"We simply don't have a Web marketing vehicle everyone values," he said. "There is no 30-second spot of Internet."
Investors need only take a gander at the otherwise marvelous online feature, Snowfall: The Avalanche at Tunnel Creek at NYTimes.com to see how deeply undeveloped Web marketing is. The piece was labeled The Future of Online Journalism and bagged both a Webby and a Pulitzer Prize, but Edwards forwarded me a screenshot of the almost nonsensical banner ad that plays inside in the feature for most consumers.
"You would think with all that effort, the Times could have come up with a better way to integrate the ad that pays for the feature," he said. "But they didn't, and it makes this otherwise marvelous story look stupid."
The 10-cent CPM
If investors look through Glass with Edwards' eyes, they'll see right away what he's looking at: a cottage industry racing to create apps and tie-ins for the technology, but with major problems that are being kicked own the road. Yet CNN, Twitter, Facebook (FB) and numerous start-ups are betting on the technology.
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