The Monopoly Report

By Alan ChapellBusiness News Government Marketing Business News

The Monopoly Report episodes

May 27 Episode 76: John Battelle on AI, Data Ownership and the Future of the Open Internet
Alan Chapell sits down with journalist, entrepreneur, and Wired co-founder John Battelle for a deep discussion on AI, privacy, data ownership, publishing, and the future of the internet. They unpack the “inner monologue bloom,” OpenAI’s ambitious ad revenue projections, the economics behind content creation in the AI age, and why Battelle believes data portability could unlock an entirely new innovation economy. From programmatic advertising to platform control, this conversation explores who will ultimately control the next era of digital infrastructure.
You may find John at https://battellemedia.com/ or https://www.linkedin.com/in/johnbattelle/.
You may find the Chapell Regulatory Insider at https://chapellreport.substack.com/.
Takeaways
- AI chatbots are creating a new “inner monologue” data economy.
- Data is non-rivalrous, but tech platforms treat it like a closed asset.
- OpenAI’s $100B ad revenue target would require massive market disruption.
- Publishers still lack a scalable AI monetization model.
-Programmatic ad tech may be one of the most underutilized infrastructures online.
- Battelle argues consumers should own portable, machine-readable versions of their data.
- AI agents could reshape commerce, search and personalization.
- Platform control battles are shifting from browsers to AI ecosystems.
- Local journalism faces a growing sustainability crisis in the AI era.
- The next phase of the internet may depend on user-controlled AI agents.
Chapters
00:00 Alan introduces John Battelle and his background in tech and media.
03:00 The “inner monologue bloom” and AI-driven privacy concerns.
09:20 Why data is treated incorrectly as a rivalrous asset.
15:00 OpenAI’s $100B advertising ambition and whether it’s realistic.
19:30 The future of AI agents and user-controlled personal data.
27:15 Apple, platform gatekeeping and the fight for user agency.
35:00 The economics of AI infrastructure and compute costs.
39:55 How AI impacts publishers, local journalism and content monetization.
50:55 Retail media, first-party data and the future of advertising.
58:00 Journalism as a public good and the risks of centralized AI control.
01:01:00 Why programmatic ad tech remains massively underestimated.
01:11:30 Battelle’s proposed “Token Act” and machine-readable data portability.
01:16:45 Final thoughts and where to follow John Battelle.
Guests: Alan Chapell

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1 hr 16 min
May 13 Episode 75: Brave's JP Schmetz: ‘Publishers Need to Get Their Act Together'
JP Schmetz, Chief of Search and Ads at Brave, joins Alan Chapell to debate the questions that most browser executives won't touch on the record. Should publishers stop outsourcing ad sales to Meta and Google? Is "first-party vs. third-party" a meaningful distinction to users — or a convenient line Brave draws to justify default blocking? Alan pushes back. JP pushes back harder. Featuring references to Jason Kint at DCN, GPC defaults, The Knight-Georgetown Institute (KGI) report covering data sharing pursuant to the DOJ Search remedies (among other items), and why rooting against the AI investment cycle is, by default, rooting for Google to win everything again.
The KGI Report on data sharing is available at
https://kgi.georgetown.edu/wp-content/uploads/2026/04/Designing_the_Technical_Committee_Report_KGI-FINAL-April-2026.pdf.
Sumit Sharma’s Report on Data Sharing is available at
https://insights.sumitsharma.consulting/p/google-search-remedies-implementation
The Chapell Regulatory Insider is available at
https://chapellreport.substack.com/
Takeaways
- Brave believes browsers should prioritize users over advertisers.
- JP argues Google’s monopoly power comes from distribution and monetization.
- Brave blocks third-party requests by default for privacy reasons.
- Alan and JP debate the merits of blocking ads in the name of privacy.
- Brave Search now powers parts of the AI search ecosystem.
- AI could redistribute traffic away from traditional search engines.
- JP believes publishers became too dependent on programmatic ad tech.
- Subscription-based AI models may create a healthier internet economy.
Chapters
00:00 Introduction and meeting JP Schmetz
00:36 Can browsers still serve users first?
04:05 Why browsers need search revenue to survive
05:49 The economics of search advertising
08:10 DOJ remedies, Chrome, and Google dominance
10:39 Brave’s evolution from privacy browser to search business
12:47 Why Brave blocks third-party ads and trackers
16:18 Publishers, ad tech, and selling ads directly
19:18 Ad tech circumvention and browser controls
22:02 Is Brave hurting publisher monetization?
25:05 Contextual advertising vs third-party tracking
28:47 Global Privacy Control and browser defaults
32:36 Brave Search, Google defaults, and monetization
34:56 Google data sharing and search competition
41:15 AI, search, and the future of the internet
46:30 Subscription models vs ad-funded AI
49:43 Why competition against Google still matters
51:25 Final thoughts and closing remarks

