Whether it's the publishers inventory yield management software or the exchange's or both, these will handle the heavy lifting for the pub traders who will guide pricing and watch the markets for opportunity. By the way, I think of the publisher or advertiser-side traders - as an ad trader.

And here's where many pubs and advertisers aren't thinking, yet. They're going to turn into buyers AND sellers no matter their affiliation. Their specialization in trading will create opportunities. (This is the natural fit for the super ad trader a.k.a. ad networks.)

I'm sure you can think of a few scenarios, but a publisher like the Wall Street Journal could implement a simple arbitrage strategy and start buying up premium ad inventory on financial sites and then re-package it to advertisers with low but profitable margins in addition to their own inventory. - Fairly basic but a new idea for publishers looking for revenues.

As for the average online sales person.. I'll suggest that it's going to split in two. One type will sell the integrated, direct sponsorships, branding opportunities etc., the other seller will trade and sell the CPM inventory at the very least.

Thanks for your question, Ciaran. Look forward to your thoughts.

I can see how a specialist could work on behalf of the advertiser. The online "hedge fund" model, as demonstrated by the initial success of Varick Media, has shown this is possible.

So how does the "ad trader" fit into the new model? The average online sales person will clearly need to upskill fast.