[Semaphor]

> I know traditional ad banners don't perform all that well

I’m not sure that’s always true. We have our own homegrown adserver that’s almost 100% context based (a few ads for stores do rudimentary IP geo-targeting, all purely first-party though), and it does well with both banners and text based ads. It’s in the digital photography niche. I’d assume generally places that are strongly oriented towards a niche can do a lot with context based advertisment. CTR is much better than for Google ads (that we also run).

[SwellJoe]

Yeah, I think publishers/advertisers are actually leaving money on the table by using Google ads instead of bespoke targeted ads from direct sponsors. It's a lot harder to manage ads without Google doing all the work, but they're better for readers and advertisers if there's a human with good taste and judgement in the loop.