Three walled gardens took 62% of all global digital ad revenue in 2025. The rest of adtech , every DSP, SSP, CDP, and measurement vendor combined, shared what remained. This is where that money went,
Great piece Amit, just 2 Qs if you have a minute - thanks!
1) You mention ~80% of premium CTV is PG/PMP today. Curious if you have a view on what that mix looks like by 2028? Specifically, do you think the new CTV format specs from IAB Tech Lab (pause ads, squeezebacks etc) accelerate the shift to biddable, or do those formats actually entrench PG further because publishers want to control pricing on novel units?
2) You describe the DSP/SSP distinction as a 'billing convention from 2010' and suggest building bilateral platforms. Are you seeing real traction with SSP-side execution paths (like Magnite ClearLine or Index Exchange's similar initiatives) where buyers bypass the DSP for PG/PMP deals? Or is that still mostly conference talk?
whatever I say will be speculation but here are my thoughts
it’ll still remain the same. the squeezeback or L band formats will work independently like display advertising (just a bit with higher brand safety and in a regulated manner). newer formats won’t get CTV CPMs. and video ads will still be same PG/PMP same as today. to have a change by 2028 to more biddable (a lot more PMPs, ruling out open auction anyway), CTV pubs need to build their own audience targeting and provide measurement that can prove the impact of the ad.
I think it is still mostly the conference talk. both sides are trying to cross over to move more budgets. the budgets are finite and they just shift from one side to another. its more about sales than the products. having said that, the distinction of SSP/DSP won’t matter in the long run anyway.
Great piece Amit, just 2 Qs if you have a minute - thanks!
1) You mention ~80% of premium CTV is PG/PMP today. Curious if you have a view on what that mix looks like by 2028? Specifically, do you think the new CTV format specs from IAB Tech Lab (pause ads, squeezebacks etc) accelerate the shift to biddable, or do those formats actually entrench PG further because publishers want to control pricing on novel units?
2) You describe the DSP/SSP distinction as a 'billing convention from 2010' and suggest building bilateral platforms. Are you seeing real traction with SSP-side execution paths (like Magnite ClearLine or Index Exchange's similar initiatives) where buyers bypass the DSP for PG/PMP deals? Or is that still mostly conference talk?
whatever I say will be speculation but here are my thoughts
it’ll still remain the same. the squeezeback or L band formats will work independently like display advertising (just a bit with higher brand safety and in a regulated manner). newer formats won’t get CTV CPMs. and video ads will still be same PG/PMP same as today. to have a change by 2028 to more biddable (a lot more PMPs, ruling out open auction anyway), CTV pubs need to build their own audience targeting and provide measurement that can prove the impact of the ad.
I think it is still mostly the conference talk. both sides are trying to cross over to move more budgets. the budgets are finite and they just shift from one side to another. its more about sales than the products. having said that, the distinction of SSP/DSP won’t matter in the long run anyway.