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55 min
April 29Episode 74: The Attribution Cartel: Why “Privacy-Safe” is NOT what it’s made up to be
Don Marti joins Alan Chapell to unpack the hidden risks behind the push for industry standards for “privacy-safe” ad attribution, the myth of privacy-preserving tech, and how big platforms may be reshaping the future of digital advertising.

The Chapell Regulatory Insider is at https://chapellreport.substack.com/
Don Marti may be found at: https://aloodo.com/
See Don Marti’s recent AdExchanger piece at https://www.adexchanger.com/data-driven-thinking/what-happens-when-the-attribution-cartel-meets-advertisings-halo-effect/
Additional discussion re: the problems with PETs for advertising
https://privacy-daily.com/news/2025/06/10/PrivacyEnhancing-Technologies-Are-Not-a-Silver-Bullet-PEPR-Told-2506100010
https://rjionline.org/news/the-traffic-and-revenue-crisis-for-news-is-a-symptom-of-big-techs-economy-wide-trust-collapse/
https://rjionline.org/news/big-tech-is-squeezing-advertising-jobs-and-companies/
https://rjionline.org/news/big-techs-economic-takeover-can-be-beat/
https://rjionline.org/news/big-tech-runs-counter-to-journalism-values-so-why-is-the-news-industry-helping-tech-take-over/

Takeaways
Privacy-focused users are often the most valuable customers, challenging traditional ad tech assumptions about measurability.

Attribution is fundamentally about linking ad exposure to outcomes, but current models often prioritize simplicity over accuracy.

“Privacy-preserving” systems frequently focus on mathematical guarantees that don’t align with real-world privacy harms like discrimination or deception.

Proposed attribution standards may unintentionally increase surveillance incentives by enabling fraud and data laundering.

Fraud in attribution systems can reward actors who intercept users right before purchase, distorting true performance signals.

Big tech companies may benefit from attribution systems that reinforce their own ad recommendations, reducing competition.

The “halo effect” shows ads perform better in trusted, premium environments, but current systems undervalue this dynamic.

A shift toward cheap, commoditized ad placements weakens both brand equity and publisher sustainability.

The so-called “attribution cartel” is defined by systems that avoid user consent and bypass opt-out mechanisms.

Effective privacy regulation should focus on real-world harms rather than technical implementation details.
Chapters
00:00 Intro & What Don Marti Has Been Working On
01:18 The “Marti Paradox”
02:52 What Attribution Really Means
03:35 The Broken State of Attribution Today
07:32 Complexity, Perception & Industry Behavior
08:21 The Problem with “Privacy-Preserving” Tech
11:54 Big Tech Incentives & Centralization
16:17 The Halo Effect & Ad Effectiveness
17:01 Commodification vs Sustainable Advertising
21:28 Attribution Fraud Explained
23:49 Data Laundering Through Attribution Systems
26:09 The “Attribution Cartel” Defined
29:17 W3C, Standards & Industry Power Dynamics
32:29 Alternative Approaches (AdMap)
37:03 What Good Privacy Regulation Looks Like
40:56 The Future of Attribution
43:20 What Industry Stakeholders Can Do
45:00 Rethinking Privacy Harms

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47 min
April 22Episode 73: Pubmatic isn’t messing around with Agentic Ads
Andrew Woods, GC of SSP Pubmatic, joins Alan Chapell to discuss Pubmatic’s approach to agentic ads — and how AI has irrevocably changed the legal profession. Pubmatic’s recent agentic test campaign results were a hit at Marketecture Live, and Andrew goes deep into what he believes will need to happen in order for agentic to live up to its promise.
The Chapell Regulatory Insider is available at https://chapellreport.substack.com/.

