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What:Adobe has entered into a definitive agreement to acquire TubeMogul for approximately US$540 million net of debt and cash.
Why it matters: TubeMogul acquisition brings  a DSP into the Adobe Marketing Cloud.  Adobe will now be able to expand substantially into display digital media as well as programmatic TV. The online video and programmatic space are consolidating. Over the last two years Adap.tv went to AOL for US $405 million, BrightRoll went to Yahoo for US $640 million and LiveRail went to Facebook for between US $400 million and US $500 million.

descarga-1 descargaAdobe announced it has entered into a definitive agreement to acquire TubeMogul for approximately US$540 million net of debt and cash. Under the terms of the agreement, Adobe will commence a cash tender offer to acquire all of the outstanding common stock of TubeMogul for US$14 per share.

TubeMogul is a leader in video advertising, with a single platform that enables brands and agencies to plan and buy video advertising across desktops, mobile, streaming devices and TVs. Adobe Marketing Cloud is a comprehensive and integrated solution for delivering exceptional digital experiences. Adobe’s acquisition of TubeMogul will create the first end-to-end independent advertising and data management solution that spans TV and digital formats, simplifying what has been a complex and fragmented process for the world’s biggest brands.

By acquiring TubeMogul, Adobe strenthens its display and programmatic TV offering.

Video consumption is exploding across all devices and video advertising is the fastest growing advertising category. Adobe is the leader in video content creation and delivery with its Premiere Pro CC and Primetime solutions. Adobe’s acquisition of TubeMogul will enable brands to capitalize on the meteoric shift to online video.

Portada‘s 2017 Online Marketing Guide is out! Download it for free and get the latest in opportunities and challenges in the industry, video ad market forecasts and video audience development.

The acquisition of TubeMogul further strengthens Adobe in digital marketing and advertising technology. Building upon its expertise in search, display and social advertising planning and delivery with Adobe Media Optimizer, the addition of TubeMogul will enable Adobe’s customers to maximize their video advertising investments across desktop, mobile, streaming devices and TV. TubeMogul’s video advertising platform, combined with Adobe Marketing Cloud, will give customers access to first-party data and measurement capabilities from Adobe Audience Manager (Adobe’s data management platform) and Adobe Analytics respectively.

“Whether it’s episodic TV, indie films or Hollywood blockbusters, video consumption is exploding across every device and brands are following those eyeballs,” said Brad Rencher, executive vice president and general manager, digital marketing, Adobe. “With the acquisition of TubeMogul, Adobe will give customers a ‘one-stop shop’ for video advertising, providing even more strategic value for our Adobe Marketing Cloud customers.”

TubeMogul is a video demand-side platform (DSP) leader according to Forrester Research in its Q4 2015 Forrester Wave™ Video Advertising Demand Side Platform report. Adobe and TubeMogul share a long list of joint customers that will benefit from the integration of TubeMogul into Marketing Cloud solutions. Joint customers include Allstate, Johnson & Johnson, Kraft, Liberty Mutual, L’Oréal, Nickelodeon and Southwest Airlines.

“Adobe and TubeMogul share a similar culture and vision for the future of advertising,” said Brett Wilson, CEO and co-founder, TubeMogul. “The combination of Adobe Marketing Cloud with TubeMogul’s software creates a uniquely comprehensive platform that will help marketers always know what’s working — and act on it. We’re thrilled to call Adobe home and believe this will be a great move for our clients, team and shareholders.”

TubeMogul CEO Brett Wilson will continue to lead the TubeMogul team as part of Adobe’s Digital Marketing business. TubeMogul and Adobe are both present in Latin America

 

Will mostly U.S. based Online Video and Advertising Technology providers really be able to deliver the goods when it comes to the Latin American Online Video Market? What are the main challenges ahead? In order to find out more about the evolution of Online Video in LatAm, we asked major experts what online video formats they see growing the most in 2015. Below, their answers.

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Jorg Nowak, Head of Latin America, YuMe

“Video Advertising has arrived in Latin America and is certainly nothing new. At YuMe, our IAB and MMA Award winning ad units such as “Ngage” and others transform the traditional 30 second TV Spot/Pre-roll into an experience that engages the audience and create the brand recognition advertisers are asking for”.

