.0 billion reported in 2009. Display-related advertising
    includes Display Banner Ad (24% of 2010 revenues, or $6.2 billion), Rich Media (6%,
    or $1.5 billion), Digital Video (5%, or $1.4 billion), and Sponsorship (3%, or $718
    million).
•   Classifieds revenues accounted for 10% of 2010 revenues or $2.6 billion, up 15% from
    the $2.3 billion (10% of total) reported in 2009.
•   Lead Generation revenues accounted for 5% of 2010 revenues or $1.3 billion, down
    almost 8% from the $1.5 billion (6%) reported in 2009.
•   Email revenues accounted for 1% of 2010 revenues or $195 million, down 33% from
    the $292 million (1% of total) reported in 2009.




Ad Formats – 2009                               Ad Formats – 2010
Total – $22.7 Billion                           Total – $26.0 Billion
                    2% 1%                                                 3%1%
               7%                                                    6%
                                       Search
          4%                                                    5%
                                       Display / Banner
      6%                                                   5%
                                       Classifieds
                            47%        Lead Generation                           46%
    10%                                                   10%
                                       Digital Video
                                       Rich Media
                                       Sponsorship
           22%                         Email                     24%



PwC                                                                                        13
Mobile advertising estimates


Mobile advertising estimated between $550-$650 million
in 2010
•   Mobile advertising for 2010 is estimated to be between $550–$650 million. This year
    marks the initial estimate for mobile advertising revenue in this report.
•   Currently, mobile advertising is reported within pre-existing Internet ad format
    revenues.
•   PwC estimated this value based upon a separate methodology from the results of the
    rest of this report. Mobile advertising information is gathered from publicly available
    information, industry research, and a small percentage of direct submissions within
    the full-year 2010 reporting cycle.




PwC                                                                                       14
Historical format trends


Search retains largest share of revenue, but display
makes strong gains
•    Search has remained the leading format since 2006, having strong sequential growth
     through this period. In 2010, Search lost some of its overall share to Display Banners,
     which now account for 24% of internet advertising revenues.
•    Having seen sharp declines over the past five years, Classified revenues stabilized in
     2010, maintaining its 10% of market share, down from the 18% of advertising revenues
     it commanded in 2006.




Advertising Format Share (% of Total Revenue)
    50%


    40%
                                                          2006       2007        2008      2009          2010
    30%


    20%


    10%


    0%
              Search            Display         Classifieds      Rich Media &         Lead          Sponsorships
                                Banners                          Digital Video      Generation
*Format definitions may have changed over the time period depicted, both within the survey process and
definitionally by survey respondents.
PwC                                                                                                             15
Ad revenues by industry category


Retail drives advertising, as dollars shift to digital
•   Retail advertisers continue to represent the largest category of Internet ad spending,
    accounting for 21% of 2010, or $5.5 billion, up from 20% ($4.5 billion) reported in
    2009.
•   Telecom companies accounted for 13% of 2010 revenues or $3.5 billion, down from the
    16% ($3.6 billion) reported in 2009.
•   Leisure Travel (airfare, hotels & resorts) accounted for 7% of 2010 revenues ($1.8
    billion) compared to the 6% ($1.5 billion) reported in 2009.
•   Financial Services advertisers accounted for 12% of 2010 revenues ($3.2 billion), even
    with the 12% ($2.8 billion) reported in 2009.
•   Automotive advertisers accounted for 11% of 2010 revenues or $2.9 billion, in line with
    11% ($2.5 billion) reported in 2009.
•   Computing advertisers represented 8% of 2010 revenue, or $2.2 billion, down from
    10% ($2.3 billion) it reported in 2009.
•   Consumer Packaged Goods represented 7% in 2010, or $2.0 billion, up from $1.4
    billion (6%) reported in 2009.
•   Entertainment accounted for 4% of 2010 revenues ($1.1 billion), up slightly from the
    4% ($1.0 billion) reported in 2009.
•   Media accounted for 4% of 2010, or $1.1 billion, up slightly from the 4% ($881 million)
    it reported in 2009.




PwC                                                                                      16
Industry advertising – year-over-year
comparatives


 Internet Ad revenues by major industry category, 2009 vs. 2010

                                                                                                20%
                           Retail
                                                                                                  21%

                                                                                  16%
                        Telecom
                                                                          13%

                                                                       12%
             Financial Services
                                                                      12%               2009
                                                                  11%                   2010
                            Auto
                                                                  11%

                                                                10%
          Computing Products
                                                           8%

                                                    6%
 Consumer Packaged Goods
                                                         7%

                                                    6%
                 Leisure Travel
                                                     7%

                                             4%
         Pharma & Healthcare
                                               5%

                                            4%
                           Media
                                             4%

                                              4%
                  Entertainment
                                             4%




*Industry definitions may have changed over the time period depicted, both within the survey process and
definitionally by survey respondents. Amounts do not total to 100% as minor categories are not displayed.
PwC                                                                                                         17
Revenues by pricing model


 Performance-based pricing gains interest
 •     Approximately 63% of Q4 2010 revenues were priced on a performance basis, up from
       the 60% reported in Q4 2009.
 •     Approximately 32% of Q4 2010 revenues were priced on a CPM or impression basis,
       down from 37% in Q4 2009.
 •     Approximately 5% of Q4 2010 revenues were priced on a hybrid basis, up from the 3%
       reported in Q4 2009.




  Pricing Models – Q4 2009                      Pricing Models – Q4 2010
  Total – $6.3 Billion                          Total – $7.5 Billion
                             Hybrid                                        Hybrid
                              3%                                            5%


                                                                                    CPM
     Performance                      CPM                                           32%
         60%                          37%           Performance
                                                        63%




  Pricing Models – FY 2009                      Pricing Models – FY 2010
  Total – $22.7 Billion                         Total – $26.0 Billion     Hybrid
                          Hybrid
                           4%                                              5%


                                                                                    CPM
Performance                        CPM                                              33%
    59%                            37%             Performance
                                                       62%



 PwC                                                                                      18
Historical pricing model trends


Performance-based pricing remains the preferred model
•             Performance based pricing, the most prevalent pricing model since 2006, has
              maintained a strong sequential growth rate, reaching 62% in 2010. It is followed by
              CPM/Impression based pricing which has declined as a percentage of revenue over the
              past several years. Hybrid pricing has seen the greatest loss in percentage revenue
              over the period, to a sharp dip from 17% in 2004 to 4% in 2009, but is back up to 5%
              in 2010.




