Nestoria is now up to 10 staff, and co-founder Ed Freyfogle insisted the company isn’t feeling any impact from the recession: “Across Europe every traditional media organisation is realising that their audience and advertisers are rapidly moving online, so many players with strong offline traditional brands are looking for web-savvy partners to help them ensure they retain their users and customers after the transition,” he said.

As the ad downturn bites - even if that means just a cut on growth for online - advertisers are turning to more accountable revenue streams, rather than blanket advertising with display. “We see increased demand for performance-based models rather than the traditional pay-to-list model,” said Freyfogle. “Across Europe every traditional media organisation is realising that their audience and advertisers are rapidly moving online, so many players with strong offline traditional brands are looking for web-savvy partners to help them ensure they retain their users and customers after the transition,” he said.