Moving to a more general perspective about the industry, how do you see the adoption of programmatic guarantee and biddable ads evolving on CTV? Would you say there's a trend of either becoming more relevant?

That said, the publisher is doing its best. The inventory owner - The Fox, Disney's of the world are trying their best to keep deals at PG where there's less of a take rate and the publisher regains the majority of their control because there's no data decisioning being applied.

During this tug-of-war, how do you see it evolving?

The Trade Desk sales team is encouraging clients to buy with full decisioning, meaning programmatic, PMPs, or even open exchange, rather than just sticking to PG. This makes sense because you're not fully utilizing the platform's capabilities. Clients are recognizing this, but publishers will continue to push for PG. More dollars will likely shift away from PG, which might be why revenue wasn't there, as some deals got stuck in PG.

And what's the mindset of the advertisers regarding CPMs on CTV?

The biggest concern for marketers and agencies isn't necessarily the overall CPM; it's the take rates that DSPs charge. The Trade Desk is the most expensive in this regard, as they have take rates and additional feature fees. If you want to use their identity graph or perform bid optimization using a tool called predictive clearing, it increases the price.