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1 audience growth trust and credibility valuable content reach accumulation digital growth engaged audiences sending power to web social buzz consumers take action everyone loves magazines return-on-investment

2 For over 20 years, the MPA The Association of Magazine Media, has published the MPA Factbook. Considered the definitive source of magazine media research and information, this year s factbook provides detailed information on key trends and economic factors in the magazine industry. An expanded digital section examines the explosive growth of digital platforms, tablets, mobile devices and e-readers. A Marketing Mix Modeling overview has been included with a link to MPA s recent award winning study on the topic a must read for any marketer looking to maximize magazine media performance. This year we are making the factbook available on a new microsite, with enhanced search functionality. And we have packaged the Ten Key Facts About Magazine Media in an app, available for most mobile and tablet platforms. We trust you will find the expanded 2011/12 Magazine Media Factbook a helpful planning resource. Andrew Jung Executive Vice President and Chief Marketing Officer

3 Key Facts About Magazine Media Magazine media audiences are growing and young adults read heavily: Adults under 35 years old read more issues per month than adults over 35 93% of adults overall, 96% of adults under age 35, and 97% of adults under age 24 read magazines. pages 6, 10 The number of magazine readers has grown over the past five years. page 7 Magazine media engage readers: Magazines continue to score significantly higher than television or the internet in ad receptivity and other engagement dimensions. page 14 When consumers read magazines they are much less likely to engage with other media or to take part in non-media activities compared to the users of television, radio or the internet. page 15 Reader engagement with a digital interactive magazine (82%) is more than four times greater than with a website of similar content (18%). page 43 Magazine media advertising is valuable content: Consumers are more likely to have a positive attitude toward advertising in magazines compared to other media. pages 14, 17 and 19 Advertising in interactive magazines is considered far more helpful or interesting by respondents than ads in any other electronic medium, including television, , and website banner ads. page 45 Of all forms of electronic advertising, interactive magazine ads have the least negative impact on the reader experience more than 7 in 10 find display ads in digital magazines less intrusive than banner ads; 8 in 10 see them as easier to read, inviting and more fun. page 45 1

4 Key Facts About Magazine Media Magazines deliver reach and accumulate audiences faster than you may think: Across major demographic groups, the top 25 magazines deliver considerably more rating points than the top 25 primetime television shows. page 13 The average monthly magazine accumulates approximately 50% of its audience within a month s time, and the average weekly magazine accumulates nearly 80% of its audience in two weeks. page 12 58% of digital magazine readers read their edition the same day it arrives. page 12 Magazines supply credibility: Multiple sources show that consumers trust ads in magazines. pages 14, 19 and 46 Magazines build buzz: Magazine readers are more likely than users of other media to influence friends and family on products across a variety of categories. page 33 Magazines complement the web in reaching social networkers, whom marketers increasingly favor to generate word-of-mouth. page 20 Magazine media advertising gets consumers to act: Action-taking has increased in the last five years. page 16 60% of digital consumer magazine readers go to an advertiser s website and 55% tried a new product or idea presented in their digital edition. page 47 Two separate sources show that more than half of all readers (54%) act on magazine ads. page 100 2

5 Key Facts About Magazine Media Magazines spur web traffic and search: BIGresearch proves that magazines lead other media in influencing consumers to start a search online, ranking at or near the top by gender as well as across all age groups. page 29 Magazine audiences are expanding across platforms: The number of magazine websites and mobile apps is increasing, e-reading devices are projected to grow rapidly and consumers want to see magazine content on them. pages 38, 40, 41 and % feel that digital content complements print, only 25% see it as a replacement for printed content. page 40 Magazines improve advertising ROI: Based on analyses of client-commissioned cross-media accountability studies, two separate sources found that magazines most consistently generate a favorable cost per impact throughout the purchase funnel. pages 21 and 34 Magazines are the most consistent performer in the purchase funnel with particular strength in the key stages of brand favorability and purchase intent. page 35 More precise media inputs increase accuracy of marketing mix modeling results. pages 36 and 37 3

