adfox russian rtb_market_2012_overview_en

Russian RTB market in 2012

February 2013

The Russian RTB market in 2012, ©ADFOX, 2013

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Table of contents

Table of contents ........................................................................................................................................... 2

Introduction .................................................................................................................................................. 3

RTB Development Prerequisites in Russian Online Advertising Market ....................................................... 5

RTB principles of operations ......................................................................................................................... 6

Russian RTB market ....................................................................................................................................... 8

RTB market players ................................................................................................................................... 8

2012 Events ............................................................................................................................................. 14

Advertisers .............................................................................................................................................. 15

Forecasts and figures .............................................................................................................................. 16

Conclusions and Outlooks ........................................................................................................................... 18

RTB for Advertisers .............................................................................................................................. 18

RTB for Publishers ............................................................................................................................... 18

RTB for Agencies .................................................................................................................................. 19

RTB for Technological Companies ....................................................................................................... 19

Attachment ................................................................................................................................................. 20

Global RTB Market and Major European and American Markets........................................................... 20

References ............................................................................................................................................... 22


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Introduction

According to the recent study by the American company Accordant Media, Russia has been

named one of the countries with the highest RTB market development rate in 2012. It entered

the Top 15 list of RTB-markets where in the 4th quarter of 2012, online advertising exchanges

showed the highest growth rate y-o-y. It is not surprising, since the last year can be described

as the year of birth of Real-time Bidding in Russia, and only by the end of that year the

ecosystem which is expected to gain momentum was formed.

This review provides an understanding of the current state of advertising RTB-products in

Russia and tracks market development in 2012, explains the RTB mechanism to advertisers and

market experts and highlights their expected implementation effects. When creating it, ADFOX

Company 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 technology

platforms, devices and advertising products where real-time pricing is a prerequisite. The RTB

market comprises all players who provide media, technologies and services that interact

according 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 major

players of the global online advertising market, firstly, Google started investing into that

technology. The RTB technology allows adjusting the rights of all advertising market players -

advertisers, publishers and advertising technologies, meeting the interests of each party and

delivering 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, Turkey

and China, but also due to intensified use of the technology by market players. The main

advantage of the technology is automatic setting of fair price for an advertising contract not

affected by human factor. Such approach to pricing allows balancing between the interests of

publishers seeking to maximize their advertising revenue and advertisers wishing to ensure

maximum efficiency of advertising campaigns for a fair value.

The RTB ecosystem has just formed in Russia. In 2012, all major players of the Russian online

advertising market announced launches of their own RTB-services and use of the RTB protocol

to optimize placement of ads. An RTB working group was formed in IAB Russia and most of the

market 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 the

market through joint efforts of players were outlined.


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This review provides data, analysis of developments, forecasts, and conclusions. Unless

specified otherwise, this information represents an expert opinion and assessment provided by

ADFOX experts.


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RTB Development Prerequisites in

Russian Online Advertising Market

The RTB technology started its triumphal march around the world in USA, moving later to

Europe 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 pricing

A number of companies of all sizes announced their launch of RTB into commercial operation

during 2012. Western players (Google, Facebook, Crimtan, Criteo) are entering the Russian

market , local market players (Yandex, ADFOX, AdRiver) develop their own products, new

companies 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 not

only test the new technology, but also involve the largest advertisers into its usage.


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RTB principles of operations

RTB (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 is

holding 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 winner

gets the right to demonstrate his ad. The auction winner pays the second highest proposed

price.

The "second price" auction is typical for auctions when participants do not know each other's

bids. The idea behind such an auction is that participants do not need to be overly cautious

when placing their bids, and so they offer their real prices. Each participant knows that if he

wins, he will definitely pay less than he offered. So he simply states the price which coincides

with his personal assessment of the lot.

The RTB ecosystem functions according to the Open RTB protocol developed under the

auspices of the Interactive Advertising Bureau (IAB), a public organization.