Takeaways
Agentic AI does not create new liability; it accelerates existing frameworks

Accountability sits with whoever deploys the agent

Logging and decision provenance will be critical for compliance

Privacy compliance is less about difficulty, more about fragmentation

Hope is not a plan when it comes to regulatory scrutiny

Data minimization is becoming a real engineering constraint

AI will eliminate routine legal work but elevate strategic problem-solving

Agentic systems can become powerful compliance tools if built correctly

Chapters
00:10 Introduction to the episode and Andrew Woods
02:01 Andrew’s background and journey into ad tech
04:20 Lessons from Twitter on privacy and user safety
06:29 What a General Counsel does in modern ad tech
08:43 Biggest lesson from global privacy enforcement
11:04 Building trust between legal and business teams
13:21 Who is liable in agentic AI advertising
16:29 Why logging and data provenance matter
18:27 The role of compliance signals and guardrails
20:57 Why agentic compliance frameworks are not built yet
22:57 Regulation versus fragmentation challenges
24:55 How PubMatic approaches privacy by design
27:10 Data minimization in practice
28:16 Non-negotiables for agentic compliance frameworks
31:57 Where industry discussions are happening
33:50 The future of agentic AI in advertising
36:42 How PubMatic’s legal team uses AI today
40:26 Why traditional legal work is disappearing
45:09 Final thoughts and closing

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52 min
April 15Alan Chapell’s Fireside chat with FTC Commissioner Meador
The Monopoly Report’s Alan Chapell sits down with FTC Commissioner Mark Meador at Marketecture Live to discuss industry privacy self-regulation, the future of the cookie opt-outs, the use of privacy as an anticompetitive pretext, and some ideas for better protecting kids online.

Takeaways
Self-regulation still matters, but must be effective and avoid collusion risks.

Privacy and competition often exist in tension and require balance.

Cookie-based systems are imperfect and depend on better alternatives emerging.

Risks around using privacy as a pretext to lock up the browser market or access to critical data.

Transparency is key for both consumer protection and fair competition.

Age verification is advancing rapidly with privacy-conscious innovation.

“Free” platforms still involve economic transactions and consumer trade-offs.

Antitrust enforcement is shifting toward tackling dominant players’ conduct.

Chapters
00:00 Introduction and role of self-regulation in advertising
00:41 Why self-regulation still matters and how it should work
02:27 What makes self-reg effective in the eyes of the FTC
04:12 The limitations of cookie-based privacy tools
06:03 Global privacy controls and market-driven solutions
08:38 Balancing privacy and competition in digital markets
10:33 Protecting children online and age verification innovation
14:29 Solving privacy concerns in age verification systems
15:38 Why universal identity checks are not the goal
18:06 Measuring harm in “free” digital platforms
20:25 Current state of antitrust enforcement
23:07 Addressing monopolies after consolidation has occurred
25:28 Rethinking antitrust and the risks of concentrated power

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30 min
April 08Episode 72: Can Mozilla succeed by doing right by its User base?
Host Alan Chapell is joined by Ajit Varma and Kush Amlani from Mozilla, where they talk about the intersection of privacy and competition, the weaponization of privacy, and how Mozilla is placing a bet that staying true to their core privacy principles will enable Firefox to succeed over the long term.

The Chapell Regulatory Insider may be found at - https://chapellreport.substack.com/

Kush Amlani is Director, Global Competition & Regulation at Mozilla, leading the work to create a level playing field in digital markets internationally. Prior to joining Mozilla, Kush was a Senior Competition & Regulatory Lawyer at the BBC for five years, based in London. He joined the BBC from SJ Berwin LLP (later Kings & Wood Mallesons), where he worked on antitrust cases across the UK and EU, spanning sectors such as energy, media, telecoms, and pharmaceuticals.

