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Online advertising startup Flite has released a new version of its service that brings real-time content and a range  of new applications directly to display ads.

The advertising industry is moving to a system where media planners take weeks to get their campaigns online to a system where everything is done in real-time. “Brands are trying to take brand marketing from seasonal–the fall campaign or the spring campaign–to a new way where brands become more like publishers and have to curate and have content that is fresh everyday,” says Will Price, CEO of Flite.

With the new cloud-based Flite Platform 3.0, brands can move quickly, like a presidential campaign, uploading new content every day and having it show up on ads in real-time. For example, videos, text and other content can be changed depending on what events or topics are trending online.

In addition, Flite is adding third party applications via its “Flite Hub” so that brands can add new functionality to ads by building the ads themselves. Since click-through rates are often low, now users can register, fill out a form, sign up for a sweepstakes, send money, or make a donation–all within the ad without leaving the page they’re viewing. Applications available include sweepstakes service ePrize, PayPal, LivePerson and LinkedIn. “Click-through rates have gone from one percent to 0.01%,” Price says. “That model’s not working. So why don’t we push the apps that people care about to users?”

The company’s new Flite Ad Studio gives the ability for marketers to essentially create their own ads with a drag-and-drop interface, and add new content in real-time. Flite Metrics gives analytics on the ads in real-time, including A/B testing analysis, which can give quick feedback on which content or other pieces of an ad are most driving conversions. Flite offers three types of ads: standard IAB ads, new “rising star” formats or custom formats designed specifically for publishers.

Flite has signed up some large clients such as Publicis Groupe‘s Vivaki media group, providing technology for Vivaki’s brand customers. Forbes is also a client. Flite, which was originally was known as Widgetbox, is backed by General Catalyst Partners, Hummer Winblad Venture Partners and Sequoia Capital.