Great. I think we'll get started here. Thanks, everyone, for joining and for anyone else listening on the webcast. My name is Tom White. I'm the Internet Services Analyst here at DA Davidson. We're thrilled to have Viant here at our Tech and Consumer Conference in Nashville. Nick Zangler, SVP of Investor Relations.
Got to get that right.
I will. Good to see you. Worked hard for that bad boy. Thanks again for coming to Nashville. Phil? Yeah, happy to do it. Yeah, it was awesome. Great. So maybe just to kind of get started here, you know, for anyone in the room, maybe who's a little bit less familiar with the story, I thought it might be helpful just to give a quick overview of the business and, you know, maybe some of the key growth drivers this year.
Yeah. So Vine is an advertising platform. It's actually a demand side platform, kind of evolving into an advertising intelligence company, what we like to say. But effectively, we allow advertisers to buy digital ad inventory across the open Internet. So much like you might log into E-Trade to buy stocks, we allow advertisers to log in our platform to buy digital ad inventory across the open Internet. And so what are they buying? They're buying CTV, for example. They'll buy Disney Plus or Hulu or Fubo. So they'll buy digital home inventory that includes bars, restaurants, train stations, airports, inventory, any digital ad inventory in those locations, mobile ad inventory, whether in-app or simply online, streaming audio, so iSpot, Pandora, Spotify, or I should say iHeartRadio and Spotify. And so across these channels, we allow them to buy digital ad inventory that obviously they want to increase. They want to utilize to drive return on investment and return on ad spend and ultimately drive an outcome. Now, there's two primary ways in which we differentiate versus our competition. The first is that we are uniquely, to a degree, independent and an objective. We do not own any of the content in which we offer, right? So if you think about DB360, they're a competitor. They own YouTube. They want to direct as much spend as they can to YouTube because when they do so, they extract 100% margin. When they send digital ad dollars to Disney+, they only extract 20%, but when they go to YouTube, it's the full throttle. Amazon Prime Video, same thing. Amazon DSP, they own Prime Video. they want to allocate spend into that channel where they extract 100 margin. Yahoo, again, they're a competitor, Yahoo DSP, they do the exact same thing. We are totally agnostic. We do not care where the ad spend goes across any of the channels that I listed. We simply want to deliver return on ad spend for our advertisers. And so we do that with unique signals and data. And this is the next area of differentiation we are what i believe and what would most agree is the best dsp for targeting and measurement if you're an advertiser that is primarily beyond like the top 500 advertisers in the world that might still rely on prey and spray advertising if you're more niche you want to target a specific audience and see if that audience responded and we have a few identifiers there that we utilize to help advertisers do that. And quickly, I'll just kind of run through them. The bread and butter is household ID. This is an audience identifier. And so it enables a brand like Peloton to upload their first party data and say, here's all the users of my Peloton bike. I want to target these same users with a Peloton tread ad. Find them for me in the ecosystem in which you can and put my ads in front of that specific user base whataburger another great example they are a mid-market brand but and they have 1100 stores but 70 percent of them are in texas so they don't want to waste ad spend across the u.s they want to make sure that all the ads for the most part are going into that environment in texas where an ad can actually be delivered to a user that has a high propensity to respond and go into a store. So Household ID is the leading identifier in the ecosystem. It's available 80% of the time across bids and 95% in CTV. That dwarfs any of the competition. So if you care as an advertiser about targeting a specific audience, Household ID is the best solution in the market for to utilize. On top of that, the next identifier is Iris ID. This is a content identifier within the CTV ecosystem. So not only can we target specific audiences, but we can target those audiences in content that is relevant to the advertiser. And so for an example here, if you were to consider a company like Cabela's, who is naturally going to search for and try to find outdoor enthusiasts, right? They'll utilize something like Household ID to make that happen. On top of that, they would leverage Iris ID to not only hit an outdoor enthusiast, but hit them when they're watching Landman or Dutton Ranch on Paramount+. And even more uniquely, they would tie a fishing gear commercial to a scene in that content in which they were fishing, right, so that it's highly relevant. And the data shows that that type of ad strategy delivers a much higher return on ad spend. And then finally, what's also unique is T-Vision. This is something we just bought and acquired. This is a panel. It is 5,000 households, 14,000 individuals, and it measures attention, actual attention that users are paying or that viewers are paying to the content they're watching. And then we could bring that to the pre-bid side of the transaction and buy against it. So a perfect example, I think, is last night. If any of you guys are watching the Knicks game when they unbelievably came back somehow, I blame San Antonio. That's just an unbelievable faulty embarrassment on how they came back. But nevertheless, the attention at the end of that game when you saw the Knicks coming back was sky high, right? Sky