His summary is below

* Overall ad budgets continue to weaken. Since we reduced our estimates on September 4th, we have seen a further slowdown in the economy, particularly in the last two weeks of the third quarter. Weakness continued into October and spread from the US and UK throughout continental Europe and Asia. Additionally, dollar strength was greater than expected which will further depress growth rates. We are now basing estimates on a $1.25 exchange rate vs. our prior base of $1.40. Our updated model calls for total online global advertising growth of 25% in F’08 and 13% in F’09 vs. our prior estimates of 28% and 19% Y/Y growth respectively.

* Deterioration of display advertising is more pronounced than expected. Our channel checks are showing that sell-through is declining. Additionally, so far CPMs for premium inventory are flat to slightly down. Looking forward, we think CPMs will remain depressed and sell-through rates will worsen.  As a result, we are lowering our F’08 and F’09 domestic display estimates to $7.95B (11 percent Y/Y growth) and $8.45B (6% growth) from $8.15B (14% Y/Y growth) and $9.43B (16 percent growth). We are now modeling F’08 global display ad growth of 14% Y/Y vs. our prior estimate of 16% growth.

* Search performance held up in 3Q but we expect ad budget cuts to bleed through. We continue to see performance-based advertising holding up better than banner advertising. Long tail advertisers continue to allocate additional dollars to search. However, keyword price inflation is moderating. Additionally, we think marketing spend pullback in some segments including travel, telecom, autos, and retail is worsening. As such, we are lowering our domestic F’08 and F’09 search growth estimates to 23.4% Y/Y and 17.3%, respectively, from 27.4% and 25.5% Y/Y growth. We are modeling F’08 global search ad growth of 34% vs. our prior estimate of 36% Y/Y growth.”

http://www.nma.co.uk/Articles/40221/Google+to+introduce+agency+commission+on+video+ads.html

I will be following this with interest to see if it has a knock on effect for video ads not on youtube

UK advertisers are moving from traditional leaderboard banners to MPUs and other new formats, according to new research.

The findings, from Yahoo’s ad exchange company, Right Media, show that MPUs (Mid Page Units) are now the most popular online ad format in the UK during the first half of 2008.

The figures disclose the trade in leaderboards as a percentage share of the total trades on the Exchange in the UK dropped from 34.1% in January to 24.8% in June, a continuation of a trend that was seen during 2007. 

In the UK, MPUs now made up 34.1% of all ad formats being traded in January, with only a small drop to 32.6% by June. 

In the last few months 99% of all our video campaigns have been MPU’s and it doesnt look like changing in the last few months of 2008

And, apologies for the blatant plug, but I wanted to share some big news from Huddle with you (Twitter junkies will probably already be aware).  This morning – at 2.30am! - we launched Huddle on Linkedin’s new application platform alongside other lil’ start-ups such as Google, Amazon and WordPress.   We’re by far the smallest and youngest partner on the launch and the only company based outside Silicon Valley. As you can imagine this is pretty massive for us and came about as a direct result of the WebMission earlier in the year – if I hadn’t been out in the Valley the meeting wouldn’t have happened and the deal would never been done.  So – Oli, Jim and everyone else: thank you.  And to the people who questioned the validity of the Mission…  Well, ‘nuff said I reckon :) So please, please add the app to your Linkedin profile here - http://www.linkedin.com/opensocialInstallation/preview?_ch_panel_id=1&_applicationId=1600 – and invite your contacts to collaborate with you.  Or send this link on, twitter it or digg it!

The use of interactive video, sometimes referred to as hot spotting, has been growing slowly but steadily over the past few years, but has yet to see widespread adoption by advertisers.

“Our technology has been around for a while, but hasn’t been used as part of an affiliate campaign before,” said Irfon Watkins, Coull CEO. “The key is, it’s now becoming accessible and scalable,” he added.

Buy.at will be responsible for tracking click-throughs, sales and cost-per-acquisition commissions by embedding its tracking and analytics tags into the video itself. As a result, the units can be copied and placed elsewhere online, for example on social networking sites, while ensuring that reporting functionalities remain intact.

Louise Green, client services director at buy.at, said feedback from affiliates was already very positive, and she anticipated the format will offer “increased reach and response for advertisers.” She also expects other major U.K. retailers to follow suit, particularly within the fashion and homeware verticals.

“Online video is still a very linear experience, but our technology enables users to really engage with the content, and doesn’t interrupt their online experience,” said Watkins. “The format lends itself to any video showcasing multiple products or choices. In theory every pixel can be individually linked, so its potential uses are broad,” he added.

