WEBVTT 1 00:00:05.855 --> 00:00:07.245 Thank you so much for being here. 2 00:00:07.425 --> 00:00:09.165 You may be wondering why we're here, 3 00:00:09.505 --> 00:00:10.925 and I'm excited to tell you. 4 00:00:11.465 --> 00:00:13.365 So many of you have heard me say in some 5 00:00:13.365 --> 00:00:14.525 of the onboarding sessions, 6 00:00:14.705 --> 00:00:16.285 the Trade Desk was born in this house. 7 00:00:16.745 --> 00:00:19.165 The majority of you have never been to Ventura, 8 00:00:19.505 --> 00:00:22.525 but I just want you to know that a part of our success is 9 00:00:22.525 --> 00:00:25.485 because we came from here, we can stay focused. 10 00:00:26.145 --> 00:00:29.325 Uh, and at times while we thought early on it was a 11 00:00:29.325 --> 00:00:31.925 disadvantage, it has definitely been an advantage 12 00:00:32.025 --> 00:00:33.725 and it's been a big part of our culture 13 00:00:33.745 --> 00:00:35.085 and what has fed our culture. 14 00:00:35.785 --> 00:00:38.405 So I, I'm so glad that we were able to start there 15 00:00:38.945 --> 00:00:41.325 and also go on this unbelievable journey. 16 00:00:41.805 --> 00:00:43.085 I do think it's also part 17 00:00:43.085 --> 00:00:46.405 of the reason why people didn't expect much from us. 18 00:00:47.465 --> 00:00:50.285 We raised $7 million when our competitors were raising 19 00:00:50.445 --> 00:00:54.605 hundreds, and many people didn't even consider us as a part 20 00:00:54.605 --> 00:00:55.725 of the DSP race. 21 00:00:55.975 --> 00:00:57.485 There have been many times 22 00:00:57.635 --> 00:01:01.325 that we have changed the entire market, despite the fact 23 00:01:01.325 --> 00:01:03.325 that people didn't expect much of us. 24 00:01:03.705 --> 00:01:06.605 So whether it's the IPO or UID or UID two, 25 00:01:07.105 --> 00:01:09.725 or what we're currently underway to do at cohi, 26 00:01:10.185 --> 00:01:12.325 we have moved the market again and again, 27 00:01:13.425 --> 00:01:15.765 and I think we have an opportunity to do it again. 28 00:01:16.145 --> 00:01:17.845 And this is one of our biggest moves. 29 00:01:17.985 --> 00:01:20.645 Yet it's in large part 30 00:01:20.645 --> 00:01:24.365 because CTV advertising has a serious supply chain problem, 31 00:01:25.305 --> 00:01:27.685 and it's because of the pressures that are happening 32 00:01:27.955 --> 00:01:29.965 that we wanna make certain get out 33 00:01:29.965 --> 00:01:31.365 of the way so that it thrives. 34 00:01:31.675 --> 00:01:34.605 Content costs keep going up, partly 35 00:01:34.765 --> 00:01:35.965 'cause the content is amazing. 36 00:01:37.045 --> 00:01:39.165 OEM margins are going down. 37 00:01:39.355 --> 00:01:43.645 They're, if, if you don't know this, uh, television sets, 38 00:01:43.705 --> 00:01:46.565 the margins that they make on them have been going to zero 39 00:01:46.705 --> 00:01:48.965 and even below zero for many years. 40 00:01:50.125 --> 00:01:52.365 Advertiser CPMs are also up. 41 00:01:53.185 --> 00:01:57.005 So the cost of an ad has also gone up, especially, uh, in, 42 00:01:57.105 --> 00:02:00.485 in the premium content, which as you all know, is the part 43 00:02:00.485 --> 00:02:02.445 of the open internet that we focus on most. 44 00:02:02.905 --> 00:02:06.205 And then the content owner number of ads have gone down. 45 00:02:06.945 --> 00:02:09.605 And while the right now the ecosystem is healthy enough, 46 00:02:09.705 --> 00:02:10.765 it is fragile. 