6 table of contents MAGAZINE MEDIA FACTBOOK 2011/12 A Comprehensive Guide for Advertisers, Advertising Agencies and Consumer Magazine Marketers 1 Key Facts About Magazine Media Readership and Reach 6 Everyone loves magazines 7 Magazine readership is strong 8 Magazine readers closely reflect the median age in the U.S 9 Younger readers are driving heavy usage of magazines 10 Magazines appeal to young adults 11 Magazines appeal to diverse readers 12 Magazines accumulate reach faster than commonly believed 13 Magazines reach more adults and teens than television Engagement 14 Magazines are the medium of engagement 15 Consumers pay more attention to magazines than other media 16 Consumers welcome advertising in magazines 17 Consumers find value in magazine advertising 18 Magazines rank highest for interest in advertising 19 Consumers enjoy and trust magazine advertising Accountability and Action 20 Magazines influence word-of-mouth reaching social networkers and building trust 21 Magazines rank #1 in driving purchase intent 22 Magazine advertising gets readers to act 23 Readers respond to magazine advertising regardless of how they acquire a magazine 24 Magazine ads are effective throughout the book 25 Creative is the strongest predictor of ad effectiveness 26 Magazine ads are slow to wearout 27 Magazines drive consumers to go online 28 Advertising on branded media sites yields greatest impact 29 Magazines excel in driving web search 30 Magazine readers spend more time online and are more likely to purchase online 31 Magazines drive action for mobile users 32 Magazine readers are early adopters 33 Magazine readers influence friends and family 34 Magazines consistently produce strong ROI 35 Magazines excel at driving results through the purchase funnel Marketing Mix Modeling 36 Marketing mix modeling and media inputs 37 More precise media inputs increase accuracy of marketing mix modeling results Digital 38 Consumers are accessing magazines on their connected devices 39 Magazine readers readily adapt to e-readers and tablets 40 Magazine readers want to experience content in print and digital versions 41 Growth in ipad apps for U.S magazines 42 Consumers interact with digital ads 43 Digital magazines increase engagement 44 Digital magazines enhance the reading experience 45 Readers of digital magazines value advertising 46 The credibility of digital magazine ads provides advertising opportunities 47 Advertising in digital magazines gets consumers to act 48 Digital magazine interactivity improves key ad metrics 49 Magazine advertising on digital devices captures users attention 50 Readers desire access to magazine media across multiple platforms 4

7 table of contents 51 Consumers desire magazine content on e-readers 52 The number of magazine websites has increased 30% 53 The e-reading market is projected to grow rapidly 54 The tablet market is projected to grow rapidly U.S 55 The tablet market is projected to grow rapidly worldwide 56 Looking forward digitally Accountability by Category 57 Auto: Magazines are most efficient at critical stages of the purchase funnel 58 Auto: Magazines play a major role in the purchase process 59 Auto: Magazines influence auto consideration set 60 Auto: Price paid for new vehicle rises with readership levels 61 Auto: Magazines best reach auto influencers and purchasers 62 Electronics: Magazines are powerfully effective 63 Electronics: Magazines best reach early adopters and likely buyers 64 Entertainment: Magazines play a leading role in influence 65 Entertainment: Consumers choose magazines and the internet most 66 Fashion/Beauty: Magazines look good when it comes to influencing consumers 67 Financial: Magazines are a smart investment 68 Food: Consumers crave magazines for information 69 Going Green: Magazines reach environmentally conscious consumers 70 Healthcare/DTC: Magazines are a prescription for positive results 71 Healthcare/DTC: Magazines provide healthy advertising ROI 72 Healthcare/DTC: Magazines are a top resource for consumers 73 Healthcare/DTC: Magazine readers are knowledgeable about healthcare 74 Healthcare/DTC: Users of magazines keep friends and family in good shape 75 Home Improvement: Magazines inspire ideas and initiate remodeling projects 76 Home Improvement: Remodelers rely on magazines most for decision making 77 Home Improvement: Magazines measure up in reaching home remodelers 78 Luxury Goods: Affluent buyers and influencers read magazines 79 Packaged Goods: Magazines reach the right shoppers 80 Packaged Goods: Magazines play a major role through the CPG purchase funnel 81 Retail: Magazine readers influence the shopping carts of friends and family 82 Technology: Magazines reach key purchase influencers in the growing tech sector 83 Travel: Magazines are a destination for travel aficionados Distribution Metrics 84 A magazine for everyone 85 Consumers invest in their magazines 86 Counting who reads magazines: 10-year growth 87 Magazines attract mass and niche audiences 88 The internet generates one in four new magazine subscriptions 89 Consumers rely on multiple outlets to buy their favorite magazines 90 Magazines are a key source of profits at checkout 91 Public place copies build audience 92 Magazines go everywhere Advertising Metrics 93 Magazines continue to target consumers interests 94 The top 12 advertising categories account for 88% of all spending 95 Magazines remain an important part of the advertising mix 96 Leading marketers invest in magazines 97 Magazine rate card ad revenue exceeds $20 billion 98 Magazines excel at informing and entertaining 99 Editorial and advertising are equally important to the reader experience 100 Magazine advertising recall and action-taking vary by ad size, color and position 101 MPA Information Center 102 Resources 103 MPA Resources Back Cover: Get the free mobile app 5

