Viant Technology at Citizens JMP Conference: Emphasizing AI and CTV Growth

On Tuesday, 04 March 2025, Viant Technology Inc (NASDAQ: DSP) presented at The Citizens JMP Technology Conference 2025, where executives discussed the company’s strategic direction amid strong financial performance. While Viant reported impressive Q4 growth, management acknowledged stock market challenges and emphasized their focus on leveraging AI and CTV for future expansion.

Key Takeaways

• Viant reported a 40% increase in Q4 revenue year-over-year and a 31% rise in adjusted EBITDA.
• The company’s household ID technology is a critical component of its strategy, offering superior targeting in CTV.
• Viant’s AI bidding tool, Vine.ai, is driving significant cost savings for marketers.
• The acquisition of Iris TV enhances Viant’s capabilities in streaming TV ads.
• Management remains optimistic about future growth despite current stock market weaknesses.

Financial Results

• Q4 2024 revenue increased 40% year-over-year.
• Adjusted EBITDA rose 31% year-over-year, excluding a 300 basis point political advertising contribution.
• Net revenue increased 28%, marking six consecutive quarters of over 20% growth.
• The company has achieved eight consecutive quarters of over 30% adjusted EBITDA growth.

Operational Updates

• Household ID technology saw a 50% increase in adoption, crucial for Viant’s CTV strategy.
• The Iris TV acquisition, completed in November, boosts targeting and measurement in streaming TV ads.
• The Direct Access program expanded, optimizing the supply path for marketers by removing fees.
• Viant’s AI bidding tool covers 80% of ad spend, offering an average of 35% savings in CPM prices.
• A new AI planning product accelerates the media planning process from weeks to 45 minutes.

Future Outlook

• Viant plans to release new measurement and analysis tools within Vine.ai in the second half of 2025.
• The company envisions autonomous advertising, where AI manages budget allocation and campaign optimization.
• CTV is expected to be a major growth driver, outperforming traditional channels like Google Search and Meta.
• Viant is transitioning from cookie-based advertising to a household ID approach.

Q&A Highlights

• Management views current stock weakness as a disconnect from strong fundamentals, presenting a buying opportunity.
• Viant’s competitive edge is attributed to its extensive data for AI model training.
• The company focuses on independent ad tech, distinguishing itself from larger competitors like Google and Yahoo.

For those interested in more detailed insights, please refer to the full transcript below.

Full transcript - The Citizens JMP Technology Conference 2025:

Andrew Boone, Host/Analyst, Citizens: Hello, everyone. I’m Andrew Boone. I cover Internet here at Citizens. I’m very pleased to host a conversation with Tim and Chris. Vanderhoek of Viant, thank you guys so much for being here and supporting the conference.

Let’s just kick it off, right? You guys reported 4Q results last night. It was a good quarter. But for those that are a little bit less familiar with the story, just give us an overview of what you guys are offering to marketers. What is the Viant platform and what are the solutions you guys offer?

Tim Vanderhoek, Viant: Yep. Well, we do what our ticker symbol is, DSP. We’re a demand side platform. So we represent the buyers of digital advertising in that transaction. We don’t represent the seller.

So we help buyers place their ads in streaming television, mobile devices, digital out of home boards, anywhere electronically. We help them in real time buy it. Our biggest competitor, much bigger company, more well known is TTD, The Trade Desk. And we are an identical business model. We service the mid market.

They’re really focused in the Fortune 500, I would say, international global operations. But yeah, it’s a digital ad buying platform.

Chris Vanderhoek, Viant: And just one point, if you’re not super familiar with the story. DSPs, there’s only four of them. There’s in the world, truly, that are self-service, meaning a marketer can log in and self direct all their activities. That’s where the entire market’s going. That market’s growing about 13% a year programmatic advertising.

But there’s only four companies. There’s Google, there’s The Trade Desk, there’s Viant, and then there’s what’s the Yahoo DSP. Only two of us, us and The Trade Desk only represent the buyer. The other two, Google and Yahoo, represent both the buyer and the seller of advertising. So we believe that’s a conflict of interest.

These are great businesses, though, DSPs. Once you once you get a customer who knows how to use your software, you get lock in, and it’s very they’re very, very sticky. Every year that they’re on your platform, they spend multiples more every year. So it’s an incredible business. In programmatic advertising, the buy side is certainly the strongest side you want to be on.

Andrew Boone, Host/Analyst, Citizens: All right. So let’s go a little bit more near term.

Chris Vanderhoek, Viant: Yeah.