high. And so if that was sold in the programmatic ecosystem, with T-Vision, we would uniquely know that maybe on average there was four people in every room in which that that content was on and they're not going to the bathroom they're not on their phone they are glued to the television and so the attention score attached to that inventory would be super high we uniquely would have that insight and be able to buy against it and nobody else would have that even the publisher would not know real time what the attention is other dsps would not know what the attention is because that data belongs to us uniquely. And so if the ask was $30 by the publisher, but we uniquely know that it's worth $150, we're going to buy that all day long. And if that means bidding up to $35, $36, $37 to win it, we'll do so knowing it's true inherent value. Eventually, the other DSPs, they won't bid anymore because they won't understand what the true value is it's unique to us and so that allows us with it gives us proof true price discovery unique to buy it for our eyes only and so to holistically answer this a very long-winded question of yours or answer of mine I should say we are we can utilize all of these signals holistically for advertisers that care about targeting and measurement to go after a particular audience and see whether that audience actually responded. We utilize AI to help us do that as well, which I'm sure we'll...
That's a good segue. So look, the ad tech space, it's always dynamic. There's always a lot of interesting developments, competitive issues, and we can dig into some of those in a second. I guess just when we look at your business this year, you're growing well in excess of effectively all independent DSPs. You've guided to accelerating growth in each of the quarters of this year. Of the different sort of company-specific either products that you just touched on, some of the acquisitions, if you could rank the main drivers of what is it really that's driving that acceleration?
Yeah. And to be specific, so we guided 23% growth in net revenue in the second quarter. We suggested that for the rest of the year, you'll see accelerating growth. So basically, third quarter growth will eclipse 2Q, fourth quarter growth will eclipse 3Q. And so that's how the street has modeled our top line. I think the street's at maybe 23% for the full-year top line and 30% from an EBITDA growth perspective. But there are a number of catalysts that are driving the growth. if I had to, you know, effectively rank order some of them, I mean, number one would maybe be the enterprise wins that we've had as of recently. So Molson Cores being Exhibit A, that's a huge spender that we recently won. They just started to deploy ad spend in the first quarter, and they're going to ramp throughout the remainder of this year. Molson Cores will be, you know, effectively a gift that keeps on giving because we've won their digital spend, but a lot of their spend still sits in linear and it'll be shifting over to CTV. So we expect that account to grow significantly into year two and again into year three. Whoop, which who's got, anybody got one on? I've seen a few people walking around with them today. Oh, geez, they're not a client. I don't think, maybe, maybe not yet. But so Whoop, obviously, you know, they want to target health-conscious consumers, and so they have to find health-conscious individuals, golfers, is who they target as well. So that's another enterprise account that we've won. And there's been a few more. There's been a major CTV streaming service, a charitable organization, 9,000-store convenience store chain. So these are all opportunities that we typically wouldn't address. But what I think we're finding is that even the biggest advertisers in the world are starting to deploy more sophisticated campaigns and more budgets. Molson Coors, for example, they want to target specific demographics and align their beverage of drinks to those demographics. So they've tasked Vient, you know, Vient, find me this demographic and put this specific creative in front of them, right? And we've proven that we could do that better than the competition. And so enterprise sales wins has been a huge driver of growth, or it's projected to be for the course of this year and beyond iris which i talked about that content identifier i mean that's still very nascent and new each quarter the usage of that is doubling from sequentially on a quarterly basis so we're getting to adopt it which means utilization of it is increasing 50 percent of inventory right now the way in which you could utilize it increasing to 75 percent by the end of this year. But because it's more usable, advertisers are applying it, and obviously they pay up for that. So that also is driving growth for the year. You've got some industry catalysts, right? Like you've got the World Cup. That's new and incremental. We have a direct access relationship with Fox for that inventory, so we can buy it super efficiently. Political is going to be a contributor into the back half as well. You know, in the last election, it was a 400 to 500 basis point benefit. We'll see what it could do this year, but that's a tailwind. God, I mean, there's obviously many, but outcomes is, we'll touch on it, but outcomes is our autonomous product. A do-it-for-me advertising solution for performance advertisers that's starting to ramp and should see steady growth throughout the year. And then, as I mentioned, T-Vision, a bunch of those revenue synergies should start to hit in the fourth quarter and beyond. And so it just paints such a strong growth outlook for this, not only this year, but into next year as well, because a lot of these same catalysts that I just mentioned are going to continue on into 2027. And so the high growth should continue.
