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 💼: 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 ❓: 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 📈: The AdTech industry has evolved, becoming more well-known and consolidated, with improved perception thanks to companies like Trade Desk.  
• AdTech's "Holy Trinity" 💰: 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 🤝: The AdTech sector is consolidating, with demand and supply sides merging, potentially leading to fewer SSPs and DSPs.  
• CTV and Retail Media Growth 📺🛒: 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 ⚖️: 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:

• 📣 Yahoo DSP is the smart choice for marketers, offering customizable solutions and unmatched results.  
• 💰 Amazon's advertising business is booming, projected to reach $56 billion this year with a 60% margin.  
• 📺 Amazon is leading the way by tying connected TV ads to purchases, with Walmart following suit.  
• 🤝 There's an expected downsizing in the AdTech space, from 30 DSPs to a likely 5 in the next five years.  
• 📉 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. 📈💼
• AdTech 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. 💰🚀
• Key Metrics: In AdTech, net revenue retention and EBIT are critical for assessing a company's true health and potential. 📊🔍
• Private Equity Challenges: PE firms face intense competition for low-risk investments, but AdTech presents unique challenges due to its inherent risks. 😨
• AdTech Valuation Factors: AdTech valuations are influenced by more than just company fundamentals, including regulatory and platform risks. 🤔❓
• Market Dynamics: Success in AdTech requires navigating agency fickleness and the concentration of spend on major platforms. ⚖️
• Measurement Focus: The future of AdTech investment may lie in measurement solutions that mitigate exogenous risk factors. 🎯📏

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 🏢: 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 📈: 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 📺: 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 ⚖️: 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 🤖: 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 💰: 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 💊: 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.

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:

💰 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.

🚀 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.

👀 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.

📊 Rethinking Impressions: Not all impressions are created equal. Adelaide, for example, is scoring impressions to give context to their value beyond binary viewability.

📺 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.

🤔 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.

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:

🚀 AdTech Investments: Early-stage market is very active in 2024, fueled by the AI boom.  

💰 Series A Market: Seeing an uptick in Series A deals, generally in the $2M to $10M range.  

💡 Focus Areas: Key investment areas include AI applications, privacy-centric data solutions, commerce media tech, and measurement/analytics.  

🔒 Privacy-Centricity: A major theme is the focus on data privacy and identity solutions in AdTech.  

🤝 M&A Activity: Increased M&A activity in the AdTech space, indicating a recovering market.  

🤖 AI Impact: Discussion around AI's potential impact on job displacement in media planning, buying, and ad operations.  

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 O’Kelley’s Focus: Brian O'Kelley, CEO and founder of Scope 3, is currently focused on angel investing in climate and AI companies. 💰🌱🤖

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. 📢💡

Authenticated vs. Anonymous: O'Kelley characterizes the ad tech world in a 2x2: authenticated vs. anonymous and bespoke ad format vs. commodity ad format. 📊

The Walled Garden Debate: The debate continues: walled garden business model vs. open web business model, especially with the deprecation of cookies. 🧱🌐

The AI Disruption: AI is disrupting how we get informed, inspired, and entertained, changing the traffic patterns to the open web. 🤖

AI and Employment: O'Kelley argues that AI will not decrease employment but change the nature of jobs, creating new roles and increasing productivity. 💼📈

AdTech News: O'Kelley discusses Perplexity's CPM model for ads in search as surprising and questions Media Ocean’s acquisition of Innovid. 📰❓

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:

• 📈 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.   
• 📊 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.   
• 💰 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.   
• 🤖 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.   
• 💡 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.   
• 🤝 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.   
• 🔍 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.