What are those trade-offs in your view in CTV?

Let's consider a simple example. Suppose you're working with seven different publishers in Connected TV, and we're discussing buying direct, which involves sending an IO out to them. Everything is managed service. Each of the seven publishers has its own campaigns to run for you, and these campaigns don't communicate with each other. They are unaware of what else is happening. Therefore, there's inherent overlap and differences in targeting. All of these issues can be controlled if you're buying through a DSP and purchasing programmatically. Instead of sending out seven different IOs, you manage one in the buying platform. You can universally control frequency, apply audience targeting, and quickly adjust spending across those publishers. When you're locked into a physical contract and buying direct, you can't do this as easily as if you were buying through a DSP.

How do you approach campaign building in CTV? ç How do you decide the balance between PMP versus PG versus open auctions?

You're asking about PMP and open exchange setup, right? And PG as well. Solving that isn't necessarily dependent on the campaign or campaign type. Many buyers try to maximize the number of auctions and run on open exchange and PMP. I don't think there's much benefit to running on open exchange. The control over price and inventory is substantially better on PMP. That's where I believe the majority of transactions should occur, as opposed to open exchange.

But why not? If it's run through the DSP, why can't you do it?

In that market type, that's how it functions. In programmatic guarantees, you give up some controls for the publisher to guarantee delivery. It's about providing your budget and flights and letting them spend it. Often, this means removing audience targeting. Some publishers can accept audiences and apply them to the deal, but that restricts delivery. When running a programmatic guaranteed campaign, assume no audience targeting and a loose frequency cap. If you're running on five different publishers, like I mentioned, there's an issue with direct IO. Those publishers don't communicate, so your global frequency isn't controlled. Even though you're operating through the DSP, it becomes just a transaction mechanism, not using its intelligent features.