So you touched on outcomes and maybe we can talk about AI for a little bit. So you started off talking about household ID and Iris and now T-Vision. And these are things that help you guys better target and deliver ROI for advertisers. Some of the AI functionality in your platform, ostensibly it was designed to kind of appeal to smaller advertisers. At least it seemed that way initially. This big cohort of advertisers who you guys think are maybe over-invested in traditional search and social. But it also seems that all of a sudden you're having this success with much larger advertisers than you otherwise or historically maybe did. Some of that maybe is a function of what's happening in the industry with some of your competitors. We can get to that in a second. But I'm just curious, what are you hearing from these larger advertisers? Why are they now turning to you? Is it about product? Is it about price? price? Is it about transparency? Why are you viewed as a much more potentially attractive partner?
Yeah, on the enterprise sales level, it is transparency. So we always have been super transparent and obviously from a competitive standpoint, you're seeing that others have not. So there's a lot of transparency in our offering. And then over the course of the last two years, we've been innovating. I mean, we've rolled out four AI products and that ultimately culminated in the launch of outcomes. But delving into the AI solutions a little bit, like we have an AI bidding product where our algorithms bid on behalf of traders. Two years ago, that was 0% penetrated. The traders did all the bidding and buying. Now we're at 90% penetration. 90% of all the spend on our platform is conducted by our algorithms that drive savings for the advertisers. and we take a piece and they take a piece. So it's a win-win for both parties. But even the enterprise sales companies that we're going after are beginning to utilize that product. We've got a planning tool as well where it's effectively, you're taking the role of media planners. They had to construct a campaign over a three- to four-week process and budget across CTV and streaming audio. And within CTV, pick the specific apps and streaming services Well, now we do all that for them algorithmically, and about 30% of the spend on our platform now utilizes that tool. So from the enterprise sales side, it's been the innovation. It's been what I spoke to before. Like some of these enterprise sales companies are going away from prey and spray advertising. They want to become more sophisticated, and that's the case with Molson Bores. That's the case with we keep introducing new products, whether it's household ID for audience, Iris ID for content, now T-Vision. Like we're out in market speaking to these enterprise clients about how T-Vision will drive even more efficiency. So I don't think anybody is innovating at the pace that we are. And then, you know, it's kind of a perfect storm of opportunity because we also then set up, having won some of these major clients, we set up an enterprise sales team. We've got heads in specific verticals that go after healthcare, CPG, retail, travel, tourism, and they're on the road. They're crushing it. They're getting in front of what is a huge RFP cohort right now. We talked about the RFP cohort being $250 million a year and a half ago. Well, now it's multiples of that, in part driven by everything I just described, our own innovation and our enterprise sales team setup. But as you've seen in the press, you know, a lot of these large agencies are looking for a new partner, one that's more transparent, and they're putting RFPs in front of us. And it's up to us to close, but we have an arsenal of tools to throw at them between household IRIS, T-Vision, and then leveraging AI. And so we have a lot to offer. And again, remember, anybody who is moving off of Trade Desk because of the impact they're having with the agencies, they are highly unlikely to go to a DSP that has conflicts of interest. They went to Trade Desk for the independence and objectivity, right? They're not going to go to DB360 and then be forced to buy YouTube or Amazon, be forced to buy Prime. They're going to look for another independent and objective partner. It's really on the enterprise level, it is truly only Vient. And so there's just a plethora of reasons in which we're addressing more enterprise clients. And I think that probably covers most of them. So you touched on kind of this shakeup in the competitive set.
