These bid streams amount to a Niagara of ad slots, bought and sold via what participants call the ‘programmatic pipes’: a global digital infrastructure of datacentres, AdTech platforms and fibre-optic cables. Each SSP pumps out to potential buyers a ‘bid stream’ of individual, momentary opportunities to show an ad in a specific slot on a particular site. The biggest host of instantaneous auctions by volume is Google’s ad exchange, but news publishers and other big providers of online content also bring their supply of ad slots to market through AdTech systems known as ‘supply-side platforms’ or SSPs. Without that, its newsroom would be much depleted. I’m told, for example, that the Guardian gets about a billion online ad impressions every month, which brings in £50-£70 million a year, somewhere between a fifth and a third of the paper’s total revenue. But fractions of pennies add up when earned many, many times over. Prices in these auctions are usually very low: the winning bid for an ad slot will normally be no more than a fraction of a penny.
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Each ad slot is auctioned separately, and its price is influenced not just by the quality of the website – which often matters less than one might hope – or by the nature of the content surrounding the slot, but by what, if anything, is known about the user to whom the ad will be shown in a couple of seconds’ time. There, demand from multiple advertisers is brought together electronically with supply from any website whose content carries ad slots (news publishers are distinctly in the minority in the open marketplace). But an advertiser can also buy ad slots, often far more cheaply, in what they call ‘open auctions’ or the ‘open marketplace’. One way for an advertiser or advertising agency to get their ads onto a news website is by striking a direct deal with the site’s publisher, at a fixed price per thousand ‘impressions’ (each time an ad is shown to a viewer counts as one impression).
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Less than 5 per cent of online advertising money in Britain is spent on ads that appear on newspaper websites, and the resulting revenue for newspapers (£487 million in 2017, Mediatique says) falls well short of making up for the decline in print advertising. Online advertising, by contrast, has boomed, but the revenue has largely bypassed news publishers. British newspapers were making £4.6 billion a year from print advertising as recently as 2007, but by 2017, according to the consultancy Mediatique, earnings had fallen to £1.4 billion. Sales of print newspapers have been falling for years, and revenues from online subscriptions alone are generally insufficient to support large-scale news reporting. What goes on during those few seconds is vital to the economics of journalism and is the subject of sharp, subterranean conflict among news publishers, the big online platforms (especially Google), and independent providers of ‘AdTech’, the technology of digital advertising. Sometimes, an enigmatic pattern or grey rectangle will appear instead of an ad.
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Your phone or laptop may itself be gathering bids for the auction. Instead, a near instantaneous, automated auction of each slot goes on behind the scenes to determine which ad you will be shown. The ads which then appear aren’t generally chosen in advance. If you have a fast internet connection, you’ll see the article almost immediately, but the slots for adverts will usually remain empty for another second or two.
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C lick on a link to an article on a news website.