Mark Zagorski: Sure. On the macro, we’ve talked about this story previously, where we came into 2023 with really a big question mark of what the year was going to look like. The end of last year kind of sputtered out and that perspective beginning of this year was not great. I mean, that has improved throughout the year, to a point where I think we’ve said things have stabilized. And we noted in the script that we see a pretty stable rest of the year ahead of us. And I think we have not had the privilege of having big ad growth tailwinds, yet we continue to grow at pretty extraordinary rates as far as we’re concerned. I think we’re going to have a good Q4. We’re guiding to a solid Q4. I think we feel a lot more confident at the end of this year than we did probably at the same time last year. So, we don’t have a crystal ball about 2024, but I can say as we look today toward the end of this year, we feel definitely better now than we did at the same time last year.
Nicola Allais: And on the MediaMath question, the impact is small. MediaMath was not one of our major platforms, but it did have a few large clients on it. We had to caution around how long it would take for those customers to switch to another platform. And as we kind of expected, but we’re planning to just be a little bit cautious. It didn’t take long for them to start using another platform and continue to use the DV services, but the overall impact of that was small.
Mark Kelley: Okay. All right, thank you, both. Appreciate it.
Mark Zagorski: Sure.
Operator: Our next question comes from Brian Fitzgerald with Wells Fargo. Please state your question.
Brian Fitzgerald: Thanks, guys. Congrats on the quarter again. I want to ask for a view on the underlying health of the programmatic advertising market right now. We’re seeing some mixed signals from some other companies, but we imagine you have a pretty holistic view across your clients as they may be moving spend across DSPs and SSPs, so could you talk a little bit about that? And maybe a little bit about some of the convergences between what used to be siloed on and off ramps or both on ramps, but now we’re getting stitched together complete solutions.
Mark Zagorski: Yeah, thanks, Brian. I think we like to take a pretty broad perspective both on programmatic, but even broader on our opportunity. We work with over a dozen DSPs, lots of regional DSPs. So we don’t have a heavy concentration in one platform or another, and if dollars move from DSP to DSP, again, we’re agnostic. But more importantly, when we look at the programmatic sector, I think I have to go back to that kind of matrix of growth — two key things. One, the matrix of growth drivers that we have. We’re on the open internet. We’re in social. We’re in CTV. If dollars move from open internet to social, that’s fine because we’re working with Meta. We’re working with YouTube. We’re working with Snap and Pinterest and all the major social platforms.
So we are, not to say totally insulated from dollar of movement, but our footprint and that broad footprint gives us a really good opportunity to ride the wave of dollars moving from one place to the other. That’s number one. I think the second thing to consider is the fact that a lot of the programmatic players out there are working off of rev share or a percentage of media. So, if you start seeing softness on CPMs in one sector or another, it’s going to hurt you, right? And we are a fixed fee volume-based model, so as long as volumes continue to stay pretty steady and we can continue to expand business on a programmatic platform, we’re going to do okay. I think, obviously, the biggest driver of our insulation against some of that programmatic fluctuation is the fact that programmatic is not our only channel.
And if dollars move around, we’re insulated. And the second is the fact that our business model doesn’t feel that pain when CPMs go down because we’re not taking a rev share.
Brian Fitzgerald: Got it. Thanks, Mark. Appreciate it.
Operator: Our next question comes from Nicholas Zangler with Stephens. Please state your question.
Unidentified Analyst: Hey, guys. This is Dean on for Nick. Thanks for taking our questions. Going into next year, how are you thinking about overall CTV volumes and maybe the influence from your Measurement partners growing their ad-supported tiers? And the second question, is there any window for you to potentially attract net new advertisers who are buying against that CTV inventory that you’re measuring? Thanks.
Mark Zagorski: CTV is an interesting segment for us. It continues to grow at a really nice clip, still relatively small versus all the other type of platforms that we cover, mainly due to the fact that the ad load there is pretty light, right? If you look at the CPMs, they’re very high, but the ad loads are very low. And based on the model that we have, which is based on volumes, we get considerably more bang for the buck from things like short-form video, social, even open internet buys. So CTV exposure is a nice opportunity for us to grow because a lot of those dollars are coming from linear where we have no opportunity, but it’s still relatively small in our overall picture. That being said, we do work with the top 10 ad-supported platforms out there.
And as you noted, folks like Disney+, which I think added 5 million ad-supported subscribers, they announced yesterday. Netflix added a couple of million more. I mean, they’re continuing to grow. That’s all good. It’s all gravy for us, and we think that as the ad-supported CTV business grows, the number of impressions will grow there as well, and it will become a stronger driver of our business over time. So definitely opportunities there. I think with regard to getting new advertisers based on our CTV coverage, I don’t think it’s a real growth driver for us. The bigger growth driver is our current 1,000 of the biggest brands in the world working with us and just also turning us on in CTV. So generally, if we’re going to work with an enterprise client and if they’re advertising on CTV, they’re almost always advertising also on Facebook or advertising in programmatic or some other channel as well.
I don’t think it’s a unique opportunity for us to get new advertisers. It’s just another channel that gives us more to measure.
Operator: Thank you. And our next question comes from Mark Murphy with JPMorgan. Please state your question.
Mark Murphy: Thank you, and I’ll add my congrats. Mark, can you try to quantify the tailwind you’re seeing out of GenAI, just from the standpoint that it’s creating a large amount of content that might result in more fraud or might be more clickbait-y content, there might be more disinformation out there, and as a consequence, start to kind of push more business your way? I know you alluded to it a bit in the prepared remarks, but I’m just wondering how material that might be becoming? And then I have a quick follow-up.
Mark Zagorski: Mark, you make a really great observation, which is the level of content and the acceleration in questionable content has never been higher. We see a lot of generative AI-based content, which very often gets flagged as something we call MFA, or made for advertising content, which obviously creates an incentive for advertisers to work with us. We launched an MFA tool, which adds an attachment to ABS, which is obviously a pre-bid brand suitability tool for us, that allows advertisers to both filter out MFA and then measure afterwards if their ads have ended up on MFA. So, it is certainly a driver of volume because as we’re measuring more stuff that’s going to places that isn’t great, it gives us more impressions.