And yet it feels like things are moving, like market share is kind of moving around a lot more than it has maybe. Or it seems like it's going to move around. some of that is positive for you presumably but then on the flip side you know amazon has emerged as uh more of a competitor um obviously as you mentioned so that's that's what investors say exactly investors say that uh bias towards its own media presumably uh but also offering the ability to buy on the open internet too yeah so i don't know maybe just talk about like those two forces like where do things net out for you and you know on the on the trade desk kind of disruptions in particular you know that would seem to be an incremental spend opportunity for you like what kind of timeline and visibility maybe do you have there yeah yeah on the trade
desk side I mean what I can say is like the agencies you've probably seen a lot of them publicly state that they're looking to move spend off trade desks or they're recommending to their clients that they move spend off trade desks. This has been in the news for several weeks now. So what we're seeing is that a lot of these agencies, for the spend that they have discretion to move, they're actively moving it and we're an actual beneficiary of that beginning right now. That's happening now and we'll continue to occur going forward. But for a large size of the spend, the agency can't effectively move it immediately. They don't have discretion. So that's why you see in the press that they've simply recommended to those clients that the account be moved. And so that is what is presenting this massive, or in part, this massive RFP opportunity for us. That agency is going to that brand and saying, I recommend you move off Trade Desk. I'm going to put Viant in front of you. Let's run an RFP with Viant. Let's go through the procurement process. Let's test the DSP. Let's test out its functions. And admittedly, it's quite a lift, right? At the enterprise level, they don't move as fast as the mid-market or the SMBs. So, I mean, these could be three to six-month conversations and dialogues that ultimately will result in either and hopefully a win at some point later on this year, but will ultimately benefit 2027 and beyond. So going through that process right now, but the RFP opportunity is huge. When we described the prior RFP opportunity at 250, you could see, like, I rattled off a few names, Molson and Whoop, and the others I mentioned, like, we won a sizable percentage of those RFPs. Well, now if we could hit the same ratio of wins, it's not a much larger cohort of spend. And so that presents a significant opportunity. Yes, we theoretically compete with Amazon DSP. We don't really see them in market. It's more of an investor narrative, admittedly. We haven't lost an RFP to them. We've seen spend divert from Amazon to us because we described it in the last call. I mean, it's hard to be a champion for an advertiser client when you yourself own media in which you're trying to extract from that advertiser, right? And that is what we're seeing a lot of prior Amazon clients run into, that they were forced to buy on Prime Video. Prime Video attributes all the sales to Prime Video. Where do they send the customer? To Amazon Prime to make the sale there, which prompts that advertiser to direct more sponsored ad spend to Amazon to maintain their spot in the organic search rankings. And then when they sell the product on Amazon, it's the worst margin for that advertiser, right? So what we've seen advertisers want from us is to drive consumers and purchase decisions off Amazon, maybe to their own DTC website where they get a high margin. They don't want to be reliant on that one particular channel because it's a margin trap. It sucks them dry. They can't be a true partner. Whereas Viant, as a truly independent and objective player, I want, like in the instance I'm talking about, like Whoop. I want Whoop to win in market. It's in my best interest. The more they win, the more they spend, the happier they are as a customer. And so we're going to utilize our full arsenal of tools to drive spend and drive return on investment for whoop, but not just in totality, but at their own DTC website where they extract the highest margins, their fundamentals are enhanced to the highest degree.
Sure, go ahead. When you're seeing these RFPs come in, obviously you have the advertisers or the agencies maybe shaking things up a little bit, but is it a mixture of price, differentiated solutions, and they just don't like what Trader Desk is doing? Or is one the biggest factor that you're seeing for people engaging with you? Is there one thing to call out there or kind of a mixture of everything? and then follow would be you've announced most of course, you've announced WOOP. Can investors expect you guys would be to land some of these bigger deals to announce it or is it just going to be in a quarter?
