Struggling web giant
Yahoo Inc has hired former
Google director, and veteran of the media sector, Michael
Barrett as Chief Revenue officer. He is one of the first key
appointments by interim CEO Ross Levinsohn, and is a clear
statement of intent that Yahoo sees its future more as a media
company than a technology company.
Key to the new strategy will be producing video content of their
own that can generate ad revenue and syndication deals. This is not
the first time that Barret and Levinsohn have worked together, as
the two know each other fromn their time at Fox interactive media,
where Barrett also served as Chief Revenue Officer. At Fox, his
role was to oversee worldwide revenue for properties such as
FoxSports.com and MySpace.
More recently, Barrett worked at Google, where he lead
integration efforts following Google's acquisition of digital
advertising platform Admeld Inc, where he served as CEO.
His new role, in which he will be responsible for Yahoo's global
ad revenue and operations, is set to begin in July.
In recent times, search-based ads and other interactive formats
have taken some of the ad revenue away from generic display
advertising, which is Yahoo's bread and butter. However, online
advertising as a whole is still growing, and revenue from online
display ads in the US is still expected to grow from $12.4 billion
last year to $15.4 billion this year.
Unfortunately for Yahoo, their share of this pot has been
dwindling, with advertisers being increasingly drawn to the likes
of Google and Facebook. However, the market for video ads is
growing fast, and currently accounts for around 6% of the market.
This is an area that Yahoo will be looking to for future