Could you share your perspective about how Amazon's ad business evolved over time and how the company's strategy developed each of its most relevant advertising businesses?

To your question about the strategy when Jeff Bezos left Amazon as CEO and Andy Jassy became the CEO. Andy drove a level of discipline within Amazon where he wanted Amazon to do fewer things but do them better. Jeff tended to have irons in a lot of different fires and would test many different things. Andy wanted to focus on some bigger bets. One of the top five big bets he wanted to focus on was in the video advertising space, because he wanted Amazon to focus on things that were capital intensive, complex, required global scale, and were hard to do, where there were only maybe a few companies in the world that could pull them off. He felt video advertising was one of those spaces because it needed cloud computing, a video solution, original content and sports licensing, and then a well-developed advertising space. That became one of the top five priorities across Amazon broadly.

Approximately what share of Amazon DSP revenues are diverted to the Amazon ecosystem instead of to other channels?

If you look at both the sponsored ads family and Amazon DSP, about 80% to 85% is still going to Amazon properties. That might seem large, but that's because it has grown so much faster. If you look at Amazon's growth rate, it's doing well in third-party supply. But it came from this lion's share of revenue that was especially on Amazon.com, to be honest. The sponsored products product is about 65% of the overall Amazon business still. Amazon DSP is still only about 18% of the overall Amazon ads world. Most of it is still the sponsored ads family.

Last year, Amazon engaged in partnerships with other CTV channels like Netflix and Roku. This has a lot to do with frequency capping, among other things. How successful has Amazon been in being hired to place ads in these other channels in addition to its properties?

Traditionally, Amazon didn't get 100% access to all of the inventory with the streaming app. I will use Hulu, but the same things happen with Disney Plus, Netflix, and Roku, where it starts out that maybe the publisher will give Amazon 10% of their inventory that they could serve ads into. Over the course of the year, they will see the business performance of that inventory where there is a certain CPM that Amazon gives that publisher based on that. What they found over that course of the year is that they actually got a higher CPM from Amazon than they could from other organizations.