Yeah, so we've announced what we can, right? So like I've already alluded to a charitable organization, a convenience store chain, a CTV streaming service. You know, we couldn't put a press release out attached to those names. And so for those reasons, I can't state exactly who they are, but you can make your inferences. But obviously with Whoop, we were able to put out a press release with Molson Cores. They allowed that as well. In these specific instances, like why are we winning them? I think it goes back to what I described earlier. Like Molson Cores and Whoop, for example, both of them are acting more like a mid-market advertiser. They want to lean into sophisticated campaigns, not just prey and spray. So I think you still have a huge chunk of advertisers like the Unilevers, the P&Gs of the world, maybe McDonald's, just the largest brands in the world that still might not be totally sold on the need to target a specific audience and measure performance because they're just so big. Everybody's their target customer, right? There's no incremental benefit of doing so. But for a certain tranche of the biggest brands in the world, it is worthwhile. And for Molson Forest in particular, it is worthwhile for them to target specific demographics and then put those ads in front of those users. Whoop, same thing. Like not everybody probably is going to wear a whoop. It's a health-conscious consumer, golfers wear it. Like they want to find the people that have a high propensity to respond. And so for those advertisers that start to think more like a mid-marketer, we're more inclined to win. And so I think putting those features, the ability to target an audience and measure performance against it, target content and get even better performance out of that, and now T-Vision as well, if you care about being able to measure the validity of your ad spend to show that it actually works, you're more inclined to utilize Byant. And that's what we've seen some of these enterprise sales clients do recently.
uh maybe let's drill down into ctv a little bit my favorite topic it's the you know the the main growth driver of your business or i should say it's the kind of the fastest growing channel at least for the advertisers on the platform um yeah well you know if i think about the various drivers of ctv for you guys like you've got this migration of spend from linear to digital You've got expanding supply footprint. You've got some of these AI-powered tools that makes it easier and more efficient to deploy. How would you sort of rank order? What are the main kind of growth drivers of CTV for your business?
Well, I'll start by saying, I mean, we've been crushing it in CTV. This last quarter, we grew over 40% in CTV. In the full year, 2025, we grew over 40% in CTV. And in the year prior, we grew over 40% in CTV. So it's been three straight years now of 40% growth plus in CTV. It now represents over 50% of the spend on the platform. And that's just going to continue to grow. I would say there's two main industry themes in which is driving that growth and can drive that growth. But just for reference, like, we are taking share in CTV. CTV in totality is growing around 15%, 16% per year, and yet for the last three years we've been growing north of 40. So more and more CTV spend goes to our platform, majorly because of the tools that I mentioned, Household ID, Iris ID, and now T-Vision will be yet another lever. But the industry catalysts are huge, right? And you guys probably know some of these, but linear is dying, right? There's still $50 billion that sit in linear. All of the content is now on these streaming services. So you're just going to see audiences continue to shift to streaming. That's where the younger generation is at. So naturally, the $50 billion that's in linear is all going to go to streaming over time. And so that bucket streaming CTV at like a $35 billion TAM right now grows to $85, $90 over time just from that, what I would effectively call a guaranteed catalyst. And the second, I think, major industry opportunity relates to the outcome solution that we talked about, and that's that $250 billion goes to search and social in the U.S. And it is, for the most part, over 50%, like SMBs and DTC e-commerce companies that leverage targeting. They want to hit someone with a high propensity to respond, right? And that's why the dollars go there. They're performance advertisers. When they insert a dollar, they get $2 back, right? And search and social work. Our argument is that CTV is a performance channel as well. I can show you that when you hit an ad or when you hit someone with a CTV ad, they then go to Google and search for it and land on the website and buy. I can show that full funnel. And so in that instance, if CTV can become a proven performance channel, then what you should see is search and social performance dollars start to divert spend into CTV. And just like by the law of the dynamics on how performance advertisers should work, you push ad spend as a performance advertiser until you reach a threshold, until your return on ad spend is no longer met, until the next dollar suffers from the law of diminishing returns. It's not doing anything anymore, right? But if I can tell these 10 million advertisers that CTV is yet another performance channel that you can send new dollars to that will drive customer growth, well, then we can win across the 10 million advertisers that are stuck in search and social. Their next new dollar should go to CTV, and then they should start doing the exercise on what should I divert from search and social that should be allocated to CTV because my return is much better there. And what we've built in outcomes is effectively a tool that allows for that seamless transition. TV has been internetized, right? So now I can target and measure in CTV. Viant has unique solutions to enable that. Household ID, Iris ID, and now T-Vision, right? So we could do that. Now, or the challenge maybe like within the last year has been, okay, but I've still got to navigate this complex DSP that I got to be certified and trained to operate on? Well, now we've dumbed that down. We've stripped out that complicated user interface and we've built an outcomes interface that just requires you to type in your name, your goal, your flight date, your budget, and then you hit go, right? And Vine takes over and does the rest for you. That's the type of solution you need to attract SMBs and DTC e-commerce companies to move from search and social to ctb we have built that it exists now right and so we're going through the exercise of going out to our captive audience the 2 000 advertisers that we have on platform right now and showcasing the product and suggesting to them hey i know you're a sophisticated brand advertiser on our platform you should move your performance dollars over to viant as well i can prove to you that i could drive performance and we've got a number of case studies out there that have shown that. One of which was a McKinsey Childs. I like to highlight this one. They're like a Williams-Sonoma competitor. They do like plate wear. Their trader built a campaign, delivered $160 sale for every $35 spent. Our AI solution, same exact budget, delivered the same $160 sale for every $14 spent. So same exact budget, 160% increase in sales volume or in sales dollars when you utilized Vine's AI outcomes tool. So I just need to take this case study and showcase it to my 2,000 advertisers that I have on platform, get them to start shifting performance dollars over as well, and then we'll be more actively going out to the greenfield opportunity, which is Meta's 10 million advertisers that should be allocating dollars to CTV but are just just so stuck in that search and social channel. Sounds good. Go ahead. Great.