8 readership and reach Everyone loves magazines Reading a magazine is an intimate, involving experience, which is one reason the average reader spends 42 minutes reading each issue. 93% of adults read magazines 96% of those under 35 read magazines 97% of those under 24 read magazines Base: U.S. adults 18+ Source: GfK MRI, Fall

9 readership and reach Magazine readership is strong Magazine audiences are growing faster than television and newspapers 5-Year Growth Trend in Media Usage Percent Change 2006 vs magazines internet television radio newspapers Adults % 23.2% 3.2% 5.1% -7.2% Adults Adults Adults Note: Internet defined as any Internet/Online usage Source: GfK MRI, Fall

10 readership and reach Magazine readers closely reflect the median age in the U.S. Median Age by Media Usage U.S. population 45.7 internet 41.6 radio 44.4 magazines 45.0 television 46.2 newspapers 47.7 Source: GfK MRI, Fall

11 readership and reach Younger readers are driving heavy usage of magazines Heavy magazine usage for Millennials (25%) and GenXers (22%) with HHI of $50K+ ranks second only to the internet. Among Boomers with the same income, heavy magazine usage is unsurpassed by other media. Heavy Media Usage Among Boomers, GenXers and Millennials Millennials (born ), GenXers (born ) Boomers (born ) Boomers GenXers Millennials magazines 21% 22% 25% internet television radio Base: Percent of coverage among adults 18+, HHI $50K+ Note: Heavy media usage = top quintile of usage for each medium (ranking excludes newspaper) Source: GfK MRI, Fall

12 readership and reach Magazines appeal to young adults An analysis of GfK MRI data demonstrates that adults under 35 years old read more issues per month than adults who are over 35. Readership by Age Total Under 25 Under Issues Read/Past Month (median) Index Heavy Magazine Readers Top Quintile 20.0 know Index Base: U.S. Adults 18+ Source: GfK MRI, Fall Did you know that adults are more likely to be in the top quintile of magazine readership the most avid or heaviest readers overall? Base: U.S. adults 18+; Source: GfK MRI, Fall fact more 10

13 readership and reach Magazines appeal to diverse readers More than eight out of ten African-American adults (83%) are magazine readers. They read an average of 15.8 issues per month, compared to 10.8 issues per month for all U.S. adults. More than two out of three African-American adults (69%) who read magazines are between the ages of 18 to 49, compared to only 60% of the U.S. adult population. According to Oxbridge Communications, from 2006 to 2010 the total number of African- American targeted titles rose from 129 to 146, an increase of 13.2%. More than 75% of adult Hispanics read magazines. They read an average of 11.8 issues per month, slightly higher than the U.S. average. Magazines serving Hispanic readers grew from 155 in 2006 to 184 titles in 2010, an increase of 18.7% over the five year period. Nearly two-thirds of teens, 66%, read magazines. A cross-media comparison conducted by Carat Insight found that the top 25 magazines lead the top 25 primetime television shows in reaching teens age 12 to 17 by more than twice as much. Sources: GfK MRI, Fall 2010; Oxbridge Communications MediaFinder, 2011; GfK MRI Teenmark, 2010; Carat Insight,

