ValueClick (VCLK) on AdWords and affiliate marketing (quotes from the 4Q04 conf call)

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ValueClick (ticker: VCLK) CEO JIm Zarley discusses the impact on affiliate marketers of Google's change in rules to the AdWords program, which reduces the number of ads that appear for the same product and end-vendor on a single search or content page. Here's what he said:

As you know, Google recently announced and implemented changes to their AdWord program, that limit the number of sponsored links on result pages that point to the same URL. …we received a number of questions about the potential impact of Google's policy change on our affiliate marketing business. …we did not believe that AdWord policy change would have a material effect on our business. And at this point, that's been the case. Affiliates were anticipating this change and many were already complying with Overture's similar long-standing affiliate policy.

(Quotes are from the CCBN StreetEvents transcript.)