Internet Ad Revenues by Pricing Model*
                          70%
                                                                                                    Performance
                          60%
                                                                                                             62%
                                                                                57%            59%

                          50%                    48%              51%
                                         46%
    % of Total Revenues




                                42%                47%            45%
                          40%   41%       41%
                                                                               39%             37%
                                                                                                             33%
                          30%                                                                               CPM

                          20%    17%
                                         13%
                          10%                                                                          Hybrid
                                                      5%         4%          4%
                                                                                               4%            5%
                          0%
                                2004   2005     2006          2007          2008          2009          2010

                                                CPM          Performance             Hybrid




*Pricing model definitions may have changed over time period depicted, both within the survey process and
definitionally by survey respondents.
PwC                                                                                                                19
Cross-media advertising market share


Internet advertising surpasses newspapers in ad revenue
•    The Internet has continued to grow in significance when compared to other ad-
     supported media. In 2010, Internet Advertising surpassed advertising revenues in
     Newspapers.




 US Advertising Market by Media Revenue – 2010 (In billions)

                 TV Distribution                                                                       $28.6
                            Internet                                                                $26.0
                     Newspapers                                                                $22.8
        TV : Cable Networks                                                                    $22.5
    TV : Broadcast Networks                                                         $17.6
                               Radio                                          $15.3
                       Directories                                    $11.5
       Consumer Magazines                                          $10.2
              Trade Magazines                                $7.4
                    Out of Home                           $6.1




*The total U.S. advertising market includes other segments not charted here.
*“TV Distribution” includes national and local TV station ads as well as multichannel system ads.
Sources: IAB Internet Advertising Revenue Report; PwC


PwC                                                                                                            20
Initial year growth comparisons –
internet vs. broadcast and cable TV

Internet advertising revenue out paces other media
outlets during initial growth
•     The first 16 years of Internet Advertising (1995-2010) were charted against broadcast
      television (1949-1964) and cable television (1980-1995), presented in current
      inflation-adjusted dollars.
•     Internet Advertising revenues continue to far outpace the growth of Cable Television
      and Broadcast Television during their first 16 years.


Annual Advertising Revenue —First 16 Years (In billions)
                                                                                                       Internet
    $30
                                                                                                        $26.0
    $25

    $20                                                                                               Broadcast
                       Broadcast               Cable                Internet                            $16.1
    $15
                                                                                                          Cable
    $10                                                                                                    $7.3
     $5

     $0
            1      2      3      4      5      6      7      8      9     10   11   12     13   14   15    16
                                                   Years Since Launch


                           Year 5                   Year 10                Year 15              Year 16
    Internet               $4.62 billion            $9.62 billion          $22.66 billion       $26.04 billion
    Broadcast TV           $3.77 billion            $9.03 billion          $14.09 billion       $16.10 billion
    Cable TV               $1.17 billion            $3.18 billion          $6.15 billion        $7.31 billion

Sources: IAB Internet Advertising Revenue Report; PwC, Universal McCann
PwC                                                                                                              21
Appendix


Definitions of leading industry categories
The industry categories used in the IAB Internet Advertising Revenue Report were
sourced from the North American Standard Industrial Classification (SIC) Manual.†



 Retail                    Includes mail order/catalog, apparel, restaurants/fast food, home
                           furnishings/textiles, toys, pet food/supplies, appliances, jewelry, drug stores, retail
                           stores and cosmetics stores.
 Automotive                Includes all automotive-related categories including sale/purchase of vehicles and
                           parts and maintenance.
 Entertainment             Includes film, music, TV, box office, video games and amusement & recreation.
 Consumer                  Includes packaged goods, food products, household products and tobacco.
 packaged goods
 Leisure travel            Includes travel, hotel, airlines and resorts.
 Computing                 Includes hardware (computers, computer storage devices, and computer peripheral
 products                  equipment), consumer electronics, prepackaged software (operating, utility and
                           applications programs), local area network systems and network systems integration,
                           computer processing and data preparation and data processing services.
 Financial                 Includes commercial banks, credit agencies, personal credit institutions, consumer
 Services                  finance companies, loan companies, business credit institutions and credit card
                           agencies. Also includes companies engaged in the underwriting, purchase, sale or
                           brokerage of securities and other financial contracts.
 Telecommun-               Includes point-to-point communications services, including telephone voice and data
 ications                  communications, two-way mobile/cellular communications services and other non-
                           vocal message communications services (e.g., cablegram, electronic mail and
                           facsimile). Includes multi-channel video providers on a subscription fee basis (e.g.,
                           cable television, wireless cable television and direct broadcast satellite services).
 Pharma &                  Includes pharmaceutical products, facilities, services, researches and biological
 Healthcare                products. Also comprises establishments providing health care and social assistance
                           for individuals as well as personal care, toiletries, and cosmetic products.
 Media                     Includes establishments primarily engaged in radio and television broadcasting
                           (network and station) including commercial, religious, educational and other radio
                           or television stations. Also includes establishments primarily engaged in publishing
                           newspapers, periodicals and books.

†Survey participants reported results based on the 20 industry categories listed on page 25, which were used specifically for the IAB
Internet Advertising Revenue Report. This is consistent with other relevant industry categorization sources that measure advertising
spending by industry. For purposes of this report, PwC classified a number of individual categories under “Retail.”