Coull’s video tagging technology has already made appearances on well-known publisher sites including Bebo, MSN, and MySpace. Previous advertisers have included major U.K. retailers such as Boots and Agent Provocateur, as well as European automotive manufacturer Renault.

Click here to read the article on the ClickZ Network web site.

The video format has been launched by Platform A and is now available for affiliate marketers on the Buy.at network. The interactive videos feature models wearing Littlewoods’ latest collection.

Each item of clothing shown has been assigned its own tag. By clicking on the items in the video, customers can click through to a dedicated page for the product, and then get forwarded to the product’s page on LittlewoodsDirect.com. Buy.at will track click-throughs, sales and cost-per-acquisition commissions by integrating the video tags with its own tracking technology and campaign analytics tools. The video application has been developed by video advertising enabler Coull.

Shop Direct Group ecommerce director Neal Preece says: “Shop Direct Group is always looking to innovate and find new ways of reaching its customers.

“The ability to take the customer directly to a product page from a product video opens up new opportunities for us.

“It’s a great tool for affiliates, which enables them to enhance their campaign promotions and drive even more sales with exciting, high-quality content”.

Click here to read the article on the Precision Marketing web site.

The clips are produced with Coull technology and are being distributed online through AOL’s buy.at affiliate network.

Affiliates are incentivised to display interactive video of Littlewoods catwalk shows on their sites by receiving a share of profit from each sale they generate.

The interactive video ads, which were developed in conjunction with technology supplier Coull, feature models wearing the latest big-brand clothing from the LittlewoodsDirect.com site. Each item of clothing and accessory featured in the video has been assigned its own tag so that customers can click through and buy it.

Users are directed to a dedicated page for the product, and a further click will forward the customer to the product page on the LittlewoodsDirect.com site.

The activity is tracked to ensure affiliates are paid the correct commission for the activity they generate.

If the LittlewoodsDirect.com video ad is copied from an affiliate’s site and pasted into another website or a customer’s social network profile, Coull’s technology ensures the tracking system remains embedded.

The application is available for affiliates on the buy.at network and is the first time this video format has been used as part of an affiliate campaign in Europe.

Neal Preece, e-commerce director at Littlewoods Direct’s parent Shop Direct Group, said: “Shop Direct Group are always looking to innovate and find new ways of reaching our customers.

“The ability to take the customer directly to a product page from a product video opens up new and exciting opportunities for us. “It’s a great tool for affiliates, which enables them to enhance their campaign promotions and drive even more sales with exciting, high-quality content.”

LittlewoodsDirect.com features 16,000 product lines from furniture, white goods and electronics to clothes for men, women and children. Outfits from major brands such as Diesel, Morgan and French Connection are featured, as well as accessories and new ranges from Trinny and Susannah.

Brendan Condon, managing director of AOL’s Platform-A International, said: “Buy.at is the first affiliate network in Europe to integrate this technology for the advertisers and affiliates on our network and Littlewoods is the first client to adopt it.

“This interactive video tool will maximise the impact of the LittlewoodsDirect.com brand, engaging the customer online and driving more sales for their affiliate campaign.”

Click here to read the article on the Brand Republic web site.

The deal sees Littlewoods Direct parent company Shop Direct Group extend an existing deal with Coull to affiliates for the first time. The deal also includes other brands within Shop Direct Group’s portfolio such as Additional Direct and Marshall Ward.

Neal Preece, ecommerce director at Shop Direct Group, said, “The Shop Direct Group is always looking to innovate and find new ways of reaching its customers. The development of this video platform with Buy.at and Coull places Shop Direct Group at the forefront of affiliate marketing.”

“The ability to take the customer directly to a product page from a product video opens up new and exciting opportunities for us,” he says.

Irfon Watkins, Coull CEO, said, “This is the first time this has been used in an affiliate format explicitly linking a product with a purchase, so this is an important programme.”
Coull also works with Boots, Agent Provocateur, Renault, MSN and Yahoo!

Click here to read the article on the NMA web site.

Platform-A’s buy.at announced today that it is launching an online interactive video application for Shop Direct Group, the UK’s leading online and home shopping retailer.  Developed in conjunction with Coull http://www.coull.com, the application is available for affiliates on the buy.at network and is the first time this video format has been used as part of an affiliate campaign in Europe.  The buy.at affiliate network, http://www.buy.at, is an Advertising.com Network Solution, provided through AOL’s digital advertising business, Platform-A.

The interactive video advertisements feature models wearing the latest big-brand clothing from the Group’s LittlewoodDirect.com site.  Each item of clothing and accessory featured in the video has been assigned its own tag.  Customers can click through to a dedicated page for the product, and a further click will forward the customer to the product page on the LittlewoodsDirect.com site.  The activity is tracked to ensure affiliates are paid the correct commission for the activity they generate.

