Avsnitt
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Transformation to Modern Advertising: The industry is in a "gangly teenager phase" transforming to modern advertising, which is data-driven, automated, cross-channel, and leveraging AI. π€ Tech-Enabled Ad Networks: Many companies are operating as tech-enabled ad networks, using IOs to simplify complexity, rather than building true technology SaaS businesses. π Importance of Distribution: Distribution plays a crucial role in the media business, with power shifting to those who control distribution channels (e.g., social networks). π’ What Hasn't Changed: Despite changes, core advertising principles remain: brands still focus on reach, frequency, and outcomes, and advertising aims to create emotional connection, brand awareness, intent, and action. π― Linear TV is Not Dead: Linear TV is not dying but decelerating, and adoption curves are long, so it will remain relevant for a while. πΊ Decade of Efficacy: The next decade may be the "decade of efficacy," focusing on efficiency (price to value ratio) and effectiveness (return on ad spend). π -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Evolving Role of Ad Tech Companies π: Ad tech companies are expanding their services beyond just ad monetization to include traffic generation and helping publishers with strategies like email newsletters and partnerships (e.g., Pinterest).The Interplay of Traffic, CPM, and Revenue π°: Traffic remains a vital factor in revenue generation for publishers, as revenue is directly linked to traffic and CPM.The Nuances of Ad Tech and Programmatic Advertising π―: The ad tech industry often equates to programmatic advertising, which in turn is closely tied to audience targeting, identity, and data. Increased Scrutiny of Privacy in Ad Tech Investments π: Investors are increasingly prioritizing a deeper understanding of privacy implications and their long-term impact on business models and valuations in ad tech.The Shelf Life of Data and Ad Tech Businesses β³: Data has a shelf life, and ad tech companies, especially those reliant on specific data flows, must adapt to changes in data availability and privacy regulations to maintain their value.The Challenge of Balancing Brand Safety and Cultural Relevance π: Publishers are often incentivized to prioritize brand safety over creating content that resonates with culture. The Impact of Metrics on Content Quality π: Current metrics often incentivize publishers to focus on factors like viewability and video completion rates, which can compromise user experience and the quality of content. -
Saknas det avsnitt?
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Evolving Legal Landscape βοΈ: Ad tech is seeing a shift from best practices to strict regulations, especially concerning data privacy. Companies must adapt to these evolving laws to avoid investigations and penalties. Privacy as a Key M&A Consideration π°: Investors are increasingly scrutinizing the privacy practices of ad tech companies during mergers and acquisitions to accurately assess the value of data assets. The Peril of "Vintage" Ad Tech β³: Companies relying on outdated ad tech are at risk of declining valuations as the industry evolves, emphasizing the need to reinvest or exit strategically. Consent Misconceptions β οΈ: Many companies overestimate their compliance with data consent requirements, highlighting the importance of truly understanding and adhering to privacy laws. Importance of Privacy-Focused Identity Matching π: Companies need to match marketing IDs with privacy IDs to effectively manage and respect user privacy, which is becoming a critical legal obligation. Walled Gardens and Privacy π’: Walled gardens offer some privacy advantages by protecting deterministic identifiers, but they still face challenges in ensuring consistent privacy experiences across different devices. Balancing Business and Consumer Interests βοΈπ€: Companies, especially large ones, struggle to balance their business needs with consumer privacy expectations, requiring them to clearly articulate the value exchange with consumers. The Shift from Privacy Washing to Real Compliance π§Όβ‘οΈβ : The trend is moving away from superficial privacy measures towards genuine compliance, driven by increased regulatory scrutiny and the growing financial risks of non-compliance. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Traffic Diversification is Key π: Publishers are under pressure to find new traffic sources beyond traditional channels due to factors like AI content scraping and algorithm changes. Pinterest as a Strategic Traffic Source π: Platforms like Pinterest are becoming important for driving traffic to publisher sites, offering a valuable alternative to relying solely on major search engines and social media platforms.The Evolution of the Sales House Model π: The sales house model is evolving to provide more holistic support to publishers, including traffic generation and authentication strategies, in addition to monetization.Identity Resolution is Still Critical π΅οΈββοΈ: Despite changes in data privacy, the ability to identify and target audiences remains crucial for programmatic