How will advertising be different in all media forms in five years?
Miller: We will continue to see a share shift of ad dollars into digital media, following consumption, just as we have seen with newspapers. We haven’t seen it happen yet in video because consumption patterns haven’t changed much. Marketing will become more efficient, so I don’t think we will see marketing budgets take off. I think they will become tighter in terms of how much they grow because of the increased efficiency in the marketplace. We’ll see more competition than ever for the advertising dollars. In the online world, we will see real premium experiences like Hulu and longer-tail environments like social networking. There will be a dichotomy of higher-order brand dollars to premium environments and to per-cap performance into the longer tail. But as Hulu has demonstrated, for a lot of reasons, video advertising will look and work a lot like television advertising. Will the same type of measurement and accountability be required? Miller: I’d rather call it efficiency, but yes,
