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While I cannot disagree that display is not as effective as search, it seems pretty silly to suggest that 11 Billion in ad spend is completely ineffective.
"Truly no one clicks on display ads" == false
"Click-through rates are less than .1 percent" == also false
@svivek - incorrect, the vast majority of advertisers are still buying placements. Yes, they are also buying audiences, but that is in addition to buying site specific placements.
9 months, 1 week ago on We’re Still Waiting For Internet Ad Spend To Catch Up to the Web — Let’s Not Make The Same Mistake With Mobile