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Four years ago, indie youth digital publisher Sound Alliance generated virtually no money from native advertising. Last week, its native advertising prowess was the main reason given by listed outdoor advertiser oOh Media in paying $11.05 million for 85% of the company, giving Junkee Media (the company rebranded last year) a $13 million valuation.

The sale underlines how much money there is in advertising that cuts through to millennials. In an age of ad-blockers and plummeting interest in display advertising, branded content, or "native advertising", has been an oasis of profit for media companies, and it has fuelled the growth of those best able to latch onto it.