The Shop Direct Group has worked with buy.at since 2004 to increase sales for Littlewoods Direct.com, as well as their other brands: Additions Direct, Ben Sherman, Great Universal, Littlewoods and Marshall Ward. 

LittlewoodsDirect.com features 16,000 product lines from furniture, white goods and electronics to clothes for men, women and children.  Outfits from major brands such as Diesel, Morgan and French Connection are featured, as well as swimwear, lingerie, sportswear, bridal wear, shoes and new ranges from Trinny and Susannah.

“Shop Direct Group is always looking to innovate and find new ways of reaching our customers.  The development of this video platform with buy.at and Coull places Shop Direct Group at the forefront of affiliate marketing.  The ability to take the customer directly to a product page from a product video opens up new and exciting opportunities for us,” said Neal Preece, Ecommerce Director at Shop Direct Group.   “It’s a great tool for affiliates, which enables them to enhance their campaign promotions and drive even more sales with exciting, high-quality content.”

“buy.at is the first affiliate network in Europe to integrate this technology for the advertisers and affiliates on our network and Littlewoods is the first client to adopt it, “ said Brendan Condon, Managing Director of Platform-A International.  “Shop Direct Group is a forward-thinking retailer that innovates to maintain its market-leading position.  This interactive video tool will maximise the impact of the LittlewoodsDirect.com brand, engaging the customer online and driving more sales for their affiliate campaign.” 

Irfon Watkins, CEO at Coull comments, “Interactive video is a powerful tool for enhancing product placement and driving sales online and buy.at is innovating in the affiliate sector by offering it to its network of 9,000 affiliates.  Major brands are getting excited about the impact interactive video advertising will make to their online campaigns.”

buy.at will track click-throughs, sales and cost-per-acquisition commissions by integrating video tags with its tracking and campaign analytics.  If the LittlewoodsDirect.com video advertisement is copied from an affiliate’s site and pasted into another website or a customer’s social network profile, Coull’s technology ensures the tracking and reporting remain embedded. 

buy.at manages a combination of SEO and PPC affiliates, content site, comparison and loyalty site affiliates to increase sales for the Shop Direct Group.  In January, Shop Direct Group consolidated all of its affiliate marketing accounts onto buy.at.  Research commissioned by buy.at and conducted by E-consultancy into affiliate marketing in the retail sector, revealed that retailers spend 19 per cent of their online marketing budget on affiliate marketing and 71 per cent of them expect to increase investment in affiliate marketing over next two years.

Bhatt, who joined MSN UK three years ago as a sales manager was more recently acting head of agency sales.  His latest role involved managing a team of nine sales people, negotiating annual contracts with key agency groups such as Aegis, Omnicom and Publicis and was involved in the strategic direction and running of the MSN UK sales team.

He is an advertising and media industry veteran with more than 15 years of experience and joins to lead the Coull sales team.  Previous roles for Bhatt have seen him work for EMAP, MTV UK and Yahoo!  He will be responsible for expanding agency relationships, optimising business opportunities and growing revenue from the Coull Engage product.

Hitesh brings invaluable experience to Coull.  His appointment demonstrates Coull’s commitment to building closer relationships with agencies, advertisers and publishers looking to embrace interactive video.  “With Hitesh, we will fully understand our clients’ business needs and work in collaboration to develop effective video advertising products and services” says Irfon Watkins, CEO at Coull.

Hitesh Bhatt, commercial director at Coull comments, “It’s an incredibly exciting time for technology providers, agencies and brands as the online video advertising market begins to demonstrate its effectiveness in an extremely competitive arena.  Coull is delivering innovative, brand-driven, measurable campaigns that allow online video to truly engage with audiences in a non-intrusive way. I look forward to the opportunity to demonstrate how far the medium is moving along and how brands can maximise the effectiveness of online video campaigns using the Coull platform.”

This is the fourth senior appointment to the Coull head count with Claudia Giovannoni, marketing director joining early March 2008 heading up the marketing department.  Other new members of the Coull team include the board of directors appointments including Gillian Kent, former MSN UK managing director and CEO of Propertyfinder.com and Creative Ventures Group founder Spyro Korsanos also joined the board as non-executive director.

Coull received series B financing earlier in the year from Finance South West Growth Fund (managed by YFM Group), Creative Ventures Group and private investors.  The funding has allowed Coull to release the ‘Coull Engage’ product to assist brands maximise the return on investment (ROI) of their online campaigns, which are currently being used by Agent Provocateur, Boots and Renault.