移动广告市场新锐挑战谷歌

    千禧传媒面临的最大挑战就是与它的竞争对手相比，它的自身规模还相对较小。广告业一向是一个青睐大玩家的行业，因为大公司的接触面和交叉销售产品的能力更强。据咨询机构eMarketer的数据，谷歌（Google）毫无疑问是美国移动广告市场上的霸主，今年的市场占有率达到57.1%，其次是Facebook，市场占有率为12.2%。

    千禧传媒在美国移动广告市场上只占据了2%的份额，位居第六位。不过帕美瑞表示，公司的规模并不是问题。他指出，《广告时代》（Advertising Age）列出的100家最大的广告商里，有75家都在与千禧传媒做生意。事实上，帕美瑞喜欢把千禧传媒称作“最大的独立移动广告公司”。从技术上看，这也是实话。

    Canaccord Genuity公司的分析师迈克尔•格拉罕姆认为，千禧传媒的市值虽不足10亿美元，但它的独立性却使它成为了一个很可能被收购的目标。比如打造移动广告业务却以失败而告终的雅虎（Yahoo）就是其中一个潜在买家；微软（Microsoft）也有可能对千禧传媒抛出橄榄枝。不过帕美瑞拒绝评论这个问题。他甚至不愿意回答他跟雅虎CEO玛丽莎•梅耶尔熟不熟的问题，可能是害怕泄露他们之间是否进行过谈话。帕美瑞只是说：“我们正在打造市场领袖地位”，表示他正在带领公司继续前进，似乎也不会有什么收购。

    千禧传媒去年的首次公开募股募集到了1.33亿美元资金，其中大多数现金流入了公司的金库，使公司获得了一些运行空间。接下来的一轮融资又募集到了1,200万美元。像去年的许多新科技股一样，千禧传媒的股价一开始蹿得很高，在第一个交易日就翻了一番，之后稳定在略低于发行价的位置。

    格拉罕姆也认为千禧传媒的发展势头良好，理由是移动广告业的增长和该公司的独立性。他表示，千禧传媒可以向开发者们提供谷歌之外的另一个选择，又没有任何竞争负担。

    另外，千禧传媒的开发者网络已经汇聚了3.8万名开发者，对广告商十分有吸引力。当然，谷歌和Facebook在移动广告业市场的占有率都要高于千禧传媒，但这两家公司都不会在第三方应用中植入广告。Facebook在12月刚刚扼杀了一个试验性的移动广告网络，Twitter则还有待尝试。

    千禧传媒面临主要的危险就是谷歌或其他某家公司在移动广告市场上控制了更大的份额。谷歌凭借自身的规模，很可能承受得起一场价格战争，给予应用开发者更大的收入分成比例。不过格拉罕姆还是对千禧传媒表示了乐观——只要它不被收购。他说：“谷歌无疑有很多优势，但市场也有空间容纳一两家谷歌的竞争对手。”（财富中文网）

    译者：朴成奎

    Millennial's biggest challenge is its relative small size compared to its rivals. Advertising is a business that usually favors the bigger players because of their reach and ability to cross-sell products. Google is undisputed leader in the U.S. mobile ad market with a 57.1% share this year followed by Facebook with 12.2%, according to eMarketer.

    Palmieri said that Millennial's size—it's a distant sixth with a 2% share—is not a problem. To prove the point, he said that his company does business with 75 of the marketers on Advertising Age's list of the 100 biggest advertisers. In fact, Palmieri likes to call Millennial the biggest independent mobile advertising company. It's true, technically.

    That independence makes Millennial, which has a market capitalization just shy of $1 billion, a likely acquisition target, according to Michael Graham, an analyst with Canaccord Genuity. Yahoo (YHOO), which has conspicuously failed to build a mobile ad business, is just one of the potential suitors along with Microsoft (MSFT). Palmieri declined to address the issue. He wouldn't even say how well he knows Marissa Mayer, Yahoo's chief executive, out of concern that it would tip-off whether they have held talks. All Palmieri would say is that "we're building a market leader here," implying that he's forging ahead as if there will be no acquisition.

    Millennial's initial public offering last year, which raised $133 million, most of which went to the company's coffers, gives it some running room. A subsequent follow-on offering raised another $12 million. Like many new technology stocks last year, Millennial's shares initially jumped – doubling on the first day of trading. They later settled slightly below their offering price.

    Graham agreed to a point with Palmieri that Millennial is well-positioned because of the growth in mobile advertising and the company's independence. It offers developers an alternative to Google, he said, without any of the competitive baggage.

    Moreover, the scope of Millennial's network—38,000 developers—is attractive to advertisers. Yes, Facebook (FB) and Twitter have more market share in mobile advertising. But unlike Millennial, they don't place ads on third-party apps. Facebook killed an experimental mobile ad network in December. Twitter has yet to try.

    The danger, for Millennial, is that Google or some other company takes greater control of the mobile ad market. Given its size, Google could better afford a price war in which it gives app developers a bigger cut of the ad revenue. Still, Graham voiced optimism for Millennial—that is if Millennial isn't acquired. "Google definitely has a lot of advantages" Graham said. "But there is space for one or two competitors to Google."