The theory of targeted advertising is that less can be more, that by dividing an audience up into segments, the total value of the inventory is increased. Each segment receives a relevant ad more likely to elicit a positive response and so its value measured in CPM (cost per 1000 subscribers) goes up. But standing in the way of this goal is fragmentation, because if multiple audiences across different channels and services are split into separate targeted segments, the size of each one can become too small to register significant uplifts for brands, or revenues for operators. Commercial forces have operated in both directions, towards and away from convergence around common standards or platforms, whether proprietary or from industry bodies.…