14 readership and reach Magazines accumulate reach faster than commonly believed The average monthly accumulates approximately 50% of its audience within the first month The average weekly accumulates nearly 80% of its audience within the first two weeks Magazine Audience Accumulation Over Time Immediacy of Reading A Typical Issue same day I receive it 43% within 2-3 days 34 within 1 week 15 within 2 weeks 5 two weeks or longer 3 Base: All magazines 477,351 Issue-Specific Readers Source: Affinity s VISTA Service, January December 2010 know on-sale date + 58% of digital magazine readers read their edition the day they get it. Source: Texterity-BPA Worldwide Certified Profile of the Digital Edition Reader, 2010; N = 9,443 digital consumer magazine readers Note: Magazine reach begins accumulating audience before the actual on-sale date. The on-sale date is the actual date the magazine will appear on the newsstand or is likely to arrive in subscriber households. For weeklies, it is generally one week earlier than the cover date of the magazine. For monthlies, the on-sale date is generally weeks ahead of the cover date. Source: GfK MRI Magazine Audience Accumulation Study, Fall 2010 GfK MRI variable used cume % GRPs + fact more 12

15 readership and reach Magazines reach more adults and teens than television Magazines provide superior reach compared to television programs for major target audiences according to Carat s cross-media research comparing the top 25 primetime television programs to the top 25 magazines. Note: Total GRPs equal the rating of each of the top 25 vehicles of each medium added together Gross Rating Points of Top 25 Magazines and Primetime Television Programs adults magazines 138 primetime television adults adults men men HHI $75K women women HHI $75K african americans teens Sources: Carat Insight; Nielsen, September 2009 May 2010 (regularly scheduled, primetime programs); GfK MRI, Fall 2010; GfK MRI Twelveplus,

16 engagement Magazines are the medium of engagement Magazines continue to score significantly higher than television and the internet in key engagement attributes. Magazine reading offers pure pleasure, control and escape. 68% of respondents consider magazine reading as my time. + + fact Base: year olds that have looked at/read a magazine during the past 3 months Note: Based on ratings of 7, 8, 9 or 10 on a 10-point scale, where 10 = agree completely and 1 = disagree completely Source: THE CONVERSATION conducted on behalf of Hearst by Russell Research, 2010; N = 2,037 online survey respondents Comparing Media Channels know ad receptivity 258 magazines 209 internet 208 television trustworthy life enhancing more social interaction inspirational Note: rating scale Source: Experian Simmons Multi-Media Engagement Study, Spring

17 engagement Consumers pay more attention to magazines than other media Magazine readers are the least likely of all media users to engage in other (non-media) activities while reading. Consumers Pay Attention to Magazines Percent of consumers who regularly engage in non-media activities while using media. Lower percentage = better performance. read magazines 10% When consumers read magazines, they are much less likely to engage in other media. Only 13% listen to the radio, and slightly less than one in four (21%) watch television. + + Another study found that nearly three-quarters of American consumers are multi-tasking while watching television. fact Source: Deloitte s State of the Media Democracy Survey, Fifth Edition, Feb 2011 read newspapers watch television 11% know listen to radio go online Source: BIGresearch Simultaneous Media Usage Study, % Consumers Pay Attention to Magazines Lower percentage = better performance. 26% 27% regularly engage in other read go watch listen to read medium when you... magazines online television radio newspaper read magazines 11% 21% 13% go online watch television listen to radio more read newspaper Source: BIGresearch Simultaneous Media Usage Study,

18 engagement Consumers welcome advertising in magazines Advertising recall a measure of ad effectiveness for magazines has grown 11% over the last five years. Magazine Advertising Recall Index to % 59% Over half (53%) of those recalling ads took action as a result of seeing that specific ad. Magazine Advertising Actions Taken Index to % % Note: Actions taken based on readers recalling specific ads Source: Affinity s VISTA Service, % of respondents agree that ads are particularly enjoyable when related to content 60% agree that ads allow for more detailed information Source: THE CONVERSATION conducted on behalf of Hearst by Russell Research, 2010 (see source details on page 14) 16

19 engagement Consumers find value in magazine advertising Consumers, even younger consumers, feel that magazine advertising has: more positive drivers useful in providing information a credible source fewer negative drivers ad repetition less inconvenient A majority (55%) of U.S. respondents state that an important feature of printed magazines is the advertising that helps them learn + + fact Consumer Experiences with Advertising Positive Drivers age magazines internet television radio newspapers Ads provide useful % 36% 57% 37% 49% information about new products/services Ads provide information about product use of other know consumers Negative Drivers Ads have no credibility Ads appear at inconvenient moments All ads are alike Ads are repeated too often Source: GfK MRI, Fall 2010 more about new things for themselves and their family. Source: Deloitte s State of the Media Democracy Survey, Fifth Edition, Feb