PwC                                                                                                                                     22
Appendix
Definitions of advertising formats
Display         Advertiser pays an Internet company for space to display a static or hyper-linked banner or logo on one or more of
Advertising     the Internet company’s pages.
Sponsorship     Represents custom content and/or experiences created for an advertiser which may or may not include ad
                elements such as display advertising, brand logos, advertorial or pre-roll video. Sponsorships fall into several
                categories:
                • Spotlights are custom built pages incorporating an advertiser’s brand and housing a collection of content usually
                   around a theme;
                • Advergaming can range from an advertiser buying all the ad units around a game or a “sponsored by” link to
                   creating a custom branded game experience;
                • Content & Section Sponsorship is when an advertiser exclusively sponsors a particular section of the site or
                   email (usually existing content) re-skinned with the advertiser’s branding;
                • Sweepstakes & Contests can range from branded sweepstakes on the site to a full-fledge branded contest with
                   submissions and judging
Email           Banner ads, links or advertiser sponsorships that appear in email newsletters, email marketing campaigns and
                other commercial email communications. Includes all types of electronic mail (e.g., basic text or HTML-enabled).
Search          Fees advertisers pay Internet companies to list and/or link their company site domain name to a specific search
                word or phrase (includes paid search revenues). Search categories include:
                • Paid listings—text links appear at the top or side of search results for specific keywords. The more a marketer
                  pays, the higher the position it gets. Marketers only pay when a user clicks on the text link.
                • Contextual search—text links appear in an article based on the context of the content, instead of a user-
                  submitted keyword. Payment only occurs when the link is clicked.
                • Paid inclusion—guarantees that a marketer’s URL is indexed by a search engine. The listing is determined by
                  the engine's search algorithms.
                • Site optimization—modifies a site to make it easier for search engines to automatically index the site and
                  hopefully result in better placement in results.
Lead            Fees advertisers pay to Internet advertising companies that refer qualified purchase inquiries (e.g., auto dealers
generation      which pay a fee in exchange for receiving a qualified purchase inquiry online) or provide consumer information
                (demographic, contact, behavioral) where the consumer opts into being contacted by a marketer (email, postal,
                telephone, fax). These processes are priced on a performance basis (e.g., cost-per-action, -lead or -inquiry), and
                can include user applications (e.g., for a credit card), surveys, contests (e.g., sweepstakes) or registrations.
Classifieds     Fees advertisers pay Internet companies to list specific products or services (e.g., online job boards and
and auctions    employment listings, real estate listings, automotive listings, auction-based listings, yellow pages).
Rich media      Advertisements that incorporate animation, sound, and/or interactivity in any format. It can be used either
                singularly or in combination with the following technologies: sound, Flash, and with programming languages such
                as Java, JavaScript, and DHTML. It is deployed via standard Web and wireless applications including e-mail, static
                (e.g. .html) and dynamic (e.g. .asp) Web pages, and may appear in ad formats such as banners, buttons and
                interstitials. Interstitials are included in the rich media category and represent full- or partial-page text and image
                server-push advertisements which appear in the transition between two pages of content. Forms of interstitials can
                include splash screens, page takeovers and pop-up windows.
Digital Video   TV-like advertisements that may appear as in-page video commercials or before, during, and/or after a variety of
Commercials     content in a player environment including but not limited to, streaming video, animation, gaming, and music video
                content. This definition includes digital video commercials that appear in live, archived and downloadable
                streaming content.
Mobile          Advertising tailored to and delivered through wireless mobile devices such as smartphones (e.g. Blackberry,
Advertising     iPhone, Android), feature phones (e.g. lower-end mobile phones capable of accessing mobile content), and media
                tablets (e.g. iPad, Samsung Galaxy Tab). Typically taking the form of static or rich media display ads, text
                messaging ads, search ads, or audio/video spots, such advertising generally appears within mobile websites (e.g.
                websites optimized for viewing on mobile devices), mobile applications (e.g. applications for smartphones running
                iOS, Android, or other operating systems, or Java or BREW applications), text messaging services (i.e. SMS, MMS)
                or within mobile search results (i.e., 411 listings, directories, mobile-optimized search engines). Mobile
                advertising revenues are currently reported within the above pre-existing advertising formats, but have been
                estimated and identified individually within this report.

PwC                                                                                                                                   23
Appendix


Survey scope
The Interactive Advertising Bureau (IAB) retained PwC to establish a comprehensive
standard for measuring the growth of Internet/online advertising revenues.
• The IAB Internet Advertising Revenue Report is part of an ongoing IAB mission to
   provide an accurate barometer of Internet advertising growth.
• To achieve differentiation from existing estimates and accomplish industry-wide
   acceptance, key aspects of the survey include:
   - Obtaining historical data directly from companies generating Internet/online
      advertising revenues;
   - Making the survey as inclusive as possible, encompassing all forms of
      Internet/online advertising, including Web sites, consumer online services, ad
      networks and e-mail providers; and
   - Ensuring and maintaining a confidential process, only releasing aggregate data.

Methodology
•     PwC:
      - Compiles a database of industry participants selling Internet/online advertising
        revenues.
      - Conducts a quantitative mailing survey with leading industry players, including
        Web publishers, ad networks, commercial online service providers, e-mail
        providers and other online media companies.
      - Supplemental Data is acquired through the use of publicly disclosed information
      - Requests and compiles several specific data items, including monthly gross
        commissionable advertising revenue by industry category and transaction.
      - Identifies non-participating companies and applies a conservative revenue
        estimate based on available public sources.
      - Analyzes the findings, identifies and reports key trends.




PwC                                                                                        24
Survey Industry Categories
Automotive                        Financial Services (Banks,        Restaurants/ Fast food
                                  Insurance, Securities,
Beer/Wine/Liquor                  Mortgages)                        Retail, Mail Order, Catalogs and
                                                                    Apparel
Business Products/Services        Personal Care, Toiletries and
                                  Cosmetics                         Telecommunications:
Computers (Hardware/Software)                                       Telephony, Cable/Satellite TV
and Consumer Electronics      Drugs and Remedies                    Services, ISPs
Consumer Packaged Goods,          Manufacturing                     Toys/Games
Food, Non-Alcoholic Beverages
and Candy                         Media                             Leisure Travel (Airfare, Hotels,
                                                                    Resorts)
Educational Services            Professional Sports and Sporting
                                & Athletic Goods                 Business Travel (Airfare, Hotels,
Entertainment (Film, Music, TV,                                  Resorts)
Box Office, Video Games,        Real Estate
Amusement/Recreational)




About the Interactive Advertising Bureau

The Interactive Advertising Bureau (IAB) is comprised of more than 500 leading media and technology
companies who are responsible for selling 86% of online advertising in the United States. On behalf of
its members, the IAB is dedicated to the growth of the interactive advertising marketplace, of
interactive’s share of total marketing spend, and of its members’ share of total marketing spend. The
IAB educates marketers, agencies, media companies and the wider business community about the
value of interactive advertising. Working with its member companies, the IAB evaluates and
recommends standards and practices and fields critical research on interactive advertising. Founded in
1996, the IAB is headquartered in New York City with a Public Policy office in Washington, D.C. For
more information, please visit www.iab.net.




PwC                                                                                                    25
Overall Report Guidance Provided by IAB Leadership

Executive Committee
President                         Chairman                         Vice Chair
Randall Rothenberg                Bob Carrigan                     Peter Naylor
IAB                               IDG Communications, Inc.         NBC Universal
Randy Kilgore                     David Moore                      Rik van der Kooi
Tremor Media                      24/7 Real Media, Inc.            Microsoft
Dennis Woodside
Google