The enormous opportunities presented by the Latin American and U.S. Hispanic online video landscape will be examined in-depth by major experts of the brand marketing, agency, media and measurement world at Portada’s Latin Online Video Forum on June 3 in Miami (part of #Portadalat.) Check out the evolving agenda and register!

Chris Stanley, CEO, Alcance Media

38859b2“Overall, I expect video to continue its strong growth as more advertisers see the benefits. As for the formats, pre-roll will be number one, but as more offerings become available in mobile pre-roll this should see strong growth as well”.

Mike Downs ‎VP, Hispanic & LatAm at TubeMogul

“Pre-Roll is the format growing most consistently, with the majority of that growth driven by mobile devices, and we believe that both will continue to develop in 2015. We work with advertisers looking for innovative solutions to deliver brand messages and will continue to do what’s best for them”.

Eric Tourtel, SVP and General Manager Latin American, Teads

iWl5-mjI_400x400“Pre-roll within a quality environment will not grow, quite simply because there are not any more inventories available (producing video content is expensive hence why there is not too much availability and it tends to be sold out immediately). Pre-roll within user-generated content may grow if advertisers prefer price over quality. Hope for users and advertisers mid-rolls and post rolls will not grow either since that would have a negative impact on the way people perceive brands (no one likes to be forced to see an ad while consuming video content).
I am convinced, thanks in part to our conversations with many brands and agencies, that Outstream formats will grow, and that inRead will soon be a commoditized format. Finally, 2015 will be the year of mobile! According to eMarketer, Latin America is the second fastest growing region for mobile phone internet user growth, ranked 2nd worldwide behind Central & Eastern Europe. eMarketer predicts Latin America will have 322 Million Mobile Phone internet users by 2018, a jump of 194M from 2014 (a 65%+ increase in 4 years alone).

In Mexico 94.7% of the mobile traffic goes through Wi-Fi

Research firm eMarketer expects  a very high growth rate of  mobile internet ad spending in Latin America, growing to US$2.24 billion  by 2018 from US$334 million  in 2014. One very important point to consider is that since the quality of mobile broadband’s is extremely low, people tend to use Wi-Fi on their devices all the time, to the direct detriment of the broadband quality available on mobile devices. For example, in Mexico 94.7% of the mobile traffic goes through Wi-Fi, which means we can deliver a lot of video on mobile. In our view the major growth in mobile formats will come from inRead and mobile-friendly formats”.

There will be a rapid increse in mobile internet ad spending, growing to US$2.24B by 2018 from US$334M during 2014

Manny Montilla Sales Director at Adap.tv

Manny_0165(1)“Although I think mobile video will grow tremendously in 2015, I think the more compelling growth to keep tabs on will be centered around publishers concentrating their efforts in generating more medium and large player inventory. The saturation of small player inventory and the increasing negative user experiences associated with them are making advertisers more and more prone to targeting away from small pre-roll inventory sources and concentrating their spends toward larger sized pre-roll sources”.

The opinions are manifold. As 2015 moves on, we should have a clear perspective on the format that best meets advertisers’ needs as well as users’ habits.

CHECK OUT:
10 things you need to know about the Latin American Online Video Advertising Market

Will Online Video Take Money Out of the Huge LatAm TV budgets?

The enormous opportunities presented by the Latin American and U.S. Hispanic online video landscape will be examined in-depth by major experts of the brand marketing, agency, media and measurement world at Portada’s Latin Online Video Forum on June 3 in Miami (part of #Portadalat.) Check out the evolving agenda and register!

What: Video Advertising Software services provider TubeMogul has opened offices in Mexico and Brazil and  signed a global deal with 3M to increase its global presence in Latin America.Media veterans Bernardo Toca and Adriano Hayashi join TubeMogul to spearhead growth in Mexican and Brazilian markets respectively.
Why it matters: An increasing number of  providers of programmatic buying and video services is expanding into Latin America because of the very high growth rate of the Latam digital market. These providers include Ebuzzing, DynAdmicYuMe and The Rubicon Project.

descargaVideo Advertising Services provider TubeMogul has officially opened offices in Mexico and Brazil and hired media veterans Bernardo Toca in Mexico and Adriano Hayashi in Brazil to lead their country’s respective offices.The company has also signed a global deal with 3M.

