Pressures facing content providers and distributors in the media industry, as discussed in Part I of this Briefing, have spread to the industry that delivers revenues to the media industry: advertising. Agencies are no longer in their Golden Age, when their ad creation and placement expertise was sought and compensated. Rather, they find themselves surrounded by new kinds of competitors in a market that is demanding new kinds of skills. Consumers, who have already been splintered into sometimes tiny and sometimes sizable audiences by more and more online options, are blocking ads altogether, mostly because ads are seen as intrusive, disruptive and slowing valuable bandwidth. Advertisers are finding other ways to reach consumers, and reactions of ad agencies have not always been forward looking. But a few have seen that the game has changed and that new skills (and markets) are needed. Parts I and II of this Briefing suggest that for content producers, channel distributors and ad agencies, crunch time is coming.