Board of Directors
Kevin Arrix                       Elizabeth Harz                   Randall Rothenberg
MTV Networks                      Electronic Arts                  IAB
Tom Arrix                         Jeff Hirsch                      Scott Schiller
Facebook                          AudienceScience                  Comcast Interactive Media
John Battelle                     Kathy Kayse                      Vivek Shah
Federated Media                   The Oprah Winfrey Network        Ziff Davis LLC
                                  (Discovery Networks)
Alisa Bowen                                                        Tina Sharkey
The Wall Street Journal Digital   Jeff Levick                      BabyCenter
Network                           AOL
                                                                   Elisa Steele
David Carey                       Leon Levitt                      Yahoo!
Hearst Magazines                  Cox Newspapers
                                                                   Nada Stirratt
Jarvis Coffin                     Chris Ma                         MySpace
Burst Media                       The Washington Post Company
                                                                   Bill Todd
Louis Cona                        Greg McCastle                    ValueClick
Condé Nast Media Group            AT&T Advanced Ad Solutions
                                                                   Lisa Utzschneider
Kevin Conroy                      David Morris                     Amazon.com
Univision Interactive Media       CBS Interactive
                                                                   Lauren Wiener
Greg D’Alba                       Martin Nisenholtz                Meredith
CNN                               The New York Times Company
                                                                   Jeff Wilks
Jory Des Jardins                  Mike Perlis                      USATODAY.com
BlogHer                           Forbes Media
Mitch Golub                       James Pitaro
cars.com                          Disney Interactive Media Group




Ex-Officio
Treasurer                         Secretary                        Founding Chairman
Bruce Gordon                      Joseph Rosenbaum                 Rich LeFurgy
Disney Interactive Media Group    Reed Smith LLP                   Archer Advisors




PwC                                                                                            26
PwC New Media Group

PwC (www.pwc.com) provides industry-focused assurance, tax and advisory services for public and
private clients. More than 146,000 people in 150 countries connect their thinking, experience and
solutions to build public trust and enhance value for clients and their stakeholders.

PwC’s New Media Group was the first practice of its kind at a Big Four firm. Currently located in New
York, Los Angeles, Boston, Seattle and the Bay Area, our New Media Group includes accounting, tax
and consulting professionals who have broad and deep experience in the three areas that converge to
form new media: advanced telecommunications, enabling software and content
development/distribution.


Our services include:
•   Business assurance services

•   Web audience measurement and advertising delivery auditing and advisory

•   IAB Measurement Certification Compliance auditing

•   Privacy policy structuring, attestation and compliance advisory

•   Mergers & Acquisition assistance

•   Tax planning and compliance

•   Capital sourcing and IPO assistance


For more information about our New Media Group, contact one of the following PwC professionals:

             New York                                  New York
             David Silverman                           Russ Sapienza
             Partner, Assurance Services               Partner, Advisory Services
             646.471.5421                              646.471.1517
             david.silverman@us.pwc.com                russell.j.sapienza@us.pwc.com

Boston                              San Jose                            Seattle
Vic Petri                           Mike Pearl                          Suzanne Faulkner
Partner, Assurance Services         Partner, Assurance Services         Partner, Assurance Services
617.478.1698                        408.817.3801                        206.398.3550
victor.petri@us.pwc.com             michael.pearl@us.pwc.com            suzanne.faulkner@us.pwc.com




PwC                                                                                                     27
www.pwc.com/e&m




This publication has been prepared for general guidance on matters of interest only, and does not constitute
professional advice. You should not act upon the information contained in this publication without obtaining specific
professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of
the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its
members, employees and agents do not accept or assume any liability, responsibility or duty of care for any
consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this
publication or for any decision based on it.

© 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers
LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a
separate legal entity.

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[Report];[Iab report full year 2010]