Bernardo Toca joins TubeMogul with over 15 years of digital media experience, serving most recently as Country Manager for ClickMagic. He also teaches a master’s course in performance marketing at Mexico’s ISDI MIB (Masters in Internet Business) program, and has worked previously at Disney, Google, and AT&T.

Adriano Hayashi comes to TubeMogul from Cadreon Australia, where he worked as the trading desk’s Video Product Manager. He attended Brazil’s prestigious Escola Superior de Propaganda e Marketing institution, and was valedictorian at Digital Media’s Digital Cadet program. He has over 13 years digital marketing experience at Fast Runner, Duton, Towers Watson, and as a freelance consultant.

The move reflects the company interest to expand throughout Latin America and Mexico, which are among the fastest-growing programmatic markets globally with over 101% growth in total video inventory available for purchase since January 2014. Interesting, TubeMogul generated approximately 33% of its 2013 revenue from markets outside the United States, and has seen brands like Mondelez and Lenovo increasingly use software to unify their global video advertising initiatives.

“Advertisers are pulling us into these markets.Both Mexico and Brazil represent a huge strategic opportunity for brands and agencies to extend their reach, and we’re thrilled to have experienced authorities like Bernardo and Adriano lead our efforts in these high-growth countries,” said Mike Downs, TubeMogul’s VP Sales, Latin America.

Adding to U.S. Hispanic

“Programmatic advertising – especially video – is exploding across Mexico. We’ve worked with TubeMogul in the US on both Hispanic and general market campaigns, and because of their experience and commitment to helping brands simplify their video advertising campaigns, we’re very excited to build on that partnership in the coming months,” said Fernando Bazán Athié, eMarketing Supervisor LATAM at 3M.

TubeMogul’s software enables brands and agencies to buy video ads across all devices, and provide ad serving, targeting, optimization and brand measurement. It currently reaches over 24 million unique viewers each month in Mexico, according to comScore, and programmatic advertising is forecast to grow by over 8,000% in Latin America from 2014 – 2018, according to International Data Corporation.

What: The software marketing company TubeMogul raised just US $43.8 million on Friday,with its’ IPO price at US $7 per share.Although the company had expected to raise at least  raise US $93 million, the stock finished on Friday at US $11.50,up 64% on its first day of trade.
Why it matters:
TubeMogul’s lower IPO pricing reflects consolidation trends in the ad-tech sector particularly for online video advertising players. While demand for online video advertising services (SSPs, DSPs, DMPs) is growing at a very high rate, the supply and capacity of companies catering to the sector may be even larger. Therefore, the downward pressure in the valuation of these companies.

descargaVideo demand-side platform TubeMogul priced the shares for its public offering on Thursday at US $7 per share and finished on Friday at US $11.50,up 64% on its first day of trade.  Monday Morning (July 21) the stock was trading in the US US$ 10.6- US$ 11.7 range. Thanks to prior investors, who bought US $25 million of the shares offered in the deal (US $5 million of insider buying from Trinity Ventures, adding to the US$20 million indicated by Foundation Capital) , and the basement price of the shares TubeMogul found itself raising around US $43.8 million when then company had expected to raise US $93 million. Tube Mogul has software that allows agencies and advertisers to run commercials on online video portals such as YouTube and Vimeo.

The change comes amid significant investor pessimism around technology stocks and ad tech companies in particular.
 

“TubeMogul will raise 38% less in proceeds than previously anticipated and will command a market cap of US $244 million, down 38% from US $394 million,” said an item on Nasdaq.com.TubeMogul’s revenues were US $22 million in Q1 2014 versus US $9.6 million during the same period last year.  Total expenditures through the platform was US $48 million in Q1 2014, versus US $16.3 million in Q1 2013.Also, the company said gross margins had expanded to 72% for Q1 2014 versus 65% in Q1 2013. Finally, net loss was US $800,000 in Q1 2014 versus US $1.9 million in Q1 2013.

The CFO of Tremor Video expects consolidation to cut the number of its competitors effectively in half.

