what are media buys?

neither. media buying is traditional marketing. media buyers go and get magazine/tv/radio space and package them up for the advertiser
 
Things you should be searching for on the forum or wikipedia at the very least ;)

Now I've busted your chops a little, here are some useful responses:

an example of Media buys are when you buy ad space on a particular site or ad channel, usually to target a specific demographic (that sites main audience) and pay a set bid price for your ad to appear. Think the banners on the sides of btjunkie.

PPC = pay per click. you pay x amount for every ad of yours a user clicks on. A good example of this model is google adwords.

PPV = pay per view. you pay x to have your ad shown to y number of people.

Hope this helps.
 
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