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Source: OpenRTB API Specification Version 2.1

RTB Market Players:

DSP (Demand Side Platform) is a platform that allows agencies and advertisers to purchase

online ads at different ad exchanges

SSP (Sell Side Platform) or Exchange is a platform for website owners that allows automating

sales of traffic to make more money through those sales using the auction-based pricing

mechanism.

ATD (Agency Trading Desk) is a centralized platform for advertising purchase by various

advertising 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 advertising

messages with the purpose of delivering of the most sought after and useful for each viewer ad

at the particular moment.

Ad Networks - intermediaries between advertisers and publishers. They collect media sites into

a single pool and make it easy to advertise, while accumulating expertise and facilitate selection

of 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 for

advertisers and publishers to manage and optimize placement of ads in interactive media.


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Russian RTB market

RTB market players

Profile: SSP, AdServer

ADFOX 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 optimize

advertising revenue from placement of advertisements at ADFOX SSP websites. Currently,

ADFOX SSP completed technical integration with Begun, DataMind, Kavanga, Retargeter and

Soloway systems. Ad networks and DSP are connected through the IAB Open RTB API

Specification V2.0 protocol

Profile: DSP

The company was founded in 2006 in Germany. Currently it is one of the leading independent

European companies engaged in advertising based on consumer data. The company offers a

large assortment of products for websites, agencies and advertisers.


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Profile: AdServer, Data Supplier

Online ad operating system AdRiver began its work in March 2001 and is presently one of the

leaders in the Russian market of technological solutions relating to online advertising. AdRiver

belongs to the Internest Group of companies. Internest’s portfolio of brands also includes a

selective advertising operator Soloway and a banner exchange network RLE.

Profile: DSP

Begun is the first Russian contextual advertising service with pay for performance and auction

pricing. The company has been operating in the market since 2002.Begun is an authorized

reseller of Google AdWords in Russia, Ukraine and Kazakhstan. The monthly audience of the

Begun network is 27.7 million users. Begun is integrated with major SSPs represented in the

Russian market.

Profile: SSP

Between Digital is a young Russian profitability management system that allows websites to

effectively sell online advertising using the RTB technology. It announced its commercial launch

in December 2012 and was operating in the test mode since May.

Profile: DSP

Crimtan is a Russian branch of the British Crimson Tangerine Company, a player in the media

Internet advertising market. The high-tech network of behavioral advertising created on the

basis of its own platform. The company provides advertisers with Internet-marketing

opportunities using profiling, Internet audience segmentation and targeting as well as

optimization.


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Profile: DSP

Criteo was founded in Paris in 2005, and currently positions itself as a personalized retargeting

operator. The company has more than 3 million customers, the core of which is made of major

online retailers. Criteo operates in more than 30 countries around the world including Russia.

Profile: DSP

A project launched by Tinkoff Digital created by Oleg Tinkoff and Goldman Sachs in 2012 for

Internet investing purposes. Commercial operations were announced in December. Yota.Play

became one of the first customers of the platform.

Profile: Retargeting

eTargeting is a young technological company engaged in studying of the Internet audience and

selling of targeting and retargeting solutions. The company employs dynamic, local targeting

and a number of other instruments.

Profile: RTB Stack

The company was founded in 1998; it has been operating in Russia since 2005. Google is the

leading web corporation in all major global markets. The company has been developing RTB

since 2009, and by now it has invested more than one billion dollars into development and

promotion of the technology. In Russia, Google has been offering RTB products since the

beginning of 2012.


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Profile: DSP

Invite Media was founded in 2007 in the USA. The company owns a universal platform to buy

banner advertising. It was bought by Google, one of Internet majors.

Profile: DSP

A Russian technology to optimize advertising budgets. In addition to providing tools for buying

direct advertising targeted by audience actions and behavior in real time, it provides to

customers access to the Russian traffic exchange. Retargeter is the first independent service

whose operations are based on the company’s technology.

Profile: DSP

Kavanga is one of the largest Runet advertising networks operating on the basis of its own

technological platform. The company was founded in 2008. Currently it integrates more than

1,000 high-quality theme-based Websites within the single advertising space. The unique

monthly coverage of the Russian audience amounts to 27 million people aged 12-54 years.

