Impressions Based Trading Why The Push For Impressions Based Trading? Local TV inventory has long been traded on ratings, but with the increase in fragmentation, the small sample sizes might be rendering unstable and unpredictable data. Some considerations for shifting to “impressions based trading”: Create additional supply by turning small percentages into hard numbers that can be aggregated Will help advertisers address the increasing fragmentation of audiences and make it easier for advertisers to combine multiple markets in a single buy Make Local TV more comparable to other media Enable more precise targeting when combined with additional qualitative data Feed into new, more efficient buying processes for both broadcast and cable inventory Would enable more automated transaction processes The data exists, however there are complexities which should be understood. Some Considerations for moving to impressions… •How would impressions based buying impact the value of local? What about from a targeting perspective? • Is there a danger that CPMs could favor lower‐cost markets? • Relevance to Nielsen: Currency used impacts Nielsen's systems, as well as current and future business rules. What steps must Nielsen take to prepare for impressions based currency?