Consolidation in the Ad-Tech Sector

TubeMogul’s IPO comes at a moment when consolidation in the Ad-Tech sector, particularly in the online video advertising ecosystem, is a clear trend. As Seeking Alpha notes in a recent article, “it is no secret that the ad tech industry is rapidly consolidating, particularly with companies like YuMe that focus on online video advertising. “At a recent presentation, the CFO of Tremor Video stated that he expects consolidation to cut the number of its competitors effectively in half. This premonition is quickly becoming the reality. Look at the major transactions that happened just during the last two months.
On June 19, Google acquired mDialog, a video ad tech analytics company that uses an SDK approach, similar to that employed by YuMe. Twitter acquired TapCommerce on June 30, a small mobile app advertising company for a reported $100M. This company has technology that is similar to YuMe and Millennial Media , both of which feature an SDK driven mobile app monetization platform.
In addition, on July 2, Facebook (FB) announced that it acquired LiveRail. This company is an SSP, supply side platform. It is geared towards serving publishers and has an estimated $100M in 2013 sales. TechCrunch, citing sources with knowledge of the deal, said that the purchase price is about $400M-$500M.

What: The software marketing company TubeMogul raised just US $43.8 million on Friday,with its’ IPO price at US $7 per share.Although the company had expected to raise at least US $93 million, the stock finished on Friday at US $11.50,up 64% on its first day of trade.
Why it matters:
TubeMogul’s lower IPO pricing reflects consolidation trends in the ad-tech sector particularly for online video advertising players. While demand for online video advertising services (SSPs, DSPs, DMPs) is growing at a very high rate, the supply and capacity of companies catering to the sector may be even larger. Therefore, the downward pressure in the valuation of these companies.

descargaVideo demand-side platform TubeMogul priced the shares for its public offering on Thursday at US $7 per share and finished on Friday at US $11.50,up 64% on its first day of trade.  Monday Morning (July 21) the stock was trading in the US US$ 10.6- US$ 11.7 range. Thanks to prior investors, who bought US $25 million of the shares offered in the deal (US $5 million of insider buying from Trinity Ventures, adding to the US$20 million indicated by Foundation Capital) , and the basement price of the shares TubeMogul found itself raising around US $43.8 million when then company had expected to raise US $93 million. Tube Mogul has software that allows agencies and advertisers to run commercials on online video portals such as YouTube and Vimeo.

The change comes amid significant investor pessimism around technology stocks and ad tech companies in particular.
 

“TubeMogul will raise 38% less in proceeds than previously anticipated and will command a market cap of US $244 million, down 38% from US $394 million,” said an item on Nasdaq.com.TubeMogul’s revenues were US $22 million in Q1 2014 versus US $9.6 million during the same period last year.  Total expenditures through the platform was US $48 million in Q1 2014, versus US $16.3 million in Q1 2013.Also, the company said gross margins had expanded to 72% for Q1 2014 versus 65% in Q1 2013. Finally, net loss was US $800,000 in Q1 2014 versus US $1.9 million in Q1 2013.

The CFO of Tremor Video expects consolidation to cut the number of its competitors effectively in half.

Consolidation in the Ad-Tech Sector

TubeMogul’s IPO comes at a moment when consolidation in the Ad-Tech sector, particularly in the online video advertising ecosystem, is a clear trend. As Seeking Alpha notes in a recent article, “it is no secret that the ad tech industry is rapidly consolidating, particularly with companies like YuMe that focus on online video advertising. “At a recent presentation, the CFO of Tremor Video stated that he expects consolidation to cut the number of its competitors effectively in half. This premonition is quickly becoming the reality. Look at the major transactions that happened just during the last two months.
On June 19, Google acquired mDialog, a video ad tech analytics company that uses an SDK approach, similar to that employed by YuMe. Twitter acquired TapCommerce on June 30, a small mobile app advertising company for a reported $100M. This company has technology that is similar to YuMe and Millennial Media , both of which feature an SDK driven mobile app monetization platform.
In addition, on July 2, Facebook (FB) announced that it acquired LiveRail. This company is an SSP, supply side platform. It is geared towards serving publishers and has an estimated $100M in 2013 sales. TechCrunch, citing sources with knowledge of the deal, said that the purchase price is about $400M-$500M.

Analysis Analysis: Online video  is getting huge in the Hispanic market. Major general market players including Videology, Tremor Video,  AdapTV, Yume, Tube Mogul and video entertainment network Machinima now have dedicated units exclusively targeting the U.S. Hispanic market. Many of these companies focus on video ad delivery across multiple screens (connected TV’s, mobile, tablets and desktops) to target precise consumer segments—at scale—by demographics, psychographics and behavioral segments. But, in the midst of all this sophistication, what about the creative to use in online video ads ? Can TV spots just be repurposed?  Below what several advertising experts think.