Profile: Retargeting

myThings is a European supplier of personalized behavioral banner advertising. The Company's

Moscow branch was opened in 2011. In 2012, Yandex chose myThings as its first media buying

partner to work with its own RTB platform.


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Profile: DSP, Retargeting

Soloway, a selective advertising operator has been operating in the market since 2004. It

belongs to the Internest Group of companies and uses the most advanced online advertising

developments. Advertisements are displayed within the extensive media space which

comprises hundreds of theme-based websites. The monthly audience of Soloway's media space

encompasses 31 million users.

Profile: ATD

The VivaKi Russia Group of communication agencies (until July, 2008 - Publicis Groupe Media

Eurasia) was founded in late 2005. Agencies of the Group specialize in media planning, ad

placement and advisory services. According to the Kommersant newspaper and the industry

portal AdIndex, VivaKi is the largest media buying group in Russia.

Profile: ATD

Xaxis is one of the world's largest target audience buying companies which provides services to

more than 800 advertisers and launches annually more than 300 billion ad views in the

network. The Company’s patented DMP has the largest base of unique anonymous user

profiles. In October 2012, Xaxis opened its office in Moscow as part of GroupM Russia.


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Profile: RTB Stack

Yandex is the Russian largest Internet company, its core activity being development of a search

engine. The company owns the cognominal Web-search engine and the - yandex.ru. Internet

portal. It was founded in 1997. According to Liveinternet data for October 2012, the Yandex's

share 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.


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2012 Events

In January 2012, the Network and IAB Exchange Committee released OpenRTB API 2.0

specification that contained detailed explanation of Real-Time Biding interface (RTB), necessary

interface elements and recommendations for its development.

Yandex has announced launch of its own RTB-platform in March 2012. Yandex.Direct, the

Company's media advertising placement system and myThings were connected as platform

partners. Such sites as travel.ru, forumhouse.ru, newsru.com and klerk.ru. were among its

launch partners.

The same month ADFOX started test operation of the SSP-platform based on the OpenRTB

protocol. One of the largest Russian Internet media holding companies, SUP Media which

comprises LiveJournal, Gazeta.ru, Championat.com and other resources, was the launch

partner.

In September 2012, the Facebook social network announced completion of tests of the

Facebook 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 own

retargeting system. At the initial stage, it is planned to show the social network's advertising

blocks on other sites only for authorized VKontakte users.

In late September 2012, ADFOX put the RTB-system into commercial operation for its large

clients. 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 to

identify 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 first

client of the platform.

In mid December, Between Digital's RTB-system was put into operation with open connection

for publishers.


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Advertisers

According to RealTime Trading report 2012q3 by Rubicon Project , the rating of global market

segments 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 the

rating.

Advertising Category % Change Change

1. Technology & Computing 2%

2. Personal Finance 16%

3. Travel 21%

4. Shopping 32%

5. Automobile 38%

6. Business 27% +1

7. Arts & Entertainment 31% +1

8. Style & Fashion 10% -2

9. Home & Garden 21%

10. Food & Drink 14%

(с) RealTime Trading report 2012q3, Rubicon Project

This data is definitely valid for the United States, where RTB has been successfully operating for

several years. In today's Russia, the main advertisers participating in auctions are the major e-

commerce representatives. For instance, Yota.Play became one of the first customers of the

platform. The tool is tested by major banks, Sberbank becoming the first client of the Facebook

Exchange in Russia.

It is no secret that DataMind created by Oleg Tinkoff, primarily if focused on promotion of the

Bank Tinkoff Credit Systems. There are other examples in the market of how forward-thinking

advertisers do not wait for external proposals but develop and advance their RTB-products.

Using corporate platforms to manage their advertising placements they create sources of

additional revenue through attraction of third-party advertisers.