Maybe just one on kind of macro. We've heard from a number of advertising companies over the last earnings cycle about how a lot of large advertisers and particularly the multinationals are feeling a little bit uncertain given rising input costs, energy, et cetera, and how Advertising is one of the areas where they're maybe being a little bit more measured. Maybe give us the latest update on kind of what you're hearing from advertisers or how you guys are feeling about kind of just like the macro backdrop on spend this year.
Yeah. Simply stated, we're not seeing any impact at all. I know the Iran war is going on and elevated gas prices, but we just have not seen any impact of performance whatsoever in relation to this at all. you know i think that's good yeah yeah obviously yeah the uh so take that um but uh i just think in general if you look at like the largest brands of the world they react to uh like news right like when they see this you know proliferating in the news they start to react to it but i think across again for the most part we're mid-market advertisers that's our client and so like their economy is much more local or specific. And so they don't really react until the traffic starts to decline. They don't react to headlines. They react to, okay, I'm seeing less customers come in my store or buy my product over the last seven days. Now I'm going to start to react. And so when we start to flash warning signs, I think we'll be kind of like a canary in the coal of mine that advertisers are pulling back, but as it stands today, we just have not seen it at all.
Okay, that's good. Maybe a couple more, and then we can open it up to see if there's any questions. I've got one emailed in already. LLMs, ChatGPT, you've had OpenAI slash ChatGPT announced partnerships with a couple of kind of independent ad tech companies. Would just be curious to hear, you know, is that an opportunity for you guys? I don't know if there's any news you can break here about ChatGPT, but, you know, how do you see that opportunity evolving? It seems like right now at least ChatGPT is open to third-party demand. Does that sustain? Yeah, just any comments?
Yeah, I mean, obviously, there's been press about them talking to other companies in ad tech. I think you can easily infer that they're talking to everybody. So take that as it may. But, yeah, it represents yet another channel for us. So if we can, we don't buy any search at all, right? So Google represents a monopoly in search. And if a gentic search starts to take away share from Google, that would be great for us Because so far, all these players have shown a willingness to be interoperable with demand-side platforms like us. So we would view it as yet another channel in which we could buy ad inventory. Think of it as no different from CTV or streaming audio, digital out-of-home, mobile web display. It is yet another digital screen in which people are going to and they're looking for answers. And is there – obviously, these LLMs, they need to tap into advertising demand. And so we have 2,000 advertisers on platform that we can utilize to allocate advertised dollars and shift demand to that platform. But again, it's going to be up to the advertiser. They can open up to us. We need to be able to show that allocating dollars to those LLMs generates return on ad spend. And so the advertisers will ultimately make the decision. we have the tools to identify, like you could utilize household ID to determine who is asking these questions, right? Such that I don't think you really want to, there's been a kind of a revolt on having an ad be included in the answer, right? That doesn't seem to fly with consumers. But if I know who the consumer is, you might be able to have the LLM answer the question, but then later on in the on the screen just have an ad show up that is relevant to the consumer that is totally unrelated to the question right and so again um overall i would say conversations ongoing it's an opportunity it represents yet another channel for us and i think it's great that they've shown a willingness willingness to be open because it opens up a whole new channel for viant because again in search we have no presence whatsoever so it's incremental it's not like shift it will
shift from ctv it'll right and it'll come from search where you're not participating and now
it's an area where right and i think advertisers will still want to have a holistic offering remember ctv is 50 of our mix it'll likely very very likely continue but i mean when advertisers deploy a holistic strategy like they want ctv to be the main driver but then they want the ancillary channels as well. They want a reminder on display, a reminder in mobile, a video in mobile, a Spotify ad. So it's a whole holistic strategy. Dominated by CTV, yes, but it's most effective if all of these channels operate interoperably.
