1. Executive Summary 6
2. Methodology & main concepts of RTB 7
2.1. General methodology of IDATE's reports 7
2.2. Definition of RTB 8
3. The technology 9
3.1. RTB: real-time bidding 9
3.2. RTB and behavioural-targeted advertising 10
3.2.1. Tracking and user profiling 10
3.2.2. Retargeting 10
3.2.3. Cookies 11
4. RTB Markets 12
4.1. Market size 12
4.1.1. USA 12
4.1.2. EU-5 (France, Germany, Italy, Spain, UK) 13
4.1.3. Japan 14
4.1.4. Global picture 14
4.2. Positioning in the overall advertising structure 15
4.2.1. The online advertising ecosystem 15
4.2.2. Pricing model 16
5. Player strategies 17
5.1. Overview 17
5.1.1. RTB and the Internet ‘four': Google and Facebook lead the way, Amazon a dark horse 17
5.1.2. Advertising-specific players looking to dominate their specific domain 18
5.2. The Internet ‘four' (Google, Apple, Facebook, Amazon) 18
5.2.1. Google 18
5.2.2. Apple 19
5.2.3. Facebook 19
5.2.4. Amazon 21
5.3. Advertising specific players 22
5.3.1. Twitter / MoPub 22
5.3.2. Rubicon Project 23
5.3.3. Millennial Media 24
5.3.4. AppNexus 24
5.3.5. Criteo 25
5.3.6. Turn 26
5.3.7. Xaxis (WPP) 26
6. Conclusion / strategic analysis 27
6.1. RTB is fastest-growing segment of digital advertising 27
6.2. Drivers of RTB 28
6.2.1. Increased ROI for both advertisers and publishers 28
6.2.2. After dominating indirect inventory, focus moving to direct inventory 29
6.2.3. Big names have entered - both RTB providers and publishers 30
6.2.4. RTB moving into mobile 30
6.3. Barriers to RTB 30
6.3.1. Privacy concerns 30
6.3.2. Mobile advertising less advanced compared to fixed 31
7. Appendix 32

Tables & Figures

Table 1: Overview of player profiles 17

Figure 1: RTB in action within an ad exchange 8
Figure 2: The Real-Time Bidding process 9
Figure 3: Sponsored pages displayed on the Facebook mobile application, taking into account the Facebook
user's profile 10
Figure 4: The retargeting process 11
Figure 5: Example of mandatory cookie opt-in on a Website 11
Figure 6: RTB revenues and share over total display ads, for USA, 2012-2018 12
Figure 7: RTB revenues for France, Germany, Italy, Spain and UK, 2012-2018 13
Figure 8: RTB revenues as a percentage of display-advertising revenues, EU-5, 2012-2018 13
Figure 9: RTB revenues and share over total display ads, for Japan, 2012-2018 14
Figure 10: Global RTB revenues and regional breakdown, 2012-2018 14
Figure 11: The online advertising ecosystem 15
Figure 12: MoPub (SSP) pricing and terms 16
Figure 13: Google RTB on DoubleClick Ad Exchange (AdX) 18
Figure 14: The technological process of FBX 20
Figure 15: Example of FBX in action 20
Figure 16: Amazon Advertising Platform (AAP) 21
Figure 17: MoPub's Marketplace and Private Marketplace 22
Figure 18: The Criteo CPOP Platform 25
Figure 19: Relation between Criteo's performance display and Google's paid search ads 25
Figure 20: Some characteristic figures of Turn 26
Figure 21: Growth of advertising spend on RTB on the Nexage exchange, 2013 27
Figure 22: Percentage of advertisers and publishers who use an auction-based approach to media buying and selling, November 2013 28
Figure 23: Advertising ecosystem revenue sharing percentages 33

List of companies reviewed

Amazon
Apple
AppNexus
Criteo
Facebook
Google
Millennial Media
Rubicon Project
Turn
Twitter / MoPub
Xaxis (WPP)