  • 1. www.pwc.com www.iab.net IAB Internet Advertising Revenue Report An Industry Survey Conducted by PwC and Sponsored by the Interactive Advertising Bureau (IAB) 2010 Full Year Results April 2011
  • 2. Table of Contents Background 3 Executive summary 4 Detailed findings 5 • 2010 Fourth quarter and full year results • Annual and quarterly trends • Industry concentration • Advertising formats • Industry category spending • Pricing models Appendix 22 • Definitions • Survey scope and methodology • IAB board officers and directors • Organization profiles PwC 2
  • 3. Background About the IAB Internet Advertising Revenue Report Conducted by PricewaterhouseCoopers LLP (“PwC”) on an ongoing basis, with results released quarterly, the “IAB Internet Advertising Revenue Report” was initiated by the Interactive Advertising Bureau (IAB) in 1996. This report utilizes data and information reported directly to PwC, publicly available online corporate data and information provided by online ad selling companies. The results reported are considered the most accurate measurement of Internet/online advertising revenues because the data is compiled directly from information supplied by companies selling advertising online. All-inclusive, the report includes data reflecting online advertising revenues from Web sites, commercial online services, ad networks and e-mail providers, as well as other companies selling online advertising. The report is conducted independently by PwC on behalf of the IAB. PwC does not audit the information and provides no opinion or other form of assurance with respect to the information. Only aggregate results are published and individual company information is held in strict confidence with PwC. Further details regarding scope and methodology are provided in the appendix to this report. David Silverman PwC PwC 3
  • 4. Executive summary IAB Internet Advertising Revenue Report 2010 Full Year Highlights Internet advertising revenues (“revenues”) in the United States totaled $26.0 billion for the full year of 2010, with Q3 2010 accounting for approximately $6.5 billion and Q4 2010 totaling approximately $7.5 billion. Internet advertising revenues for the full year of 2010 increased 15 percent over 2009. Key trends underlying 2010 results Revenues Increased 15% in 2010 — Internet advertising revenues in the U.S. totaled $7.45 billion in the fourth quarter of 2010, an increase of 15 percent from the 2010 third quarter total of $6.46 billion, and an increase of 19 percent from the 2009 fourth quarter total of $6.26 billion. 2010 full year Internet advertising revenues totaled $26.0 billion, up 15 percent from the $22.7 billion reported in 2009. “With a strong rebound from 2009, the $26 billion spent on Internet advertising points to a continued focus on digital media ad spend, with dollars catching up to the eyeballs. More time spent online, especially with increases in digital video and social media, has certainly helped to fuel the continued growth.” —David Silverman, Partner, PwC Search Continues to Lead, followed by Display Banners and Classifieds— Search revenue accounted for 46 percent of 2010 revenues, down slightly from the 47 percent reported in 2009. Display advertising showed solid growth, accounting for 38 percent of 2010 revenue up from 35 percent in 2009. Digital video, which is a component of display advertising, increased 40 percent from 2009 to 2010. “As the latest IAB Internet Advertising Revenue Report concludes, online advertising is growing. These results show that many advertisers and marketers take digital media into consideration and more are using online advertising as part of their campaigns. Consumers are shifting more of their time to digital media, watching television shows and movies online, and advertisers recognize the opportunities to reach their targets through this medium.” —Randall Rothenberg, President and CEO, IAB PwC 4
  • 5. Detailed findings Revenues totaled a record $7.45 billion in the Q410 Total 2010 fourth quarter revenues were $1.2 billion (19.0%) higher than the fourth quarter of 2009, and $984 million (15.2 %) higher than the third quarter of 2010. Q409 vs. Q410, In billions Q310 vs. Q410, In billions 19.0% $7.45 15.2% $7.45 $6.26 $6.46 4Q09 4Q10 3Q10 4Q10 PwC 5
  • 6. Annual revenues show strong growth Annual revenues 2009 vs. 2010, In billions for 2010 totaled $26.0 billion, $3.4 billion or 14.9% higher than 2009. 14.9% $26.04 $22.66 2009 2010 PwC 6
  • 7. Historical annual revenue trends Revenue growth recovers in 2010 2010 annual revenues increased on a year-over-year percentage and dollar basis, after revenues dropped in 2009, impacted primarily by the economic recession. Annual Revenue, In billions $26.04 $23.45 $22.66 $21.21 $16.88 $12.54 $9.63 $8.09 $7.13 $7.27 $6.01 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PwC 7
  • 8. Historical quarterly revenue trends Quarterly growth recovers, continuing upward trend After a decline and temporary plateau in 2009, quarterly revenues began to rebound in Q4 2009. 2010 started with a slight seasonal dip in Q1, however quarterly revenues continued to increase through 2010, with a seasonal-aided burst of revenue in Q4. Over the last 20 quarters, 15 quarters have seen positive growth in internet advertising. Quarterly Revenue Growth Trends, In billions — 1999-2010 $8 $7 $6 $5 In billions $4 $3 $2 $1 $0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PwC 8
  • 9. Historical revenue mix – First half vs. Second half Second half revenues reach $13.9 billion The second half of the year is seeing an increasingly larger part of the revenue, as 53% of revenue in 2010 was spent in the second half, compared to 52% in 2009, continuing the trend of greater revenue later in the year. Historical revenue mix, First half vs. Second half $30 Last 6 months First 6 months $25 $20 In billions $13.91 $11.94 $11.76 $11.21 $15 $8.97 $10 $6.76 $5.03 $4.07 $3.41 $3.98 $11.51 $10.90 $12.13 $5 $3.03 $9.99 $7.91 $5.79 $4.01 $3.72 $4.60 $2.98 $3.29 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PwC 9
  • 10. Historical data findings Annual and quarterly revenue growth Revenue Q/Q Y/Y Revenue Q/Q Y/Y (in mil) Growth Growth (in mil) Growth Growth Q1 1999 $693 6% 97% Q1 2005 $2,802 4% 25% Q2 1999 $934 35% 121% Q2 2005 $2,985 7% 26% Q3 1999 $1,217 30% 148% Q3 2005 $3,147 5% 35% Q4 1999 $1,777 46% 171% Q4 2005 $3,608 15% 34% Total 1999 $4,621 141% Total 2005 $12,542 30% Q1 2000 $1,922 8% 177% Q1 2006 $3,848 7% 37% Q2 2000 $2,091 9% 123% Q2 2006 $4,061 6% 36% Q3 2000 $1,951 -7% 60% Q3 2006 $4,186 3% 33% Q4 2000 $2,123 9% 19% Q4 2006 $4,784 14% 33% Total 2000 $8,087 75% Total 2006 $16,879 35% Q1 2001 $1,872 -12% -3% Q1 2007 $4,899 2% 27% Q2 2001 $1,848 -1% -12% Q2 2007 $5,094 4% 25% Q3 2001 $1,773 -4% -10% Q3 2007 $5,267 3% 26% Q4 2001 $1,641 -7% -23% Q4 2007 $5,946 13% 24% Total 2001 $7,134 -12% Total 2007 $21,206 26% Q1 2002 $1,520 -7% -19% Q1 2008 $5,765 -3% 18% Q2 2002 $1,458 -4% -21% Q2 2008 $5,745 0% 13% Q3 2002 $1,452 -1% -18% Q3 2008 $5,838 2% 11% Q4 2002 $1,580 9% -4% Q4 2008 $6,100 4% 2% Total 2002 $6,010 -16% Total 2008 $23,448 11% Q1 2003 $1,632 3% 7% Q1 2009 $5,468 -10% -5% Q2 2003 $1,660 2% 14% Q2 2009 $5,432 -1% -5% Q3 2003 $1,793 8% 24% Q3 2009 $5,500 1% -6% Q4 2003 $2,182 22% 38% Q4 2009 $6,261 14% 3% Total 2003 $7,267 21% Total 2009 $22,661 -3% Q1 2004 $2,230 2% 37% Q1 2010 $5,942 -5% 9% Q2 2004 $2,369 6% 43% Q2 2010 $6,185 4% 14% Q3 2004 $2,333 -2% 30% Q3 2010 $6,465 5% 18% Q4 2004 $2,694 15% 24% Q4 2010 $7,449 15% 19% Total 2004 $9,626 33% Total 2010 $26,041 15% PwC 10
  • 11. Industry revenue concentration Top 50 companies command 91% of revenues in Q4 2010 • Online advertising continues to remain concentrated with the ten leading ad-selling companies, which accounted for 72% of total revenues in the Q4 2010, up slightly from the 71% reported in Q4 2009. • Companies ranked 11th to 25th accounted for 11% of revenues in Q4 2010, consistent with the 11% reported in Q4 2009. Companies ranked 26th to 50th accounted for 8% in Q4 2010, also consistent with the 8% in Q4 2009. % Share of total revenues 100 Q4 2010 TOP 50 91% 80 TOP 25 83% 60 TOP 10 72% 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PwC 11