20 engagement Magazines rank highest for interest in advertising Key Advertising Touchpoints saw ad in have considerable/ advertising past 6 months some interest among touchpoints (millions) those seeing ad (%) television % magazines mail sent to home newspapers websites grocery stores billboards shopping malls department stores gas stations movie theaters restaurants drugstores airports convenience stores medical offices saw ad in have considerable/ advertising past 6 months some interest among touchpoints (millions) those seeing ad (%) bookstores % video screen ads sports stadiums/arenas cafe/coffee houses hair/nail salons pubs/bars elevators airport lounges health clubs taxi roofs buses bus/subway/train stations trains subways inside taxis Base: Heads of House, HHI $100,000+ Source: Ipsos Mendelsohn Affluent Survey,

21 engagement Consumers enjoy and trust magazine advertising Magazines rank #1 out of 16 media for consumers having a positive and credible impression of advertising and #2 only to video games for consumers enjoying the content at the time they saw the advertisement. Almost 2/3 (64%) of readers report that they enjoy reading magazine ads, and almost half (46%) read their favorite magazines for information about new brands and companies. + + fact Source: Affinity s VISTA Service, 2011 Top 5 Ranking (of 16 media) on Key Advertising Performance Areas: know Advertising made a 1 magazines positive impression: 2 in-store 3 television 4 newspapers 5 radio Enjoying content at the 1 video games time I saw the advertisement: 2 magazines 3 radio 4 television 5 newspapers more magazines Source: The Futures Company Yankelovich MONITOR/Sequent Partners, 2008 Adults Age Who Trust Advertising internet 40% 48% television 40% Source: Time Inc. Storytelling in a Multiplatform World,

22 accountability and action Magazines influence word-of-mouth reaching social networkers and building trust Magazine readers are highly trusted for their advice across a number of categories. Magazines and the internet rate highest in reaching social networkers. Social Networkers Used Facebook, Twitter or LinkedIn in Past 30 Days magazines 127 internet 177 television 71 radio 99 newspapers 90 Base: Top quintile of usage for each medium, indexed to adults 18+ Source: GfK MRI, Fall Consumers Whose Advice is Trusted automotive magazines internet television radio newspapers personal finance food technology vacation travel Base: Top quintile of usage for each medium, indexed to adults 18+ Source: GfK MRI, Fall

23 accountability and action Magazines rank #1 in driving purchase intent Magazines provide more bang for the buck. Magazines increased purchase intent five times as much as television or the internet when looking at how each medium alone affected purchase intent. Number of People Impacted Per $1 Spent magazines 4.8 television 0.8 internet 0.3 Source: Dynamic Logic, 2009, aggregation of 10 ROI studies Whether alone or in combination with other media, magazines were the only medium to be ranked as most efficient at each stage of the purchase funnel. Which medium or media combination was most efficient at each purchase funnel stage? television television magazines television online magazines + online + magazines + online Aided Brand Awareness 1 2 Ad Awareness 1 2 Message Association 2 1 Brand Favorability 2 1 Purchase Intent/ Consideration Denotes most cost-effective medium for metric 2 Denotes second most cost-effective medium for metric Source: Dynamic Logic, 2009, aggregation of 10 ROI studies 21

24 accountability and action Magazine advertising gets readers to act 77% of respondents purchased a product after seeing or reading something in a magazine More than half (53%) of magazine readers took action or had a more favorable opinion about the advertiser because of magazine advertising. Actions Readers Took or Plan to Take as a Result of Exposure to Specific Magazine Ads Took any action (net) 53% Consider purchasing the advertised product or service 19 Have a more favorable opinion about the advertiser 12 Source: THE CONVERSATION conducted on behalf of Hearst by Russell Research, 2010; N = 2,037 online survey respondents (see source details on page 14) Gather more information about advertised product or service 12 Visit the advertiser s website 10 Purchase the advertised product or service 8 Visit a store, dealer or other location 8 Save the ad for future reference 6 Recommend the product or service to a friend, colleague or family member 5 Source: Affinity s VISTA Service,

25 accountability and action Readers respond to magazine advertising regardless of how they acquire a magazine Actions Taken for Magazine Advertising is Strong paid nonpaid pass-along total readers Took any action (net) 53% 52% 54% 53% Consider purchasing the advertised product or service Have a more favorable opinion about the advertiser Gather more information about product or service Visit the advertiser s website Visit a store, dealer or other location Purchase the advertised product or service Save the ad for future reference Recommend the product or service Base: Actions taken/plan to take, based on respondents recalling specific ads Source: Affinity s VISTA Service,

