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If "space" means banner impressions, most aren't. Engage, Burst, and other banner brokers are down to 65 cents net CPM for their better sites not serving pop-ups. Some webmasters are reporting an effective rate of 7 cents CPM. I would advise anyone building a site on the past banner revenue models to pull the plug now. Banners, for most sites, will only produce sidebar income.
Targeted in in, but being found by a media buyer is tough. If your site produces opt-in PII, it goes a long way in convincing them if/when they DO find you.
We've been running many targeted ads this fall that are down in the $4-$6 range. Last year those would have been $12-$15 ads. If it weren't for targeted, I'd be looking hard for other sources of income.
If I had the staff and a good sales person, I know I could easily outsell what the brokers are sending us. If you have the inventory (50k a day or more) I think this is the way to go. I'm slowly testing the waters.