SSP
The E.W. Scripps Company
stock NASDAQ

As someone also in the ad tech eco system and someone who has researched TTD a lot, what TTD is doing is necessary. The fragmentation of the open internet means it can never really compete with META, GOOG even though they should be able to compete if you look purely at where people's attention is going. Publishers don't want to give details about their users to the DSP, SSP's want to give better yield and cpms to their publishers so have every incentive to obscure the impressions that they want DSPs to bid on, there are a gazillion measurement systems. It's too complicated and thus will never really have a chance at unseating the walled gardens which simplify the complexity. TTD is trying to become more than a commodity fighting over the dwindling share of open internet, it is trying to make the open internet bigger and have more value. To do that they need to remove the parasites that affect the open internet, make the supply chain cleaner, make measurement cleaner and have so way to compete with the walled gardens even without clean user data. I do not see ANYONE in the open internet understand that if the open internet cleans it's mess up and simplifies, it can gain a large SOV from the walled gardens, this means everyone in the eco system gets richer.
Bull case is the trade desk manages to simplify and unite the value adding players in the eco system, they become a decesioning layer across the open internet (the switzerland of the world).
Base case - trade desk still grows in the teens by expanding to non us, capturing a small percentage of budget that comes from the transition from linear tv to ctv that will happen over the upcoming years.
Bear case is the trade desk does not manage to do so, the open internet becomes smaller and smaller in terms of how advertisers allocate their budgets

As someone also in the ad tech eco system and someone who has researched TTD a lot, what TTD is doing is necessary. The fragmentation of the open internet means it can never really compete with META, GOOG even though they should be able to compete if you look purely at where people's attention is going. Publishers don't want to give details about their users to the DSP, SSP's want to give better yield and cpms to their publishers so have every incentive to obscure the impressions that they want DSPs to bid on, there are a gazillion measurement systems. It's too complicated and thus will never really have a chance at unseating the walled gardens which simplify the complexity. TTD is trying to become more than a commodity fighting over the dwindling share of open internet, it is trying to make the open internet bigger and have more value. To do that they need to remove the parasites that affect the open internet, make the supply chain cleaner, make measurement cleaner and have so way to compete with the walled gardens even without clean user data. I do not see ANYONE in the open internet understand that if the open internet cleans it's mess up and simplifies, it can gain a large SOV from the walled gardens, this means everyone in the eco system gets richer.
Bull case is the trade desk manages to simplify and unite the value adding players in the eco system, they become a decesioning layer across the open internet (the switzerland of the world).
Base case - trade desk still grows in the teens by expanding to non us, capturing a small percentage of budget that comes from the transition from linear tv to ctv that will happen over the upcoming years.
Bear case is the trade desk does not manage to do so, the open internet becomes smaller and smaller in terms of how advertisers allocate their budgets