This episode explores the fundamental shift from efficiency to dominance in digital advertising. Ian shares why the traditional ad tech model is at a crossroads, with many players facing margin squeeze or consolidation, while a few with true differentiation may thrive. You’ll discover how the biggest platforms - from Google to Amazon - are the real gatekeepers not only selling vast quantities of media but also controlling the pipes. We also debate:

• The real drivers behind the market’s skepticism with ad-tech stocks, referencing TTD
• How AI could overturn ad tech economics and bring true efficiency back to media buying
• The risks of consolidation, with parallels to the Standard Oil case and the implications for publishers and brands
• Why agencies’ opaque rebates and kickbacks threaten the integrity of ad buying and how transparency and proprietary solutions are the future
• What premium publishers must do to protect their value amidst a landscape where power consolidates in the hands of the few