NEW YORK ( TheStreet) -- Last week, in the middle of its IPO quiet period, Facebook Chief Operating Officer Sheryl Sandberg came to Madison Avenue to try and convince advertisers to think differently about ads on Facebook versus other places.
Per its IPO filing, Facebook was able to sell $3 billion in ads last year. That's a lot. And if you talk to many people in online advertising, they will tell you that a lot of Facebook's ad gains came at the expense of display ad revenue running on traditional display vendors like Yahoo! (YHOO) and AOL (AOL).
So there is a narrative that Facebook is trying to spin, which goes like this: We sold $3 billion in ads last year and we weren't even trying. We've got 845 million users and we're only going to sell more ads to more of them as time goes on. We're the shiny new thing in online ads (compared to Yahoo! and AOL). As time goes on, more and more offline ad spending will move online -- and we're going to get the lion's share of it. Think of us like a new kind of online network like Fox, CBS, NBC or ABC.
Last week's splashy event tried to impart this message.As
|Facebook COO Sheryl Sandberg|
"According to an industry source, total worldwide advertising spending in 2010 was $588 billion
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