Online advertising is entering a fourth phase of innovation. Each of the previous waves of online marketing innovation has directly influenced or informed the development of successive waves. Starting with banner ads ten years ago, the online economy has revolved around advertising. While subscriber fees, government grants and private investment capital paid for the development of the backbone, advertisers paid for the development and sustentation of commercial websites. The same is true today but, just over a decade into the evolution of the public/commercial Internet, advertising has become much more precise, targeted and universally pervasive.

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