advertising, especially in CTV, where audience targeting differentiates it from linear TV.Understanding Sell-Side Curation ποΈ: Sell-side curation involves packaging inventory in a way that offers value to buyers, but transparency is needed to avoid issues like free-riding and ensure quality.The Importance of Data Quality and Outcomes π: Accurate, reliable data is essential, but ultimately, buyers prioritize outcomes. The focus should be on providing data that helps buyers achieve their campaign goals.M&A Trends and Strategies π€: M&A activity is picking up, with companies pursuing different strategies, from conglomerate approaches to more selective acquisitions aimed at creating immediate synergies.Technological Innovation and Competition π‘: Innovations, like DeepSeek's approach to overcoming hardware limitations, drive competition and can lead to significant cost efficiencies in ad tech, benefiting the industry. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
There's a growing competition in AI development from the US, China, and the Middle East. π The impact of geopolitical events, like those involving Trump, Musk, and global politics, is significant. βοΈ "Creative destruction" continues to reshape the ad industry, with new innovations replacing older ones. π₯ Mobile remains important, but there's a shift with emerging trends like CTV and AI.π±πΊEconomic factors such as inflation and government policies are crucial considerations. π° The ad tech industry is dynamic and fast-paced, requiring constant adaptation. π¨ -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Product Prioritization is Key: Establishing a βred threadβ through the business is essential for effective product prioritization and stakeholder alignment. 𧡠The Evolution of Commerce Media: The industry is moving towards bridging the open web and retail media to create a privacy-safe commerce media ecosystem. ποΈ The Power of Unique Data Sets: Proprietary data sets, not accessible to the open web, provide a significant advantage for companies using AI to drive insights. π AI's Practical Applications: The focus is shifting towards practical AI applications, particularly in enhancing productivity and automation.π€ Increased Productivity with AI: AI tools are empowering individuals to be more productive and efficient in their roles. π AI Lowers Barriers to Entry: AI is reducing barriers for entrepreneurs by simplifying tasks like coding and simulation building. π§ The Significance of Data Privacy: Operating data sets with responsibility and maintaining the trust of partners is paramount. π -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Tech Industry Cycles π: Technology goes through cycles, with similar patterns recurring every five years (e.g., growth of data, infrastructure build-up, innovation, new revenue streams). Importance of IPOs π: IPOs are important as they create liquidity, venture momentum, new buyers, and refresh the whole investment cycle. However, the requirements for going public have become more stringent, with Brian Weiser suggesting a minimum market cap of $5 billion. Deals from Hell π: Deals that don't close are considered the most painful, with an example given of a deal that was canceled at the last minute due to a disagreement between CEOs. Ideal Deals π₯°: An ideal deal is characterized by efficiency, a better cultural and strategic fit for the company, and a good outcome for the founders. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Yahoo DSP Recognition π: The Yahoo DSP is recognized as a top choice for marketers, consistently rated as their number one DSP by clients. Importance of Evolving with Technology π: There's a strong emphasis on the necessity for the AdTech industry to evolve rapidly with technology to avoid obsolescence. Value of Independence and Data Ownership π°: Independent agencies like Horizon Media have the advantage of nimbleness, the ability to apply new technologies, and the benefit of owning their data, which is crucial for valuation. Focus on Marketer's Needs π―: There's a shift towards building tools that directly benefit marketers by making their jobs more efficient, rather than just serving the agency's needs. The Impact of AI and Data π€: AI, especially with tools like LLMs and platforms like Above Data, is seen as transformative in enhancing data utility, audience segmentation, and targeting accuracy. The Need for Open Ecosystems π: The importance of creating open ecosystems in the marketing and media landscape is stressed to ensure integration with various data sources and adapt to the fast-changing environment. Outcome-Driven Models and Shared Success π€: There's a call for evolving towards outcome-driven models where agencies and clients share in the success of campaigns, aligning incentives and moving away from traditional fee-based systems -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