26 accountability and action Magazine ads are effective throughout the book Advertising performance is not compromised by position in book. Advertising Effectiveness by Position in Book VISTA STARCH total recall action taken noted action taken Full Issue 59% 53% 53% 60% First quarter of book Second quarter of book Third quarter of book Fourth quarter of book Sources: Affinity s VISTA Service (1P4), January December 2010; GfK MRI Starch (1P4), January December

27 accountability and action Creative is the strongest predictor of ad effectiveness An important research study conducted by Knowledge Networks on behalf of DRAFTFCB and Meredith Corporation found that Creative Quality (40%) and Magazine Involvement (30%) were the two main drivers of ad recall. Similar research from comscore for influence on shifts in brand sales for digital advertising showed more than half of the impact of digital advertising comes from the quality of creative. Drivers of Explained Ad Recall Influence on Shifts in Brand Sales category participation magazine exposure 5% 7% other 18% magazine characteristics 40% ad quality 30% involvement 48% media plan and weight, price, other 52% creative quality Base: 27% of ad recall that could be explained Source: Identifying Key Metrics for Magazine Planning Ware (Meredith Corporation), Baron (DRAFTFCB) and Edge (Knowledge Networks), Worldwide Readership Research Symposium (Prague) Source: comscore ARS Global Validation Summary Numbers represent the percent variance in sales shifts explained by the corresponding factors. Creative quality is based on the ARS Consumer Choice Score. A lift in the score is highly correlated with brand sales results. 25

28 accountability and action Magazine ads are slow to wearout In two key full-year magazine campaigns for both Toyota and Target in 2010, ad recall and actions taken did not wearout through the course of the campaign. Q1 Q2 Q3 Magazine Ad Recall and Actions Stay Strong Toyota Time period: 4 quarters. Measured ad occurences: 495 any actions taken (net) average recall 39% 38% 39% 52% 50% 55% Q4 40% 53% Q1 Target Time period: 4 quarters. Measured ad occurences: 344 visit a store average recall 35% 67% Q2 Q3 Q4 32% 32% 35% Base: Actions taken based on readers recalling specific ads Source: Affinity s VISTA Service, % 64% 67% 26

29 accountability and action Magazines drive consumers to go online Almost one-third (30%) of magazine readers report that they have used a computer or mobile device to visit a magazine s website in the past six months. Source: Affinity s VISTA Service, 2010 Nearly 50% of magazine readers go online to find more information about the advertising in their printed magazines. Source: CMO Council, 2010 Activities Performed by Magazine Readers Who Visit a Magazine Website read an article online 72% know forward an article to someone 24 view/click on an ad 24 bookmark the magazine s site 21 48% yes 52% no download/print an article 20 purchase a product/service 10 Respondents agree that ads (57%) and articles (59%) in magazines drive them to visit a company s website. Source: THE CONVERSATION conducted on behalf of Hearst by Russell Research, 2010 N = 2,037 online survey respondents (see source details on page 14) + + fact more subscribe to the magazine 8 post a comment/blog 8 download an application 5 some other activity 24 Base: 477,351 issue-specific readers, multiple responses Source: Affinity s VISTA Service, January December

30 accountability and action Advertising on branded media sites yields greatest impact Content (branded media) sites provide the best results for online ad campaigns, compared to portals and ad networks, according to a study by the Online Publishers Association (OPA). A prominent women s magazine partnered with a well known CPG brand to measure the CPG Brand s multimedia campaign across the publication s platforms. Results for + + fact the digital audience metrics, intent to take action and various attitudinal statements, averaged an impressive points higher for a magazine branded over a non-magazine branded audience. Source: MSLO Cross Platform Study, 2009 Ad Effectiveness Scores by Site Category know aided brand awareness MarketNorms* content sites portals ad networks online ad awareness message association brand favorability more purchase intent 0.1 9** *Dynamic Logic s MarketNorms for campaigns over last three years through Q4, 2009 **Ad effectiveness score is statistically insignificant Source: OPA Improving Ad Performance Online: The Impact of Advertising on Content Sites Wave IV, April, 2010 Note: Indexed to MarketNorms

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