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In your opinion, is this movement by large advertisers to bring advertising in-house beneficial for DSPs, particularly for The Trade Desk?

For DSPs, it certainly doesn't hurt them because they still receive the revenue from the advertiser, whether it's through the agency or directly from the client. DSPs probably prefer working directly with a client rather than dealing with an agency. However, it involves different scales of buying and commercial agreements. For example, The Trade Desk having an agreement directly with Procter & Gamble, even when P&G was fully at Dentsu, shows that larger clients like to own the relationships and commercial agreements. They want control, especially from their finance and procurement teams, to manage MSAs and deals. Larger clients, whether in-house or not, tend to control their financial destinies with platforms.

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