In his role as Head of Firefox, Ajit Varma leads the development of the Firefox strategy, ensuring it’s a delightful experience for current users, as well as those of the future. Ajit has years of product management experience from Square, Google, and, immediately prior to joining Mozilla, Meta, where he was responsible for monetization of WhatsApp and overseeing Meta’s business messaging platform. Earlier in his career, he was a co-founder and CEO of Adku, a venture-funded machine learning platform that was acquired by Groupon. Ajit has a BS from the University of Texas at Austin. He is based in the Bay Area.

Takeaways
Product and policy are now deeply intertwined in modern tech decisions

Some browsers are increasingly evolving into AI-powered agents Mozilla prioritizes user choice, transparency, and choice-driven AI experiences

Privacy and competition should work together, not against each other

Open source and browser diversity are critical hedges against Big Tech dominance

Mozilla intentionally sacrifices revenue to stay aligned with its core privacy and trust principles

The future of AI depends on interoperability and low barriers to entry

Chapters
00:00 Intro to Mozilla’s role in privacy and competition
00:41 Why product and policy are now inseparable
03:03 Kush’s path into law and regulation
04:49 How browsers evolved into user agents
08:26 New AI browsers and distribution strategies
09:40 Mozilla’s approach to monetization without selling data
12:14 Why privacy matters more than ever
15:15 Privacy vs competition in regulation
24:08 Mozilla’s AI strategy and avoiding dependency
27:42 What trustworthy AI actually means
31:36 Privacy-enhancing technologies and their limits
34:11 The trade-offs of privacy-first business models
40:23 Why competition and browser diversity matter
41:32 The importance of Mozilla’s Gecko engine

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46 min
April 01Episode 71. The Revisionist History of Privacy Self-Reg in the Ads Space
Host Alan Chapell is joined by Mark Naples of WIT Strategy, where they discuss the history of self-reg in the ads space, the NAI's origins in 2000, the DAA's launch a decade later, and the rise of the cookie opt-out mechanism. They also get into AI and whether that will change the path of innovation in adtech.
Find Mark Naples here https://www.witstrategy.com/mark-naples.

The Chapell Regulatory Insider may be found here - https://chapellreport.substack.com/

Takeaways
The DAA’s core goal was to delay, if not prevent, government regulation—and it worked

Transparency was helpful, but didn’t meaningfully protect users

Over the years, the focus was on regulating smaller players while Big Tech scaled unchecked

Cookie-based opt-outs were flawed but persisted because they “worked” (kind of, sort of)

AI is degrading critical thinking and originality in communications

Innovation in ad tech has slowed significantly - will the rush to agentic speed it back up?

Engagement matters more than clicks, but most marketers still don’t get it

Chapters
00:00 Intro & Welcome to the Monopoly Report
02:20 Setting the Stage: Privacy, Regulation & Ad Tech
03:30 The NAI Origins & Early Industry Tensions
08:30 DoubleClick vs. Open AdStream Models
12:00 Privacy vs. Transparency: What Actually Mattered
16:30 The Birth of the DAA & Self-Regulation
22:00 Was the DAA Really a Success?
27:00 Big Tech’s Rise & Missed Warning Signs
32:00 Cookie Opt-Outs & Technical Reality
36:30 Power, Regulation & the Role of Government
41:00 AI’s Impact on PR & Media Quality
45:00 The Decline of Innovation in Ad Tech
49:00 What the Industry Should Be Talking About: Engagement
52:00 Where to Find Mark & Closing

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45 min
March 25Episode 70: Ad Tech at a Turning Point with Allison Schiff of AdExchanger
Allison Schiff, Managing Editor at AdExchanger and host Alan Chapell, break down the growing tension between business incentives and ethical responsibility in the ad tech industry. The background context is the recent RFI from the U.S. Department of Homeland Security. Who within the larger ad space is willing to admit - WE are part of the problem.

Check out the Chapell Regulatory Insider at https://chapellreport.substack.com/.

Takeaway
In the ad space, Incentives sometimes drive behavior more than ethics.

Regulation has adjusted core practices, but hasn’t changed the mindset.

Data use has a real human impact.

Data flows continue to lack transparency.

Reform will require multiple forces.