47 00:02:11.195 --> 00:02:13.325 Whether you're trying to sell televisions 48 00:02:13.325 --> 00:02:14.525 or whether you're making content, 49 00:02:14.785 --> 00:02:16.565 or whether you're showing ads on those, 50 00:02:16.905 --> 00:02:19.325 or whether you're just a consumer trying to find the content 51 00:02:19.355 --> 00:02:22.205 that you love and don't want to pay too much for it, all 52 00:02:22.205 --> 00:02:24.285 of those pressures keep getting a bit worse. 53 00:02:24.865 --> 00:02:29.125 So there is an opportunity for us to change the game. 54 00:02:29.425 --> 00:02:31.045 That's what we're really trying to solve, 55 00:02:31.905 --> 00:02:35.885 is it's an unfair game and we wanna make it fair. 56 00:02:36.625 --> 00:02:38.325 And I, I do wanna underscore 57 00:02:38.325 --> 00:02:40.885 that while we're talking about the benefits to every part 58 00:02:40.885 --> 00:02:43.285 of the supply chain with the product that we're going 59 00:02:43.285 --> 00:02:46.565 to release today, our advertisers have always been our 60 00:02:46.565 --> 00:02:48.165 primary client, meaning the buy 61 00:02:48.165 --> 00:02:49.565 side, advertisers and agencies. 62 00:02:49.565 --> 00:02:51.285 They've always been our primary client. 63 00:02:52.035 --> 00:02:54.045 They will always be our primary client. 64 00:02:54.915 --> 00:02:57.965 This does not represent a, a, a change in strategy. 65 00:02:58.275 --> 00:03:00.485 This does not represent a distraction. 66 00:03:01.235 --> 00:03:03.525 This represents an expansion of the things 67 00:03:03.525 --> 00:03:04.925 that we were always trying to do. 68 00:03:04.955 --> 00:03:08.125 What we decided to do in that playroom in, 69 00:03:08.125 --> 00:03:11.005 in 2009 is the exact same thing that we're doing today. 70 00:03:11.545 --> 00:03:12.685 We just have the opportunity 71 00:03:13.105 --> 00:03:16.365 to move the market in a much bigger way than we have before. 72 00:03:17.115 --> 00:03:20.205 This product has been three years in the making, 73 00:03:20.265 --> 00:03:22.205 but we've been doing it in secret. 74 00:03:22.985 --> 00:03:25.925 And this is a major life event for the Trade Desk. 75 00:03:38.635 --> 00:03:41.675 I have goosebumps. I have goosebumps right now. 76 00:03:42.505 --> 00:03:45.555 Ventura is an innovative new streaming operating system that 77 00:03:46.115 --> 00:03:48.755 represents the most significant upgrade for advertisers, 78 00:03:48.755 --> 00:03:50.715 content owners, viewers, OEMs, 79 00:03:50.975 --> 00:03:52.755 and any companies that offer content. 80 00:03:53.425 --> 00:03:57.395 Ventura will usher in the most advanced CTV advertising 81 00:03:57.465 --> 00:03:58.915 ecosystem ever, ever 82 00:03:59.455 --> 00:04:02.275 by creating the most advanced operating system. 83 00:04:02.655 --> 00:04:06.355 Before I go into how this benefits everybody, uh, uh, 84 00:04:06.355 --> 00:04:08.315 we're building a streaming operating system. 85 00:04:08.375 --> 00:04:10.155 And you can think of it like you take a TV 86 00:04:10.575 --> 00:04:14.315 and you move it into kiosk mode where you say, Hey, 87 00:04:14.325 --> 00:04:15.875 let's let something else take over. 88 00:04:16.095 --> 00:04:19.635 And the reason why I I frame it that way is that, uh, 89 00:04:19.695 --> 00:04:22.755 we are not trying to control the RBG on the, 90 00:04:22.775 --> 00:04:24.035 on the screen, the colors. 91 00:04:24.205 --> 00:04:25.755 We're not trying to control the audio. 92 00:04:26.415 --> 00:04:28.275 The people that build the TVs, they do that. 93 00:04:28.775 --> 00:04:31.355 We are also not going to be a hardware company. 