The Aperiam Podcast

The Financialization of Media


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The media market is broken — and it's broken by design. In this episode, Corey and Joe sit down with Marc Guldimann, co-founder and CEO of Adelaide, to unpack why digital advertising operates like a classic "lemon market," where buyers can't assess quality so sellers have no incentive to provide it. Marc explains Adelaide's AU metric — a placement-level quality score built on attention research and outcome validation — and how it's beginning to function as a genuine market currency, moving from the buy side to the sell side much like credit ratings did in financial markets. The conversation goes deep on the financialization of media: forward contracts, securitization, and why a CMO who can't answer "what will it cost to reach my audience in six months?" is structurally disadvantaged compared to every other executive in the boardroom. 

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The Aperiam PodcastBy Corey Ferengul, Joe Zawadzki

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