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Forecasts and figures

It’s premature to speak of specific metrics based on experimental data due to weak RTB

market. However, market players and foreign agencies giver certain Russian RTB market

development forecasts.

According to experts, referring to eMarketer, by 2015, the RTB market in Russia will reach $ 720

million to make up 18% of the whole Russian Internet advertising market estimated at $ 4

billion by analysts. This estimate of the RTB share raises doubts due to the fact that the RTB

market in Russia will become financially established only in 2013, and based on assessments of

Russian Association for Electronic Communications (RAEC) and Higher School of Economics, the

entire Internet advertising market in 2012 will amount to $ 1.8 billion, the RTB part of which

being negligible.

iTech researchers make their forecast of the RTB-sales share of the display advertising market

in 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% of

the display advertising market. During discussions, $ 50 million are mentioned as a forecast for

2013. According to market participants, major brands already apply to them while budgeting

for RTB.

The main problem faced currently by RTB market players in Russia is the lack of data on

consumer interests of users, which restricts personal targeting. Unlike the USA, Russia has no


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third party data market. Therefore, each company collects its own data (first party data) and

uses them to implement, for example, retargeting techniques.

In this case, adequate amount of traffic put up for sale is also required given the targeting

multiple settings. Otherwise, buyers will simply not find users to meet all the parameters. The

more active the auction platforms will sell their traffic through RTB, the more likely their

audience 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 can

boast of the first successes in the RTB market. However, they have their own problems. First of

all, the internal auction is “overheated” due to the large number of customers and corporate

purchases through AdSense. That is why the market is interested in having no monopoly on RTB

technologies and no large numbers of players participating in auctions.

Better transparency of the advertising space purchase and sale mechanism, improvement of

tools and, more importantly, growing popularity of technology due to its equitable revenue

allocation 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 DSP

partners, pinpointed targeting by socio-demographic and cost-behavioral factors, system

transparency and efficiency.


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Conclusions and outlooks RTB has adopted the best search and contextual advertising features, such as auction pricing

and personalized targeting. Auction pricing creates fair competitive environment, and targeting

by 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 technology

development 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.


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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 development

rate comparable to the ones in Western countries.


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Attachment

Global RTB Market and Major European and American Markets

Real-Time Bidding technology was set up in life due to support of the Google Company that

since 2009, has invested more than one billion dollars into development and promotion of the

technology. Four years ago RTB was definitely a new technology, and not many companies

believed in its prospects. The fact is that there were numerous examples in online advertising

when new, seemingly breakthrough technologies turned out to be just overblown information

bubbles. They received strong experts’ support but did not survive in the market largely due to

the fact that advertisers did not believe in them.

Due to the Google’s confident involvement into the technology, major advertisers put their

trust in the technology though not immediately. Developments of the Admeld Company

acquired by Google formed the basis of the technological innovation, and a year later more

than 78% of sites and 17% of Google partner network advertisers moved over to this model. It

is 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 1.9

billion dollars, and the average CPM factor amounted to 3.17 dollars. According to IDC and

eMarketer estimates, in 2012, the RTB share in the total Internet advertising market reached

20%.

The IDC research agency is the most optimistic in its estimates of the RTB market. According to

it, the average annual growth rate of the RTB market will exceed 50%, and that allows it to

forecast the market growth from $ 1.4 billion in 2011 to $ 13.9 billion in 2016. Forrester

Research makes similarly optimistic forecasts; according to them, the average cost per

thousand views of advertising material in the RTB using networks will increase from $3.17 in

2012 to $6.64 in 2017. According to Parks Associates analysts, the RTB share throughout the

online 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 by

high development level of the market as such, but by certain features of the American law and

unique attitude towards consumer data. It is no secret that the Google AdWords system

succeeded in its time due to precise targeting, but targeting itself became possible only after a

period of lengthy and thorough Google users data collection. There is much more room for

maneuver 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 national

companies became interested in the technology. According to Rubicon assessments, AT&T,


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Sprint Nextel, Verizon operators, Toyota, Chrysler, Ford automobile manufacturing

corporations, Southwest Airlines, Airtram Airlines as well as the American Express banking

payment system and the Unilever multinational corporation became major advertisers in the

RTB market.

