Understanding Facebook's FBX -- Social Media's First Ad Exchange

Facebook launched FBX — the first-ever social media real-time bidding (RTB) ad exchange — in June 2012 to let advertisers buy Facebook ad inventory that retargets users based on their past online browsing history. Since then, FBX has come to account for a huge slice of retargeted clicks on the Web.

But there has been a fair amount of confusion over how FBX works, how it differs from other Facebook ads, and why advertisers would choose FBX inventory.

In a new report from BI Intelligence, we explore how advertisers purchase ads through FBX and why the Exchange offers such a unique opportunity to marketers. The report also puts FBX in context in terms of its size and performance so far.

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Here are some of the key details surrounding FBX:

In full, the report:

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