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I examined the ad technologies used by the top 100,000 websites, apps and CTV channels to determine the market share of ad tech like Magnite. If you're an investor in $MGNI $PUB $TTD here’s some very revealing things I learned.
Stat #1: Among the top 100,000 websites, approximately 26% of them sell ads programmatically. These even include e-commerce websites. Among the top 50 e-commerce sites globally, 30 of them sell programmatic advertising including Amazon, Ebay, Target, Walmart, and Target.
Stat #2: China is also an emerging market for programmatic advertising. Among the top 1500 Chinese websites, 13% of them sell ads programmatically currently, a good sign for DSPs like $TTD that are moving into China, as it still has a lot of room to grow.
Stat #3: There are a LOT of supply-side platforms used by websites. The #1 SSP detected was Google, unsurprisingly. Afterwards, there was a huge long tail of SSPs that had almost equal market share, including Rubicon ($MGNI) AppNexus, Pubmatic and OpenX.
Stat #4: What about mobile apps? Across 2600 apps I analyzed, Google again was the #1 dominant SSP detected in 877 apps followed by $MGNI at #2.
Stat #5: What about connected TV? This is a very low sample size of 20 popular services, but Amazon, Freewheel (Comcast) and Google seem to be the top 3 platforms in CTV, followed by SpotX and Telaria $MGNI at #4 and #5.
Bullish Takeaway: $MGNI is among the top 3 SSPs in mobile/web, 2nd to Google. With the Telaria acquisition, they are in the top 5 among SSPs in the Connected TV space.
Bearish takeaway: SSPs seem to be a commodity as almost all sites use more than 1. There is a huge long tail after Google all fighting for the #2 spot. What differentiates them all from each other?
Takeaway #3: $MGNI claims to have an exclusive partnership with Disney/Hulu but how robust is that partnership if there are other CTV supply side providers that provide a similar service?
I have no position in any of these names including $MGNI. Thoughts? @danielsparks @dhaval_kotecha @FromValue @Beth_Kindig @andrescardenal @CCM_Ryan @CCM_Brett @ParrotStock @jablamsky @anandchokkavelu @LuoshengPeng @randfish @HedgeyeComm @DPogrebinsky