One trend is clear and it is that major buying agencies increasingly see video as a channel agnostic vehicle.”We have many online video campaigns live right now. As we wind down the upfront buying season, video was front and center across screens from TV to desktop to tablet to mobile. More than ever before we are approaching video buying with a screen neutral mindset to align with how Hispanics consume and overconsume video across screens and devices,” Marla Skiko, SVP Digital Innovations at SMG Multicultural tells Portada. But should’nt video ads be adapted to the characteristics of the different channels they are used in?

Online video may be a media buy, but at heart it is a creative piece.

The “No way, Do not repurpose School”

Mobile videos
Mobile videos

Xavier Mantilla,  Partner at IPG MediaBrands in Miami notes that  “online video may be a media buy, but at heart it is a creative piece. If media agencies got more together  with creative agencies , these would be much more successful. When we look at video campaigns that have had higher click-through rates we realize that the creative had a very big part, as well as where it was running, so this fusion of art and science needs to grow.  But then, we need to invest in this and not just repurpose videos.” Marla Lopez Knowles, CMO at  Pulpo Media, has a similar view: “I, personally, believe that developing online video ads will drive greater engagement than the mere repurposing of TV broadcast content.  Again, driving more personalized communications drives greater engagement and brand affinity.  We all want advertisers to recognize us as unique. The more they can speak to a consumer as a unique individual, informed by deep knowledge and insights about the individual/audience, the greater the engagement. It’s more than just reach; it’s reach and touch.  TV broadcast content, by its very nature, is meant for more mass consumption and broad reach.”

On the web we can finally spread our wings and practice “storytelling” like never before.

John Trainor, publisher of Hoy Chicago, also appeals to the different characteristics of the channel where the online video ad is shown: “On the web there are no time constraints or space restrictions like there are for TV or print. There are no 2-minute per segment or 700 word limits, meaning that we can finally spread our wings and practice “storytelling” like never before. It is not about adapting TV content for the web nor is it about adapting print content for the web, it is about telling the story in the best possible way, leveraging all the new tools available to our generation. Regarding the question that always comes up on whether ” size matters” we have learned that it’s not about the length of the video, its what’s in the video what matters, therefore we focus on creating engaging content rather than content you can squeeze within limited space constraints.” Trainor sees the biggest opportunity in branded content and cross-channel sponsored opportunities. As an example he cites a branded content series Hoy Chicago did for Loya Insurance which consisted of a series of 4 videos for “auto enthusiasts” which combined print and digital-video.

The “One Creative across screens School”

Make no mistake, for major Hispanic broacasters such as Univision and Telemundo, online video advertising revenues are still small compared to the billions they yearly get out of traditional Spanish-language  TV and cable advertising. However, it is very important to mention that Spanish-dominant Hispanics spend substantially more time (50% more!) than English – dominant Hispanics watching online video content.
The economic power of traditional TV and cable advertising may be a reason for the  one size fits all approach in which the TV creative is  used on all online video channels.

I can not think of a single occasion when the broadcast repurpose does not work for us.

“We use online video in almost every online ad program because we have found it to be three to fours times more effective in un-aided recall. I can not think of a single occasion when the broadcast repurpose does not work for us,” says Robert L. McNeil. President & CEO  of IMAGES USA in Atlanta, where he creates campaigns for the  Center for Disease Control, Nickelodeon and  Brown Foreman. Todd Wilson, until recently SVP Managing Director at Starcom Mediavest Group Latin America  in Miami (he now is SVP Managing Director, P&G Asia at Starcom Mediavest Group China)  says that Starcom has been running Latin American campaigns for P&G and Samsung and that he tends not to differentiate online video usage by campaign, rather seeing online video as another screen for all client products we would normally target across broadcast and cable.