94 00:04:31.855 --> 00:04:33.675 We are not good at building hardware. 95 00:04:33.675 --> 00:04:36.595 We have no history of building hardware, uh, uh, 96 00:04:36.815 --> 00:04:40.275 but we are very good at building software 97 00:04:40.895 --> 00:04:44.675 and we're also even better at building advertising products. 98 00:04:45.055 --> 00:04:47.675 So first we are doing this to make sure 99 00:04:47.675 --> 00:04:48.875 that there is a fair market. 100 00:04:49.495 --> 00:04:51.835 And every time we say something like this, 101 00:04:52.425 --> 00:04:55.235 sometimes we get a little bit of like, no, no, no, but, 102 00:04:55.335 --> 00:04:57.635 but really why are you doing this? 103 00:04:58.455 --> 00:04:59.795 And this really is the answer. 104 00:04:59.935 --> 00:05:02.435 We are trying to make certain that there is a fair market. 105 00:05:02.815 --> 00:05:05.195 The only way that this golden era 106 00:05:05.195 --> 00:05:08.875 of television continues is if advertising thrives. 107 00:05:09.175 --> 00:05:12.035 And, and advertising built into an operating system 108 00:05:12.655 --> 00:05:13.915 is the way that we get there. 109 00:05:14.255 --> 00:05:16.755 So if you're a company that wants to focus on content 110 00:05:17.095 --> 00:05:19.235 or one of the best content companies in the history 111 00:05:19.235 --> 00:05:21.555 of the world like Disney, you're really looking 112 00:05:21.655 --> 00:05:23.115 for somebody to change the game. 113 00:05:23.225 --> 00:05:25.035 They understand this is about supply chain. 114 00:05:25.505 --> 00:05:26.755 This is about making certain 115 00:05:26.755 --> 00:05:29.515 that the people in the middle add as much value as possible. 116 00:05:29.535 --> 00:05:32.075 So the people on the edges either keep as much 117 00:05:32.075 --> 00:05:33.915 of their dollar as possible and put that to work 118 00:05:34.375 --> 00:05:35.795 or put that towards content. 119 00:05:36.455 --> 00:05:38.795 And that's the ecosystem that we're looking for. 120 00:05:39.135 --> 00:05:42.035 The MVP ds who handle distribution 121 00:05:42.035 --> 00:05:44.995 and linear television, which are multi-channel video 122 00:05:45.515 --> 00:05:48.115 distribution companies, they in a lot 123 00:05:48.115 --> 00:05:51.235 of ways offered more value because you put together a bundle 124 00:05:51.575 --> 00:05:52.595 and then you would say, oh, 125 00:05:52.595 --> 00:05:55.075 here at DirecTV you can get a 39 95 package 126 00:05:55.455 --> 00:05:57.120 and it comes with all this content content. 127 00:05:57.345 --> 00:05:59.005 And they would promote the content so 128 00:05:59.005 --> 00:06:00.245 that you would sign up for that package. 129 00:06:01.155 --> 00:06:03.685 Well, now, uh, uh, in the OS world, 130 00:06:03.785 --> 00:06:06.765 you don't really promote the content other than your own 131 00:06:07.195 --> 00:06:09.485 because all the oss have their own content. 132 00:06:09.625 --> 00:06:12.645 So they promote their own content, but they charge as much 133 00:06:12.645 --> 00:06:15.565 or more than what the MVPs did. 134 00:06:16.225 --> 00:06:17.245 We keep hearing again 135 00:06:17.245 --> 00:06:20.085 and again that the ecosystem wants us in the game 136 00:06:20.085 --> 00:06:23.405 because it is very clear to them that this will create 137 00:06:23.925 --> 00:06:25.405 a more efficient supply chain. 138 00:06:25.865 --> 00:06:28.205 The OEMs, as I mentioned, when they're selling 139 00:06:28.205 --> 00:06:30.165 that in retail, are not making money today. 