It seems like the DV+ side is highly commoditized, with everyone receiving the same bid request. You mentioned six people going to The Trade Desk with the same inventory at the same time, which is fascinating and highly competitive. Are we understanding this correctly? Is it really that competitive? Are there really four, five, or six people getting access simultaneously? How often does this happen? Is it ever sole-sourced? What differentiates one from the other? That's the question.

On the DV+ side, it's not really sole-sourced. On the CTV side, they might have the advantage of being one of two or three authorized sources for most CTV media owners. Let's look at The Trade Desk example. The Trade Desk has consolidated buying paths to a few SSPs and gives control to their clients. Most DSPs tend to select all SSPs they're connected to, opening up the entire aperture. The Trade Desk advises clients on a handful of supply paths needed to access all possible impressions from the Internet. Despite some push and pull between The Trade Desk's OpenPath and Magnite's activities on the buy side, Magnite is The Trade Desk's largest SSP in terms of spending. This is an interesting fact that might be overlooked when discussing DV+. Why? They have all the supply. That's the essence of it.

Let's stick to the DV+ business but discuss the changing nature you mentioned, where Magnite has some semblance of a DSP, and certainly, Trade Desk and others have some semblance of an SSP. What has changed there, and what does it mean from a customer's perspective? What can they do and not do on each side of that equation?

I think that will evolve. Going back to The Trade Desk for a second, I think they want to reduce their reliance on SSPs, but they themselves are not an SSP. So, they will always be beholden to SSPs to some degree. I don't see a scenario where they would consolidate all of their spend through OpenPath because then they would just become Google, and nobody likes Google. It's a delicate balance for them.