 

The “It depends School”

Hispanic TV MarketOf course, the characteristics of every brand, the campaign objective, the timing and the channel used  are different. So, it may make sense not to have a clear answer on whether repurposing TV spots or not is the way to go.
SMG’s Skiko notes that “using TV spots for online video creative, is still quite common. We always advocate for messaging that is relevant and will resonate. As we keep planning video across screens it very well may make sense to have the same spot regardless of which screen it is on. That said, we need to be mindful of how behaviors change in digital areas vs. TV and consider how to best utilize TV spots. For instance, if a :30 and :15 are available we would likely suggest use of the :15 online. It is also important to try to capitalize on the nuances of digital and the vast array of creative units and options that exist to match the message format and functionality best to the screen and content in play.
“Ideally, we try not to re-purpose broadcast video for use in digital platforms,” Brett Dennis,  Chief Media Communications Officer at Conill, asserts. Dennis adds that, “while there are certainly production efficiencies that can be gained from using similar assets, we work closely with our creative teams to tailor video content to the medium. We do this for two primary reasons. First, we want to create an emotional connection with people based on the environment they are consuming our message. That might mean different creative approaches, not necessarily different campaign approaches. Second, to drive different behavior based on the channel of video being consumed. We expect a different action from somebody watching video on their big screen TV in the living room versus somebody watching video on their mobile phone while riding the train to work.” According to Dennis, a multi-screen video approach is a consistent part of most campaigns he deploys for clients. “Our current efforts for T-Mobile and Toyota’s Corolla, Camry and Highlander all include video elements across TV.Internet, mobile and social channels. The types of video elements we select are driven by the consumer journey for each brand, the role each media channel plays within that journey and the behavior we want to elicit from consumers.

 

 

What: There’s an opportunity for online video to drive Hispanic media, as, on average, Hispanics watch more online videos compared to the U.S. consumer. Cisco forecasts that by 2016 two-thirds of mobile traffic will be video viewing, and approximately 70% of advertising spending targeting Hispanics is spent in television.
Why it matters: There’s such high growth potential in online video – they’re the highest CPM in digital advertising – and Facebook seeks between US $1-2.4 million a day for its in-feed video ad feature. For online video to become a revenue driver for Hispanic media, the content should not be recycled and repurposed – rather, the content needs to be creative in its own way.

The strong growth of online video usage and advertising has interesting implications for the Hispanic market. On average, each U.S. Hispanic person watched 1,176.2 minutes (over 19 hours) of online video in March of this year, according to ComScore data. As importantly, Hispanics watch more online videos per viewer than the average U.S. consumer (270 per month vs. 243 for the U.S. consumer). Mobile communications, so pervasive among Hispanics, are also being driven by video consumption. In fact, Cisco forecasts that by 2016 two-thirds of mobile traffic will be video viewing. Online video offers digital extensions of Hispanic radio, print media and pure play digital properties a chance to level the playing field in the traditionally broadcast advertising oriented Hispanic market. Approximately 70% of advertising expenditures targeting Hispanics goes into TV.

Online Video Advertising Offers Non TV Media a Chance in the Broadcast TV Oriented Hispanic Ad Market.

Online Video CPMs (cost per thousand viewers) are the highest in digital advertising, usually three to four times as high as display advertising CPM’s. This explains why Facebook is seeking between US $1 million and US $2.4 million a day for its new in-feed video ad feature. Because of the high growth prospects of online video advertising, a whole new ecosystem of video advertising placement firms, which also provide comprehensive audience data insights and RTB (Real-Time Bidding) and video content producers, has emerged. It includes companies such as Vevo, Hulu, Google’s YouTube, Machinima, Videology, TubeMogul and Adap.tv.

For online video really to become a revenue driver for Hispanic media properties it is crucial that it does not just become a way to repurpose broadcast content. The key is to invest in creative that is native to the digital medium. “As clients are not investing in creative, but just repurposing video, I believe there is a lost opportunity to make better ads, to connect better with the audience and tell better stories as we are not limited to smaller spots,” says Xavier Mantilla, Partner and Client Manager at UM in Miami.

We Need to Invest in This and Not Just Repurpose Videos.

According to Mantilla, while online video may be a media buy, at heart, it is a creative piece. If media agencies got more together with creative agencies, these would be much more successful. He adds that, “when we look at video campaigns that have had higher click-through rates we realize that the creative played a very big role, as well as where it was running, so this fusion of art and science needs to grow. The next big opportunity is to generate localized video advertising to speak to an audience from its natural point of view.” The local nature of newspapers and radio can make them a particularly good fit for a new wave of localized online video ads. But as Mantilla concludes, “We need to invest in this and not just repurpose videos.”