Time spent is a proxy but you have to really understand what’s going on and the way you do that is dive into the data and look at all the metrics together. It’s not really that different than traditional equity research.
The point is that time alone is a very blunt — and inaccurate — way to allocate money across media and devices. Here’s why:
Not all media activities are equal. (a quality argument)
Massive, efficient reach matters.
Reach into local markets and niche audiences matters.
At the end of the day, the media has to convert and show effectiveness.
Time spent with something doesn’t make it ad media