Adify's Russ Fradin maintains vertical networks have been "accurately hyped." The gap between hype and value is much greater on social media and vertical networks, which have relatively modest goals, he adds. Adify itself hasn't lacked for aggressive PR efforts over the last two years. On the other hand, social properties like Facebook, Twitter and MySpace have generated so much interest in the ad community they haven't had to push for publicity as hard. Either way, plenty of hype to go around.

Despite constant predictions about consolidation, Fradin further assures that five years from now there will be more ad networks than ever as there have been more and more coming online over the last 15 years. "There are over 300 million Web sites, is 400 ad networks really that many?" he asks.

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