  • 12. Fourth quarter 2010 results Search and Display continue to lead ad formats • Search revenues accounted for 45% of Q4 2010 revenues, down from 47% in Q4 2009. Search revenues totaled $3.3 billion in Q4 2010, up 14% from Q4 2009, when Search revenues were $2.9 billion. • Display-related advertising accounted for $3.0 billion or 40% of total revenues during Q4 2010, up 31% from the $2.3 billion reported in Q4 2009. Display-related advertising includes Display Banner Ads (26% of Q4 2010 revenues, or $1.9 billion), Rich Media (5% or $416 million), Digital Video (5% or $411 million), and Sponsorship (4% or $266 million). • Classifieds revenues totaled $697 million or 9% of Q4 2010 revenues, up 17% from the $594 million (also 9%of total) reported in Q4 2009. • Lead Generation revenues accounted for 5% of Q4 2010 revenues, or $375 million, consistent with the $374 million (6% of total) reported in Q4 2009. • Email revenues accounted for 1% of Q4 2010 revenues or $40 million, down over 48% from the $77 million (1% of total) reported for Q4 2009. Ad Formats – Q4 2009 Ad Formats – Q4 2010 Total – $6.3 Billion Total – $7.5 Billion 2% 1% 4% 1% 7% 5% Search 5% 5% Display / Banner 6% 5% Classifieds 45% 47% Lead Generation 9% 9% Digital Video Rich Media Sponsorship 23% Email 26% PwC 12
  • 13. Full year 2010 results Display advertising gains ground in format share • Search remains the largest online advertising revenue format, accounting for 46% of 2010 revenues, down from 47% in 2009. In 2010, Search revenues totaled $12.0 billion, up over 12% from $10.7 billion in 2009. • Display-related advertising revenues totaled $9.9 billion or 38% percent of 2010 revenues, up 24% from the $8.0 billion reported in 2009. Display-related advertising includes Display Banner Ad (24% of 2010 revenues, or $6.2 billion), Rich Media (6%, or $1.5 billion), Digital Video (5%, or $1.4 billion), and Sponsorship (3%, or $718 million). • Classifieds revenues accounted for 10% of 2010 revenues or $2.6 billion, up 15% from the $2.3 billion (10% of total) reported in 2009. • Lead Generation revenues accounted for 5% of 2010 revenues or $1.3 billion, down almost 8% from the $1.5 billion (6%) reported in 2009. • Email revenues accounted for 1% of 2010 revenues or $195 million, down 33% from the $292 million (1% of total) reported in 2009. Ad Formats – 2009 Ad Formats – 2010 Total – $22.7 Billion Total – $26.0 Billion 2% 1% 3%1% 7% 6% Search 4% 5% Display / Banner 6% 5% Classifieds 47% Lead Generation 46% 10% 10% Digital Video Rich Media Sponsorship 22% Email 24% PwC 13
  • 14. Mobile advertising estimates Mobile advertising estimated between $550-$650 million in 2010 • Mobile advertising for 2010 is estimated to be between $550–$650 million. This year marks the initial estimate for mobile advertising revenue in this report. • Currently, mobile advertising is reported within pre-existing Internet ad format revenues. • PwC estimated this value based upon a separate methodology from the results of the rest of this report. Mobile advertising information is gathered from publicly available information, industry research, and a small percentage of direct submissions within the full-year 2010 reporting cycle. PwC 14
  • 15. Historical format trends Search retains largest share of revenue, but display makes strong gains • Search has remained the leading format since 2006, having strong sequential growth through this period. In 2010, Search lost some of its overall share to Display Banners, which now account for 24% of internet advertising revenues. • Having seen sharp declines over the past five years, Classified revenues stabilized in 2010, maintaining its 10% of market share, down from the 18% of advertising revenues it commanded in 2006. Advertising Format Share (% of Total Revenue) 50% 40% 2006 2007 2008 2009 2010 30% 20% 10% 0% Search Display Classifieds Rich Media & Lead Sponsorships Banners Digital Video Generation *Format definitions may have changed over the time period depicted, both within the survey process and definitionally by survey respondents. PwC 15
  • 16. Ad revenues by industry category Retail drives advertising, as dollars shift to digital • Retail advertisers continue to represent the largest category of Internet ad spending, accounting for 21% of 2010, or $5.5 billion, up from 20% ($4.5 billion) reported in 2009. • Telecom companies accounted for 13% of 2010 revenues or $3.5 billion, down from the 16% ($3.6 billion) reported in 2009. • Leisure Travel (airfare, hotels & resorts) accounted for 7% of 2010 revenues ($1.8 billion) compared to the 6% ($1.5 billion) reported in 2009. • Financial Services advertisers accounted for 12% of 2010 revenues ($3.2 billion), even with the 12% ($2.8 billion) reported in 2009. • Automotive advertisers accounted for 11% of 2010 revenues or $2.9 billion, in line with 11% ($2.5 billion) reported in 2009. • Computing advertisers represented 8% of 2010 revenue, or $2.2 billion, down from 10% ($2.3 billion) it reported in 2009. • Consumer Packaged Goods represented 7% in 2010, or $2.0 billion, up from $1.4 billion (6%) reported in 2009. • Entertainment accounted for 4% of 2010 revenues ($1.1 billion), up slightly from the 4% ($1.0 billion) reported in 2009. • Media accounted for 4% of 2010, or $1.1 billion, up slightly from the 4% ($881 million) it reported in 2009. PwC 16
  • 17. Industry advertising – year-over-year comparatives Internet Ad revenues by major industry category, 2009 vs. 2010 20% Retail 21% 16% Telecom 13% 12% Financial Services 12% 2009 11% 2010 Auto 11% 10% Computing Products 8% 6% Consumer Packaged Goods 7% 6% Leisure Travel 7% 4% Pharma & Healthcare 5% 4% Media 4% 4% Entertainment 4% *Industry definitions may have changed over the time period depicted, both within the survey process and definitionally by survey respondents. Amounts do not total to 100% as minor categories are not displayed. PwC 17
  • 18. Revenues by pricing model Performance-based pricing gains interest • Approximately 63% of Q4 2010 revenues were priced on a performance basis, up from the 60% reported in Q4 2009. • Approximately 32% of Q4 2010 revenues were priced on a CPM or impression basis, down from 37% in Q4 2009. • Approximately 5% of Q4 2010 revenues were priced on a hybrid basis, up from the 3% reported in Q4 2009. Pricing Models – Q4 2009 Pricing Models – Q4 2010 Total – $6.3 Billion Total – $7.5 Billion Hybrid Hybrid 3% 5% CPM Performance CPM 32% 60% 37% Performance 63% Pricing Models – FY 2009 Pricing Models – FY 2010 Total – $22.7 Billion Total – $26.0 Billion Hybrid Hybrid 4% 5% CPM Performance CPM 33% 59% 37% Performance 62% PwC 18
  • 19. Historical pricing model trends Performance-based pricing remains the preferred model • Performance based pricing, the most prevalent pricing model since 2006, has maintained a strong sequential growth rate, reaching 62% in 2010. It is followed by CPM/Impression based pricing which has declined as a percentage of revenue over the past several years. Hybrid pricing has seen the greatest loss in percentage revenue over the period, to a sharp dip from 17% in 2004 to 4% in 2009, but is back up to 5% in 2010. Internet Ad Revenues by Pricing Model* 70% Performance 60% 62% 57% 59% 50% 48% 51% 46% % of Total Revenues 42% 47% 45% 40% 41% 41% 39% 37% 33% 30% CPM 20% 17% 13% 10% Hybrid 5% 4% 4% 4% 5% 0% 2004 2005 2006 2007 2008 2009 2010 CPM Performance Hybrid *Pricing model definitions may have changed over time period depicted, both within the survey process and definitionally by survey respondents. PwC 19