WPP's Venture Strategy π‘: WPP shifted its strategy from "invest and acquire" to "invest and partner" in ad tech, focusing on early-stage investments to help companies scale and provide insights to WPP clients. Importance of Industry Signal π£: Industry interest and utilization ("religion") are crucial signals for ad tech investments. Founder Expertise in AdTech π§βπΌ: Successful ad tech founders typically have deep domain expertise and networks, often being repeat founders due to the industry's complexity and the challenge of securing enterprise-level clients. AdTech Funding Trends π°: Funding in the ad tech ecosystem increasingly favors repeat founders with established relationships and a track record of success. Risk Aversion in AdTech Investing β οΈ: There's a trend of risk aversion among investors in the ad tech vertical, partly due to past setbacks. The Role of AI π€: AI is playing an increasing role in ad tech, as seen in companies like Runway, where industry adoption is a key factor in investment decisions. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Shweta Khajuria's Background πΌ: Shweta Khajuria, an equity research analyst from Wolf Research, has over 10 years of experience covering internet companies, including AdTech, e-commerce, and subscription-based businesses. Challenges in AdTech Analysis β: Analyzing AdTech companies is challenging due to the industry's complexity and lack of transparency, making it difficult to assess product and platform quality. AdTech Industry Evolution π: The AdTech industry has evolved, becoming more well-known and consolidated, with improved perception thanks to companies like Trade Desk. AdTech's "Holy Trinity" π°: The AdTech industry is characterized by the desire for good, easy, and cheap solutions for buyers, which is a unique dynamic compared to other markets. AdTech Consolidation Trends π€: The AdTech sector is consolidating, with demand and supply sides merging, potentially leading to fewer SSPs and DSPs. CTV and Retail Media Growth πΊπ: CTV and retail media networks (like Amazon and Walmart) are significant growth areas, with discussions around Trade Desk's operating system and potential acquisitions like Critio. Google's AdTech Business βοΈ: The regulatory environment and potential outcomes of the Google ad tech case are closely watched, with uncertainty about the impact on SSPs and DSPs. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
π£ Yahoo DSP is the smart choice for marketers, offering customizable solutions and unmatched results. π° Amazon's advertising business is booming, projected to reach $56 billion this year with a 60% margin. πΊ Amazon is leading the way by tying connected TV ads to purchases, with Walmart following suit. π€ There's an expected downsizing in the AdTech space, from 30 DSPs to a likely 5 in the next five years. π Measurement is in trouble as the shift to connected TV and closed-loop attribution reduces the need for traditional measurement methods. -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Investment Strategy: GTCR's leader strategy focuses on investing in sectors with growth and backing great management teams for significant returns. ππΌAdTech Investment Sweet Spot: The ideal AdTech investment often involves businesses with $25 to $50 million in revenue, poised to scale to a couple hundred million. π°πKey Metrics: In AdTech, net revenue retention and EBIT are critical for assessing a company's true health and potential. ππPrivate Equity Challenges: PE firms face intense competition for low-risk investments, but AdTech presents unique challenges due to its inherent risks. π¨AdTech Valuation Factors: AdTech valuations are influenced by more than just company fundamentals, including regulatory and platform risks. π€βMarket Dynamics: Success in AdTech requires navigating agency fickleness and the concentration of spend on major platforms. βοΈMeasurement Focus: The future of AdTech investment may lie in measurement solutions that mitigate exogenous risk factors. π―π -
Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Stagwell's Unique Position π’: Stagwell is a holding company with a strong focus on digital, aiming to integrate SaaS and DaaS revenue streams, setting it apart from traditional holding companies.
The Trade Desk Valuation π: The Trade Desk has demonstrated strong performance, but its high valuation raises questions about long-term justification, especially when compared to Google.
CTV and Agency Dynamics πΊ: There's an ongoing discussion about the shift of TV buys to programmatic, with differing views on how agencies and platforms like The Trade Desk and Media Ocean are influencing this change.
Google and DOJ Antitrust Cases βοΈ: The DOJ's antitrust cases against Google, particularly concerning search and display, are significant, but there are debates about their timeliness and potential impact, especially with the rise of AI.
AI's Impact on AdTech π€: AI is a major disruptor in the AdTech space, with questions about how companies will adapt and compete, given the substantial capital required for investment.
Tariffs and Ad Spending π°: Potential tariffs, especially with a new Trump administration, could significantly affect ad spending, particularly in the pharma and China-based advertiser sectors.
Pharma Advertising Debate π: The role and impact of pharma advertising in the U.S. is under discussion, with contrasting views on its benefits and drawbacks compared to regions like Europe.
