From left, Charlie Tillinghast, Jeff Lanctot, Brian McAndrews, Aaron Finn at TechFlash Live. Photo/Stephen Brashear

For those who missed out on the fun at last night's TechFlash Live event, we've put together audio and notes from the discussion. We covered a lot of ground during the chat, which included Madrona Venture Group's Brian McAndrews, AdReady's Aaron Finn, Microsoft's Jeff Lanctot and msnbc.com president Charlie Tillinghast talking about everything from the viability of Facebook ads to hyperlocal content to mobile ads.

Continue reading for the audio (which we're also distributing as a special edition of the TechFlash podcast) and quotes from the evening.

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Brian McAndrews at minute 4:30 on ad-supported business models: "I think it is very challenging to have a business that's just based on advertising. And it is interesting, it is not just online, right? You look at television and the broadcast networks are the model that's based on advertising alone and they are the ones that are in the deepest financial trouble.... Your question implies, I think, content-oriented businesses. If the question is -- just would you invest in advertising-related businesses -- I think there is still tremendous amount of opportunity in businesses that are infrastructure for advertising, that are technology for advertising, etc. -- you know data targeting and all of that. But if you are talking from a pure consumer, Internet business, I think most of them ought to be thinking about multiple revenue streams."

Tillinghast

Charlie Tillinghast at minute 5:50 on content sites making money: "At msnbc.com, we have huge scale -- so we are able to charge a little bit, for a lot of ads, and hopefully a lot more for even more ads. But as a I look at this, I keep wondering about smaller players and -- if they are seeing the same rates we are -- I don't know how they are going to cover their costs."

Aaron Finn at minute 12:00 on Facebook advertising: "I think Facebook is actually building something similar to what Google did in search, for display. They are going to have all of this data, they are going to have all of these connections and they are going to be able to make ads the most relevant they can be to that user at that time. I think it is early, though."

McAndrews

McAndrews at minute 14:50 on new content and video advertising: "With video, content still is king. You can get your news in a lot of different places, and obviously there are brands and MSNBC has one and they try to differentiate, with some success. I am not saying there is none there, but it is more challenging. There's only one "Family Guy." There's only one "Grey's Anatomy." There's only one "Super Bowl," so there's certain video content that you can only get in one place. And I think that is very valuable"

Tillinghast at minute 17:55 on how much revenue msnbc.com derives from video ads: "We're up to about 20 percent, and that's the strongest piece of our business. So we are completely sold out on video, and we are seeing CPMs in the high $20s. So, we are very, very happy with video advertising and we wish we had more inventory."

Jeff Lanctot at minute 25:30 on how Microsoft will become more relevant in online advertising: "We've been willing to invest for a long time, and invest to such a point where parts of our business are not profitable. And we are OK with that for now, but we have a lot of pressure to fix that quickly and we want to fix that quickly. I think Bing has been a big success for us ... and we are growing more quickly than Google and certainly Yahoo which has lost some share."

Finn

Finn at minute 28:30 on display advertising: "The one stat that resonates well with me is that there are 1.5 million businesses buying search. There are 50,000 buying display at this point, so that kind of flood of those businesses coming into the display market is going to make that demand side increase and really raise rates. So, I believe in the next five years you will start to see display actually be larger than search."

Lanctot at minute 34:35 on Foursquare and getting coupons delivered to your mobile device: "I think Foursquare, which you mentioned, is causing people to rethink that scenario because now it is not just driving by and all of a sudden you get a coupon on your phone, rather you are announcing that I am at a certain location.... So, I think we are re-visting what mobile coupoing looks like, and i think it has more pull than push."

Tillinghast at minute 37:25 on hyperlocal ads: "I do see a future there, but I think the trick is selling (the ads). I think at some point, somebody has to make contact with the people who want to buy these ads, and either you have an online sort of self-serve system or you have someone knocking on doors. From what I've been able to gather, a lot of the people that you expect to do local advertising are not necessarily that sophisticated when it comes to going online and trying to take care of themselves on an ad system. So, I think at the end of the day, where I see a huge opportunity is somebody who could put together a local sales force that can go in and sell mobile ads, desktop ads and maybe even traditional media ads. I think that local sales is one of the most interesting opportunities out there."

Lanctot

Lanctot at minute 43:20 on merging offline and online data: "There's a huge opportunity there and I think over the long term, there's a lot of money to be made for the companies that can provide that link between online and offline. But in the short-term if you just look at online, there is a lack of sophistication even tying together display and search where most advertisers manage those things in silos. The analytics are separate. Performance is not tied together, so i think there is a lot of work to be done in digital where it should be easier, and then the next phase we will see is tying together offline data."

McAndrews at minute 44:10 on role of content creators: "I see the industry going more digital. There is a future where all media will be digital, and the online-offline will kind of become all online. And I think that will be a great thing for advertisers, again being able to have one view of their consumer. And I think the question is: What are the media companies that can adapt to that?"

Thanks again to our sponsors of last night's event: BDO, Seattle University's Master of Software Engineering and Marchex.

Related: Photo Gallery: TechFlash Live

[Photos by Stephen Brashear]