"Today, three leading US advertising trade groups - the American Association of Advertising Agencies (4A's), the Association of National Advertisers (ANA) and the Interactive Advertising Bureau (IAB) - announced a joint initiative to establish new standard terms and conditions for the media sector. In a joint press release, the organizations said they will create a new task force launching in April that aims to overhaul the Standard Terms & Conditions for Internet Advertising, an established framework that includes boilerplate language and often appears on media buying contracts and documentation."
""The impetus for this initiative is simple," ANA's executive vice-president Bill Tucker says. "The marketplace is evolving at a rapid pace and all of us - marketers, agencies, and media - need to work together to ensure that we are keeping up with the changes and to collaboratively create a productive and positive working environment." Changes in the online advertising ecosystem have necessitated a new approach to standardization, said Angelina Eng, vice-president of measurement, addressability and data center at IAB."
Three major US advertising trade groups will form a joint task force to update standard terms and conditions for internet advertising. The existing Standard Terms & Conditions for Internet Advertising was introduced in 2001 and updated only in 2010 and 2018. The task force launches in April and will include stakeholders from brands, agencies, publishers and adtech organizations, meeting monthly with a goal to finalize new terms by year-end. Leaders cite rapid marketplace evolution, adtech advances and increased digital supply-chain complexity as reasons to establish clearer contractual alignment between buy-side and sell-side participants.
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