  • 20. Cross-media advertising market share Internet advertising surpasses newspapers in ad revenue • The Internet has continued to grow in significance when compared to other ad- supported media. In 2010, Internet Advertising surpassed advertising revenues in Newspapers. US Advertising Market by Media Revenue – 2010 (In billions) TV Distribution $28.6 Internet $26.0 Newspapers $22.8 TV : Cable Networks $22.5 TV : Broadcast Networks $17.6 Radio $15.3 Directories $11.5 Consumer Magazines $10.2 Trade Magazines $7.4 Out of Home $6.1 *The total U.S. advertising market includes other segments not charted here. *“TV Distribution” includes national and local TV station ads as well as multichannel system ads. Sources: IAB Internet Advertising Revenue Report; PwC PwC 20
  • 21. Initial year growth comparisons – internet vs. broadcast and cable TV Internet advertising revenue out paces other media outlets during initial growth • The first 16 years of Internet Advertising (1995-2010) were charted against broadcast television (1949-1964) and cable television (1980-1995), presented in current inflation-adjusted dollars. • Internet Advertising revenues continue to far outpace the growth of Cable Television and Broadcast Television during their first 16 years. Annual Advertising Revenue —First 16 Years (In billions) Internet $30 $26.0 $25 $20 Broadcast Broadcast Cable Internet $16.1 $15 Cable $10 $7.3 $5 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Years Since Launch Year 5 Year 10 Year 15 Year 16 Internet $4.62 billion $9.62 billion $22.66 billion $26.04 billion Broadcast TV $3.77 billion $9.03 billion $14.09 billion $16.10 billion Cable TV $1.17 billion $3.18 billion $6.15 billion $7.31 billion Sources: IAB Internet Advertising Revenue Report; PwC, Universal McCann PwC 21
  • 22. Appendix Definitions of leading industry categories The industry categories used in the IAB Internet Advertising Revenue Report were sourced from the North American Standard Industrial Classification (SIC) Manual.† Retail Includes mail order/catalog, apparel, restaurants/fast food, home furnishings/textiles, toys, pet food/supplies, appliances, jewelry, drug stores, retail stores and cosmetics stores. Automotive Includes all automotive-related categories including sale/purchase of vehicles and parts and maintenance. Entertainment Includes film, music, TV, box office, video games and amusement & recreation. Consumer Includes packaged goods, food products, household products and tobacco. packaged goods Leisure travel Includes travel, hotel, airlines and resorts. Computing Includes hardware (computers, computer storage devices, and computer peripheral products equipment), consumer electronics, prepackaged software (operating, utility and applications programs), local area network systems and network systems integration, computer processing and data preparation and data processing services. Financial Includes commercial banks, credit agencies, personal credit institutions, consumer Services finance companies, loan companies, business credit institutions and credit card agencies. Also includes companies engaged in the underwriting, purchase, sale or brokerage of securities and other financial contracts. Telecommun- Includes point-to-point communications services, including telephone voice and data ications communications, two-way mobile/cellular communications services and other non- vocal message communications services (e.g., cablegram, electronic mail and facsimile). Includes multi-channel video providers on a subscription fee basis (e.g., cable television, wireless cable television and direct broadcast satellite services). Pharma & Includes pharmaceutical products, facilities, services, researches and biological Healthcare products. Also comprises establishments providing health care and social assistance for individuals as well as personal care, toiletries, and cosmetic products. Media Includes establishments primarily engaged in radio and television broadcasting (network and station) including commercial, religious, educational and other radio or television stations. Also includes establishments primarily engaged in publishing newspapers, periodicals and books. †Survey participants reported results based on the 20 industry categories listed on page 25, which were used specifically for the IAB Internet Advertising Revenue Report. This is consistent with other relevant industry categorization sources that measure advertising spending by industry. For purposes of this report, PwC classified a number of individual categories under “Retail.” PwC 22
  • 23. Appendix Definitions of advertising formats Display Advertiser pays an Internet company for space to display a static or hyper-linked banner or logo on one or more of Advertising the Internet company’s pages. Sponsorship Represents custom content and/or experiences created for an advertiser which may or may not include ad elements such as display advertising, brand logos, advertorial or pre-roll video. Sponsorships fall into several categories: • Spotlights are custom built pages incorporating an advertiser’s brand and housing a collection of content usually around a theme; • Advergaming can range from an advertiser buying all the ad units around a game or a “sponsored by” link to creating a custom branded game experience; • Content & Section Sponsorship is when an advertiser exclusively sponsors a particular section of the site or email (usually existing content) re-skinned with the advertiser’s branding; • Sweepstakes & Contests can range from branded sweepstakes on the site to a full-fledge branded contest with submissions and judging Email Banner ads, links or advertiser sponsorships that appear in email newsletters, email marketing campaigns and other commercial email communications. Includes all types of electronic mail (e.g., basic text or HTML-enabled). Search Fees advertisers pay Internet companies to list and/or link their company site domain name to a specific search word or phrase (includes paid search revenues). Search categories include: • Paid listings—text links appear at the top or side of search results for specific keywords. The more a marketer pays, the higher the position it gets. Marketers only pay when a user clicks on the text link. • Contextual search—text links appear in an article based on the context of the content, instead of a user- submitted keyword. Payment only occurs when the link is clicked. • Paid inclusion—guarantees that a marketer’s URL is indexed by a search engine. The listing is determined by the engine's search algorithms. • Site optimization—modifies a site to make it easier for search engines to automatically index the site and hopefully result in better placement in results. Lead Fees advertisers pay to Internet advertising companies that refer qualified purchase inquiries (e.g., auto dealers generation which pay a fee in exchange for receiving a qualified purchase inquiry online) or provide consumer information (demographic, contact, behavioral) where the consumer opts into being contacted by a marketer (email, postal, telephone, fax). These processes are priced on a performance basis (e.g., cost-per-action, -lead or -inquiry), and can include user applications (e.g., for a credit card), surveys, contests (e.g., sweepstakes) or registrations. Classifieds Fees advertisers pay Internet companies to list specific products or services (e.g., online job boards and and auctions employment listings, real estate listings, automotive listings, auction-based listings, yellow pages). Rich media Advertisements that incorporate animation, sound, and/or interactivity in any format. It can be used either singularly or in combination with the following technologies: sound, Flash, and with programming languages such as Java, JavaScript, and DHTML. It is deployed via standard Web and wireless applications including e-mail, static (e.g. .html) and dynamic (e.g. .asp) Web pages, and may appear in ad formats such as banners, buttons