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum. In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
π° AdTech's Working Capital Challenge: AdTech companies, beware! The 90-120 day collection cycle versus the 30-45 day payout creates a tough working capital situation.
π The Power of Brand in the Age of AI: In a world of infinite content, brand is alpha. Joe Marchese argues that brand building lowers customer acquisition costs over time.
π The Value of Attention: Attention is a valuable and finite resource. Events like the Super Bowl demonstrate the power of concentrated attention in a fragmented media landscape.
π Rethinking Impressions: Not all impressions are created equal. Adelaide, for example, is scoring impressions to give context to their value beyond binary viewability.
πΊ The Unbundling of Cable: The spin-off of NBCU's cable channels signals a major shift. The industry is grappling with how to replace the bundle economics with streaming.
π€ The Measurement Minefield: The battle for measurement supremacy continues with Nielsen, Comscore, and others. The key debate: accurate measurement vs. becoming the currency for trade.
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
π AdTech Investments: Early-stage market is very active in 2024, fueled by the AI boom.
π° Series A Market: Seeing an uptick in Series A deals, generally in the $2M to $10M range.
π‘ Focus Areas: Key investment areas include AI applications, privacy-centric data solutions, commerce media tech, and measurement/analytics.
π Privacy-Centricity: A major theme is the focus on data privacy and identity solutions in AdTech.
π€ M&A Activity: Increased M&A activity in the AdTech space, indicating a recovering market.
π€ AI Impact: Discussion around AI's potential impact on job displacement in media planning, buying, and ad operations.
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum. In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
Brian OβKelleyβs Focus: Brian O'Kelley, CEO and founder of Scope 3, is currently focused on angel investing in climate and AI companies. π°π±π€
AI as a Medium: O'Kelley believes the new paradigm is AI as a medium, with a need for more companies focusing on placing ads into AI experiences. π’π‘
Authenticated vs. Anonymous: O'Kelley characterizes the ad tech world in a 2x2: authenticated vs. anonymous and bespoke ad format vs. commodity ad format. π
The Walled Garden Debate: The debate continues: walled garden business model vs. open web business model, especially with the deprecation of cookies. π§±π
The AI Disruption: AI is disrupting how we get informed, inspired, and entertained, changing the traffic patterns to the open web. π€
AI and Employment: O'Kelley argues that AI will not decrease employment but change the nature of jobs, creating new roles and increasing productivity. πΌπ
AdTech News: O'Kelley discusses Perplexity's CPM model for ads in search as surprising and questions Media Oceanβs acquisition of Innovid. π°β
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Welcome to the Quo Vadis podcast series dedicated to one-to-one interviews with the speakers who took the stage at the AdTech Economic Forum.
In this pod series, we get to know what our esteemed speakers are up to touching on their career journeys and hearing their unique perspectives across the many facets shaping the AdTech scene.
Takeaways:
π Ad Market Outlook: The US advertising market currently looks positive, but carries significant risks, particularly following the recent election. US Political Uncertainty: Potential policy changes like tariffs, especially impacting cross-border advertising from China, and new regulations (e.g., around pharmaceutical or high-fat/sugar food advertising) could significantly affect ad spend. π Unsustainable Growth?: Current high single-digit or low double-digit growth rates in advertising are historically elevated and likely won't last long-term; mid-single-digit growth is more realistic baseline. π° Valuation vs. Reality: There's often a disconnect between high stock valuations (like The Trade Desk's) and fundamental business analysis, reminding us that investor sentiment doesn't always perfectly reflect a company's underlying business. π€ AI & Agency Jobs: AI isn't expected to eliminate agency jobs wholesale; rather, it will shift the required skills. Professionals who know how to use AI will likely replace those who don't. π‘ Agency Adaptation: For agencies to stay relevant through technological shifts like AI, continuous investment in new skills, people, and products is crucial, rather than just returning cash to shareholders. π€ Ad Tech M&A: While M&A activity has been somewhat quiet, potentially due to regulatory caution, there's an expectation it might pick up, especially with dry powder available from private equity. π The Transparency Trade-Off: While marketers say they want transparency, many will accept less transparency if it means achieving better outcomes for the same or lower budget. True transparency is arguably an illusion anyway.
