[hshehehjdjdjd]

That is not what I’m getting at at all. I’m referring to the changes in relative value of different advertising channels post GDPR.

[graeme]

But the return on ads is based on absolute value, not relative value. It would be irrational to spend more on radio when radio doesn't change.

[hshehehjdjdjd]

I don’t know that ad budgets are allocated perfectly rationally. My understanding is that it more often works like: “marketing department, here is XX million. Do your best with it.” Add to that the lack of perfect information about impact and penetration, and it’s hard to determine absolute value.

[graeme]

Not perfectly. But over time they tend to go with what produced returns.

But yes, I suppose in the short term budgets will be fixed and some may try radio etc again