and interstitials. Interstitials are included in the rich media category and represent full- or partial-page text and image server-push advertisements which appear in the transition between two pages of content. Forms of interstitials can include splash screens, page takeovers and pop-up windows. Digital Video TV-like advertisements that may appear as in-page video commercials or before, during, and/or after a variety of Commercials content in a player environment including but not limited to, streaming video, animation, gaming, and music video content. This definition includes digital video commercials that appear in live, archived and downloadable streaming content. Mobile Advertising tailored to and delivered through wireless mobile devices such as smartphones (e.g. Blackberry, Advertising iPhone, Android), feature phones (e.g. lower-end mobile phones capable of accessing mobile content), and media tablets (e.g. iPad, Samsung Galaxy Tab). Typically taking the form of static or rich media display ads, text messaging ads, search ads, or audio/video spots, such advertising generally appears within mobile websites (e.g. websites optimized for viewing on mobile devices), mobile applications (e.g. applications for smartphones running iOS, Android, or other operating systems, or Java or BREW applications), text messaging services (i.e. SMS, MMS) or within mobile search results (i.e., 411 listings, directories, mobile-optimized search engines). Mobile advertising revenues are currently reported within the above pre-existing advertising formats, but have been estimated and identified individually within this report. PwC 23
  • 24. Appendix Survey scope The Interactive Advertising Bureau (IAB) retained PwC to establish a comprehensive standard for measuring the growth of Internet/online advertising revenues. • The IAB Internet Advertising Revenue Report is part of an ongoing IAB mission to provide an accurate barometer of Internet advertising growth. • To achieve differentiation from existing estimates and accomplish industry-wide acceptance, key aspects of the survey include: - Obtaining historical data directly from companies generating Internet/online advertising revenues; - Making the survey as inclusive as possible, encompassing all forms of Internet/online advertising, including Web sites, consumer online services, ad networks and e-mail providers; and - Ensuring and maintaining a confidential process, only releasing aggregate data. Methodology • PwC: - Compiles a database of industry participants selling Internet/online advertising revenues. - Conducts a quantitative mailing survey with leading industry players, including Web publishers, ad networks, commercial online service providers, e-mail providers and other online media companies. - Supplemental Data is acquired through the use of publicly disclosed information - Requests and compiles several specific data items, including monthly gross commissionable advertising revenue by industry category and transaction. - Identifies non-participating companies and applies a conservative revenue estimate based on available public sources. - Analyzes the findings, identifies and reports key trends. PwC 24
  • 25. Survey Industry Categories Automotive Financial Services (Banks, Restaurants/ Fast food Insurance, Securities, Beer/Wine/Liquor Mortgages) Retail, Mail Order, Catalogs and Apparel Business Products/Services Personal Care, Toiletries and Cosmetics Telecommunications: Computers (Hardware/Software) Telephony, Cable/Satellite TV and Consumer Electronics Drugs and Remedies Services, ISPs Consumer Packaged Goods, Manufacturing Toys/Games Food, Non-Alcoholic Beverages and Candy Media Leisure Travel (Airfare, Hotels, Resorts) Educational Services Professional Sports and Sporting & Athletic Goods Business Travel (Airfare, Hotels, Entertainment (Film, Music, TV, Resorts) Box Office, Video Games, Real Estate Amusement/Recreational) About the Interactive Advertising Bureau The Interactive Advertising Bureau (IAB) is comprised of more than 500 leading media and technology companies who are responsible for selling 86% of online advertising in the United States. On behalf of its members, the IAB is dedicated to the growth of the interactive advertising marketplace, of interactive’s share of total marketing spend, and of its members’ share of total marketing spend. The IAB educates marketers, agencies, media companies and the wider business community about the value of interactive advertising. Working with its member companies, the IAB evaluates and recommends standards and practices and fields critical research on interactive advertising. Founded in 1996, the IAB is headquartered in New York City with a Public Policy office in Washington, D.C. For more information, please visit www.iab.net. PwC 25
  • 26. Overall Report Guidance Provided by IAB Leadership Executive Committee President Chairman Vice Chair Randall Rothenberg Bob Carrigan Peter Naylor IAB IDG Communications, Inc. NBC Universal Randy Kilgore David Moore Rik van der Kooi Tremor Media 24/7 Real Media, Inc. Microsoft Dennis Woodside Google Board of Directors Kevin Arrix Elizabeth Harz Randall Rothenberg MTV Networks Electronic Arts IAB Tom Arrix Jeff Hirsch Scott Schiller Facebook AudienceScience Comcast Interactive Media John Battelle Kathy Kayse Vivek Shah Federated Media The Oprah Winfrey Network Ziff Davis LLC (Discovery Networks) Alisa Bowen Tina Sharkey The Wall Street Journal Digital Jeff Levick BabyCenter Network AOL Elisa Steele David Carey Leon Levitt Yahoo! Hearst Magazines Cox Newspapers Nada Stirratt Jarvis Coffin Chris Ma MySpace Burst Media The Washington Post Company Bill Todd Louis Cona Greg McCastle ValueClick Condé Nast Media Group AT&T Advanced Ad Solutions Lisa Utzschneider Kevin Conroy David Morris Amazon.com Univision Interactive Media CBS Interactive Lauren Wiener Greg D’Alba Martin Nisenholtz Meredith CNN The New York Times Company Jeff Wilks Jory Des Jardins Mike Perlis USATODAY.com BlogHer Forbes Media Mitch Golub James Pitaro cars.com Disney Interactive Media Group Ex-Officio Treasurer Secretary Founding Chairman Bruce Gordon Joseph Rosenbaum Rich LeFurgy Disney Interactive Media Group Reed Smith LLP Archer Advisors PwC 26
  • 27. PwC New Media Group PwC (www.pwc.com) provides industry-focused assurance, tax and advisory services for public and private clients. More than 146,000 people in 150 countries connect their thinking, experience and solutions to build public trust and enhance value for clients and their stakeholders. PwC’s New Media Group was the first practice of its kind at a Big Four firm. Currently located in New York, Los Angeles, Boston, Seattle and the Bay Area, our New Media Group includes accounting, tax and consulting professionals who have broad and deep experience in the three areas that converge to form new media: advanced telecommunications, enabling software and content development/distribution. Our services include: • Business assurance services • Web audience measurement and advertising delivery auditing and advisory • IAB Measurement Certification Compliance auditing • Privacy policy structuring, attestation and compliance advisory • Mergers & Acquisition assistance • Tax planning and compliance • Capital sourcing and IPO assistance For more information about our New Media Group, contact one of the following PwC professionals: New York New York David Silverman Russ Sapienza Partner, Assurance Services Partner, Advisory Services 646.471.5421 646.471.1517 david.silverman@us.pwc.com russell.j.sapienza@us.pwc.com Boston San Jose Seattle Vic Petri Mike Pearl Suzanne Faulkner Partner, Assurance Services Partner, Assurance Services Partner, Assurance Services 617.478.1698 408.817.3801 206.398.3550 victor.petri@us.pwc.com michael.pearl@us.pwc.com suzanne.faulkner@us.pwc.com PwC 27
  • 28. www.pwc.com/e&m This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.