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What is Adsense Direct ?

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AdSense Direct is a service by Google Adsense allowing publisher, to sell their ad slots (ad inventory) directly. Using Adsense Direct publishers can sell a specific ad unit on their sites, to an advertiser who they have direct contact with. Ad Inventory is sold on cost-per-day basis for 100% of impressions.
This means no need to use DFP, no change in ad code and more targeted advertiser. AdSense Direct will grant publishers simple way of setting up a campaign for an advertiser. Key features of AdSense Direct include:

1. Create and manage campaigns from "My ads" tab in your Adsense Account
   
2. No change required to the ad code on website
   
3. Earnings paid out as part of your regular AdSense payments
   
4. No need for a separate contract, both you and the advertiser contract with Google.
   
5. Built in invoicing and billing through Google Wallet
   
6. Google ad review to ensure that your visitors stay safe from malware.

To me Adsense Direct campaign process is very similar to Buysellads. In simple terms

1. Publisher places 3rd party code (Adsense Direct/Buysellads) and set the price for ad slots on their website.
   
2. 3rd Party counts the Ad impression/Pageviews, demography, keywords and other required analytics.
   
3. Required analytics (Impressions/Pageviews) shown to Advertiser.
   
4. Impressed Advertiser buys the Publisher Ad slot and pays to 3rd party.
   
5. Publisher & 3rd party approves the ads and activates the campaign.
   
6. Publisher gets its revenue after commission to 3rd party.
   
7. Advertiser gets its Ads displayed on required Publisher Ad slot.
   
8. Everyone lived happily ever after Adsense Direct ;-)