Chapter
00:00 Introduction & Guest Background
04:09 ICE RFI & Industry Silence
08:06 Ethics & Industry Responsibility
13:34 Public Positions & Industry Response
18:13 Surveillance Advertising & Data Use
23:42 Regulation & State Laws
29:09 Privacy Challenges & Vulnerable Populations
36:48 Data Practices & Transparency
43:18 Drivers of Privacy Reform
48:06 Industry & Regulatory Challenges Ahead
52:14 Closing Thoughts

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53 min
March 18Episode 69: Anthony Katsur, CEO at IAB Tech Lab: Navigating AI, Privacy, and Adtech’s Agentic Future
Tony Katsur, CEO of IAB Tech Lab, joins Alan Chapell to unpack the rise of agentic AI and its impact on privacy and data governance. They explore why current approaches fall short and how the industry risks repeating past mistakes. The discussion breaks down vector embeddings and how they enable data matching without exposing raw user information. They also examine ongoing challenges around compliance, consent, and data deletion in AI-driven systems. Finally, the episode covers AI content marketplaces and how frameworks like COMP aim to bring structure, transparency, and fair compensation to publishers.
The Chapell Regulatory Insider may be found here: https://chapellreport.substack.com/

Takeaways
Agentic AI brings powerful automation but risks repeating past privacy failures without strong governance frameworks in place.

Existing privacy standards like TCF and GPP can be embedded into agentic systems but need further evolution and enforcement.

Vector embeddings enable privacy-conscious data matching by comparing similarity rather than sharing raw data.

Data deletion and compliance remain unresolved challenges when user data is embedded into AI models or vectors.

Audit, attestation, and accountability mechanisms are critical to prevent misuse and misrepresentation in agentic ecosystems.

AI content marketplaces require structured licensing frameworks like COMP to support fair compensation and transparency.

Tokenization of content could improve tracking, attribution, and source-of-truth verification for publishers and brands.

The industry is still early in agentic development and must slow down to build privacy-first foundations.
Chapters
00:00 Intro and discussion on agentic AI hype vs reality
01:12 Why privacy is missing from the agentic AI conversation
03:34 Challenges with DSARs and scaling privacy compliance
05:08 Existing privacy frameworks and how they apply to agentic systems
07:44 The role of privacy taxonomy and data classification
12:38 Explaining vector embeddings and privacy-safe data matching
18:30 Compliance challenges with embeddings and data transparency
24:26 Agent registry and identity verification in agentic systems
30:54 AI content marketplaces and the COMP framework
35:24 COMP vs RSL and licensing models
38:15 Content tracking, tokenization, and transparency challenges
42:48 The future of AI content marketplaces
44:38 Why industry participation in Tech Lab is critical

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53 min
March 11Episode 68: How to Build a Privacy Program with Charm & Gravitas
Sheila Colclasure joins host Alan Chapell to discuss some key lessons learned in a career that included significant privacy, AI and data governance roles at Acxiom and IPG. Sheila shares what inspired her to coin the term “March Fairness” as well as a few secrets on how to influence senior decision-makers on privacy and data governance issues.

You can find the Chapell Regulatory Insider at https://chapellreport.substack.com/

Takeaways
Sheila's journey into privacy began in 1997 at Axiom.

Building a culture of privacy is essential for success.

Documentation is crucial for privacy and AI governance.

Words matter in privacy and AI governance discussions..

Data brokers play a vital role in the information services industry.

Regulatory scrutiny on data brokers has evolved over the years.

March Fairness highlights the importance of fairness in data usage.

AI presents new challenges and opportunities for privacy.

Understanding corporate strategy is key for privacy professionals.

Sensitive data should generally be avoided in advertising use cases.

Chapters
00:00 Introduction to Sheila Colclasure and the evolution of privacy governance.
02:00 Sheila’s privacy origin story and early work building Acxiom’s governance program.
04:20 Lessons from auditing data sources and creating ethical data sourcing standards.
09:20 Why documentation and governance discipline matter in privacy programs.
11:00 Building a digital responsibility framework across dozens of agencies at IPG.
17:30 The evolving debate around data brokers and regulatory scrutiny.
26:00 The concept of “March Fairness” and applying fairness to data governance.
30:30 AI, governance challenges, and the coming impact of quantum computing.
41:30 Career advice for privacy professionals

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49 min

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