The situation is different in Europe. For example, according to Rubicon data, in France among

the RTB largest advertisers are Zalando, Price Minister, La Redoute, 3 Suisses Internet-shops,

Orange, Bouyges Telecom, Vivendi operators, financial companies Buyster, Western Union as

well as the Gaz of France Company. In the UK, major advertisers are represented by the

telecommunication sector and car manufacturers.

The largest growth of US advertisers’ spend is noted in the following categories: Cars, Work and

Career, Education, Public and Social Services. In Europe, by contrast, the fastest growing

advertising 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 RTB

development. It was the year when RTB technology was adopted by major advertisers

interested in the international coverage of their audience, and prominent sites which became

confident that it was RTB that made the most efficient use of their advertising capacities in

Internet resources. That view is supported by eMarketer experts who note the consistent and

stable 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 to

their 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 European

markets, in the next few years this technology can radically change the online advertising

market worldwide. The main areas for expansion are BRIC countries where the largest share of

the world's Internet users is concentrated, but the online advertising market there makes its

first steps. However, the market growth rates in BRIC countries allow expressing optimism in

relation to RTB prospects in these regions.


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References

OpenRTB API Specification Version 2.1, 2012, IAB

Real-Time Bidding in the United States and Western Europe, 2010–2015, 2012, IDC

Rubicon Project Marketplace Report – Q3 2012, 2012, Rubicon Project

Real-Time Bidding Poised to Make Up Quarter of All Display Spending, 2012, eMarketer.com

RTB Insight: Trading Desk — революция в управлении медийной рекламой, 2013, Cossa

Google Integrates Admeld Into DoubleClick AdX, Preps ‘Unified’ Publisher Solution, 2012,

Adexchanger.com

Global RTB Ad Impression Growth Continued to Slow in Q4, 2013, Marketingcharts.com

Что за революция грядет на рекламном рынке и что такое RTB, 2012, Firma.ru

Why RTB is a game-changer for digital ads, 2011, Marketingweek.co.uk

RTB Hits The Mainstream, 2011, Forrester Research, Inc.

http://www.iab.net/media/file/OpenRTB-API-Specification-Version-2-1.pdf

http://info.pubmatic.com/rs/pubmatic/images/IDC_Real-Time%20Bidding_US_Western%20Europe_Oct2011.pdf

http://www.rubiconproject.com/insight-reports/download-rubicon-project-marketplace-report-september-2012/?idnum=q3mpr102012&report=Rubicon%20Project%20Marketplace%20Report%20%E2%80%93%20Q3%202012

http://www.rubiconproject.com/insight-reports/download-rubicon-project-marketplace-report-september-2012/?idnum=q3mpr102012&report=Rubicon%20Project%20Marketplace%20Report%20%E2%80%93%20Q3%202012

http://www.emarketer.com/newsroom/index.php/realtime-bidding-poised-quarter-display-spending/

http://cossa.ru/articles/152/31758/#vote

http://www.adexchanger.com/ad-exchange-news/google-integrates-admeld-into-doubleclick-adx-preps-unified-publisher-solution/

http://www.marketingcharts.com/wp/topics/measurement-analytics/global-rtb-ad-impression-growth-continued-to-slow-in-q4-26698/?utm_campaign=rssfeed&utm_source=mc&utm_medium=textlink

http://firrma.ru/data/blog/742/

http://www.marketingweek.co.uk/why-rtb-is-a-game-changer-for-digital-ads/3030143.article

http://clashmediamobile.com/wp-content/uploads/2012/03/RTB_Hits_the_Mainstream_Final-B1.pdf


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Russian RTB market in 2012

Office 508, 6 B Artioukhinoi Street, Moscow, Russia

Tel +7 (495) 661 76 77

Email: [email protected]

www.adfox.ru

All issues relating to the review, please address to Vera Khiteeva, [email protected]

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