192 Paid, Owned, Earned impression. Ever increasing page views and ever increasing volumes of remnant inventory were seeing online inventory move to lowest- common-denominator pricing where everything was priced at the lowest cost possible for an eyeball, regardless of the advertiser or desired targets or the quality of the content, but data coupled with the ability to buy on an impression-by-impression basis in real time are fundamentally changing the trading market for online advertising space. New transactional techniques are quickly evolving, and ad exchanges (automated display buy­sell platforms similar to the Stock Exchange electronic trading systems) are growing in importance. Google delivers scale for AdWords by having search campaigns booked through an interface, with machines doing the legwork. The same is now starting to happen with display through ad exchanges. There are only a certain amount of bookings that a person can make over the phone in any one day, but the automated platforms around ad exchanges are able to handle vast amounts of trades, buying on an