140 00:06:30.385 --> 00:06:32.605 And the business model that most of them are looking 141 00:06:32.625 --> 00:06:35.725 for is something that doesn't increase the cost 142 00:06:35.725 --> 00:06:37.485 of the television in the showroom. 143 00:06:37.905 --> 00:06:41.045 And I think it represents a huge opportunity for us to come 144 00:06:41.045 --> 00:06:43.845 to them with a business model, a framework 145 00:06:43.905 --> 00:06:45.165 for them to do very well. 146 00:06:45.865 --> 00:06:48.405 So you can think of this as we're giving them an operating 147 00:06:48.405 --> 00:06:51.285 system that they customize, that also comes 148 00:06:51.915 --> 00:06:53.125 with an ad business. 149 00:06:53.865 --> 00:06:56.085 And part of the way that we can help is that we can partner 150 00:06:56.085 --> 00:06:58.565 with them in the same way that we have with content owners 151 00:06:58.585 --> 00:07:00.965 and others, which is to say from the very beginning, 152 00:07:01.585 --> 00:07:03.765 we are in it for the advertiser. 153 00:07:04.305 --> 00:07:06.885 But by you knowing who we represent 154 00:07:06.945 --> 00:07:08.445 and representing the largest source 155 00:07:08.445 --> 00:07:11.165 of demand in the CTV ecosystem, 156 00:07:12.065 --> 00:07:15.165 we think we can help you find a brighter future than the one 157 00:07:15.165 --> 00:07:18.205 you have right now, which is margins either approaching zero 158 00:07:18.305 --> 00:07:19.845 or past them already. 159 00:07:20.585 --> 00:07:22.245 So you can do all of this for everybody, 160 00:07:22.265 --> 00:07:24.685 but if you're not helping the consumer with discovery 161 00:07:24.865 --> 00:07:26.285 or solving the biggest problems 162 00:07:26.555 --> 00:07:28.205 that the OS has represent today, 163 00:07:29.065 --> 00:07:32.245 and I believe the single biggest problem that they represent 164 00:07:32.245 --> 00:07:33.645 for consumers is discovery. 165 00:07:34.465 --> 00:07:36.925 The second biggest problem is cost. 166 00:07:37.695 --> 00:07:40.965 Where it is extremely expensive for consumers 167 00:07:40.965 --> 00:07:42.365 to pay for all of this content. 168 00:07:42.905 --> 00:07:45.445 And so they want, uh, an ad funded opportunity 169 00:07:45.445 --> 00:07:47.965 that gives them this few ads as possible that are 170 00:07:48.125 --> 00:07:49.245 as relevant as possible. 171 00:07:50.385 --> 00:07:52.125 The way to solve both of those is 172 00:07:52.125 --> 00:07:54.165 through some something like the trade desk 173 00:07:54.165 --> 00:07:56.285 where you have objectivity at the core of it, 174 00:07:56.945 --> 00:07:58.565 and then you have personalization 175 00:07:58.915 --> 00:08:01.085 that links advertising personalization 176 00:08:01.555 --> 00:08:02.965 with content personalization. 177 00:08:03.155 --> 00:08:04.565 This has been three years in the making 178 00:08:04.565 --> 00:08:06.365 with over a hundred trade desks. 179 00:08:07.385 --> 00:08:10.405 I'm just so excited about what this represents for all of us 180 00:08:10.905 --> 00:08:13.285 to not just make advertising better, 181 00:08:13.825 --> 00:08:16.565 but to make the television ecosystem better 182 00:08:17.065 --> 00:08:18.405 and what this means for content 183 00:08:18.665 --> 00:08:21.765 and just how this will affect the lives of, of us 184 00:08:21.945 --> 00:08:23.245 and the entire world. 185 00:08:24.145 --> 00:08:25.485 And incidentally, success 186 00:08:25.625 --> 00:08:27.765 for us is not us owning the market. 187 00:08:28.275 --> 00:08:29.965 It's us changing it.