Got it. Feel free to raise your hand if anyone has got any questions. Go ahead.
So I was going to ask, I could plan to ask why we hadn't heard of more customers. But you kind of answered it. And I guess the question of that, that is for all the RFPs that are out there in terms of this opportunity, the capacity can strain it all in terms of, let's say you won all 10 or 15 cores in the back half of you. Can you guys handle that?
Yeah, we wouldn't be capacity constrained. So we have, like for Molting Forest, for example, we have a few individuals that are going to focus on that account just because of the sheer size of it. But we have enough sales and account managers and account executives to bring in new clients. And remember, most of this is self-service, right? So we need to teach that if it's a direct client, right, they have hands on keyboards and they're operating it themselves. So they would have in-house traders that just need to learn our interface, learn how to properly use household ID, Iris ID, T-Vision, our AI. But we really hand the keys over to them, and then we're there for support. But this is a self-service platform, right? So like when we win a client and it's direct, they should have their own internal traders and media planners that know how to operate on our platform. And if they don't, in many cases, they might still bring in an agency for like hands-on keyboard, right, where the agency might be more of like an execution layer. Not huge in decisioning, but you could have a brand that directs the agency on what to do. But because the agency is so familiar with how to operate the DSP, the agency actually, you know, types it in on their behalf and has hands-on keyboard. So it wouldn't be capacity-constrained at all as we go after all these new clients. And the beauty of the Model 2 on the self-service side is, like I said, there's not – once you win the account, like you have some account managers, depending on how big it is, that act as support. But the bulk of that new win falls to the bottom line. So like in many quarters, we have 80% flow-through. So if we won another large client, the flow-through to the bottom line would be significant, and therefore not only would you see accelerating top line, but even higher accelerating EBITDA growth.
Is the publicist acquisition of LiveRamp good, bad, or different? And I think this might be the start of acquisition in this space.
I think, if anything, it's good in that it highlights the value of the identity infrastructure. It's like LiveRamp effectively competes with household ID. Household ID is available 80% of the time and 95% in CTV. LiveRamp's identity structure, like the Ramp ID, it's available about 37% of the time. The benefit for LiveRamp is that it's interoperable across any DSP, right? But for household ID, you have to use Vien's DSP in order to gain access to it. So it shows just how agencies value and effectively advertisers value identity that Publicis wanted to bring it in-house. But the reason it benefits us, I think, is because the other five major holdcos have already said, I don't want to write a check to Publicis to gain access to LiveRamp. So they seem very unwilling to utilize a LiveRamp tool that is owned by a competitor, Because naturally, Publisys, if all these agencies are directing spend to LiveRAM, Publisys' angle will be, well, you're utilizing my identity structure. Why don't you bring your whole budget over to Publisys and I'll give you a deal on the combined offering, right? So immediately, you've already seen all these other major hold codes publicly state. They don't want to write a check to LiveRAM, so they're going to look elsewhere. Well, what is elsewhere? What other identity solutions that are out there? Well, Household ID is the leading solution at the penetration that I gave you. I mean, yes, Trade Desk has UID 2.0, but the penetration there in the bid stream is only 20%. And I know that because it's open source. It's in the bid stream, and I'm a DSP. I can read it. I can see when it's available. So for any of these agencies that are looking to effectively lessen their utilization of RAMP ID, Household ID is the premier solution to partner with, and therefore we could see more agency spend from these other five hold codes divert to us. And just to be clear, we already have great relationships with all of them. I mean, the six holding companies in totality represent 35% of the mix on our platform. So the relationship's already there. They already utilize us. This just represents an opportunity for them to divert more spend to us because they don't want to use RANF ID, and Household ID is a great replacement.
Well, we're out of time. Thank you very much, Nick. You guys got a lot of tailwinds at your back this year. It's been fun to watch.
Thanks for hosting us, Tom. I appreciate it, man.