Madison and Wall's Brian Wieser on the Mary Meeker slide

Before the Lumascape, there was another go-to conference and pitch deck slide for anyone betting on what was then called web advertising. The slide, updated annually by the financial analyst Mary Meeker, showed twin bar charts of time spent and budget spent by medium. 

The message was clear: the internet would win, it was just a matter of timing. The time spent gap did close, although a disproportionate amount of gains went to tech platforms rather than web publishers. The chart was always wrong, argues media analyst Brian Wieser. Time is simply one variable in assessing the value of a media impression:

“It speaks to an incorrect framework. You look at the historical data, you ask why this happened, and you try to make sure the model mirrors why decisions are made. The common narrative was always that it's time. That's what drives the money. If that were true, radio would be a much bigger business.”