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The past decade has seen the explosive emergence of online advertising as a major source of revenue for Internet publishers. Analyses of this phenomenon are mostly conducted in the sway of Google’s hugely successful search advertising program. In the early days of the Internet, before Google, virtually all advertising revenues were related to simple display ads. Yet by 2008 search advertising accounted for over 10. 5 billion of the 23. 4 billion in total online advertising, and pundits were forecasting continued growth at rates of 12 % per year over the next five years. 1 Internet advertising markets have broken sharply from the advertising markets for traditional media. In the older media, every consumer that received a particular magazine, listened to a particular radio program, or watched a particular TV show would read, hear or see the same advertisement. An advertiser that wanted to reach an audience with particular characteristics could do so only within narrow limits. For example, a beer company might advertise on televised football games and a maker of fashion clothing might advertise in womens magazines. Although publications do some tailoring of their offerings, as when a newspaper has different local editions, audience mix is nevertheless
Levin et al. (Sat,) studied this question.