Andrew Boone, Host/Analyst, Citizens: Right. Been a lot of questions around four q about just the advertising environment overall. CPG has been a certainly a kind of persistent question. How do you guys perceive the advertising kind of macro as we sit here today?

Tim Vanderhoek, Viant: I would say it’s strong. I mean, look at our fourth quarter results, revenue was up 40% year over year, adjusted EBITDA was up 31% year over year. We exited, That was the biggest print of the entire year, so accelerating metrics there. If you look at our granted there was political that came in Q3, Q4, so that was like 300 basis points of growth for us. So kind of top line contribution ex TAC, which is the money we keep, think of it like a net revenue calculation was up 28% in the fourth quarter.

We exited the fourth quarter, Q1 seems to be macroeconomic healthy. And I would remind everyone, advertising is the canary in the coal mine for the macro economy. When things are starting to get bad, advertisers pause their ad spend if they think consumer demand is not going to be there. And we’ve seen strength really throughout Q4, exited the year and Q1 seems to be very stable.

Andrew Boone, Host/Analyst, Citizens: Okay. Sounds good. All right. Let’s bring it down to you guys, right. I want to start off with just mid market in terms of the strength that you guys have had there really over the last two, three years through the history company really.

Talk to us about like what’s the difference of a mid market agency? What are they what’s different about them versus maybe some of the big hold guys?

Chris Vanderhoek, Viant: So some of the bigger companies out there, if you think of The Trade Desk, these guys Tim said Fortune five hundred, but they’re really like a Fortune one hundred is their focus. These are the P and Gs and the Unilevers of the world. They sell toothpaste and toilet paper. They’re not the most data driven marketers. You don’t need to target to sell people toilet paper.

Makes sense. No targeting needed. None. So, if you look at if you look at that, that’s sort of the that’s the top of the market, the largest brand advertisers in the world. Where we are in the mid market, that’s a US based, you know, national advertiser.

You spend between a hundred to 500,000,000 a year in advertising. You you know, they get Nike, we go after New Balance. They go McDonald’s. We go Whataburger, Sonic Burger. They look at they need when they spend money in advertising, they need it.

If I spend another dollar, this is our customer, I spend another dollar in advertising, I need it to drive another sale. That’s us right there. So just a huge difference there. When I think about who represents them, they’re predominantly represented by independent agencies, but also they are in these hold codes as well. And really, it’s it’s about measure you know, tell me what I get for my money, but they still want the same thing.

I still want to self direct all my activities. I want to control everything. I want full transparency. We offer all of those things, but our platform proves it every day on what I’m getting for my money.

Andrew Boone, Host/Analyst, Citizens: So let’s kind of double click on that in terms of the performance aspect and how you guys are able to do that. The household ID would be my quantification of what you just said, right, a 50% increase last year. But talk about the drivers of that increased adoption. Is that more push towards performance? Or what’s driving that number?

Tim Vanderhoek, Viant: Yeah. I mean, for us, we look at the household ID as the linchpin of our technology, and it’s a patented technology as well. It’s not just proprietary. We’ve had the patents in it. Household ID, just to take the mystery of it, it’s your home address.

And then we wanna know, if we show an ad when someone’s watching Yellowstone, did anyone in that household buy the product or service? That’s how we’re able to create closed loop measurements so advertisers can understand the return on ad spend. And that’s been a linchpin. We can do this across 80% of all the ads that we see, just the request for a buyer. And we see trillions of ad requests coming to us every single day.

So it’s been a huge linchpin. And what do marketers care about? I need to show ads to people who are highly likely to buy my product or service. And I need to measure what I got for my money. Without household ID at the scale that we have it, none of that is possible.

And we own, I think, 13 patents around the household ID. So we believe we’ve got a great moat, and it sets up for that closed loop measurement system. And then it becomes like a video game. If I know every dollar’s driving another sale and that’s increased revenue, it’s really up to the marketers to hit their business growth objectives in the quarter, and that’s what we offer.

Andrew Boone, Host/Analyst, Citizens: Alright. Connect connect that to CTV growth.

Chris Vanderhoek, Viant: Yeah. So, one other point on that. I’ll go to CTV growth. If if you go back ten plus years, ten ten, twelve years, marketers, all everybody relied it was predominantly desktop based advertising with, you know, let’s say some, you know, versioning mobile as well. And the cookie was was the measurement system.

That was your that was your way as a marketer to be able to target your ads, make them personalized, and then measure what you got just based on cookies. I showed someone an ad cookie. They come to my website and recognize that cookie they buy. Closed loop measurement. As cookies have been deleted and waned, browsers getting rid of them, and there’s more and more channels popping up like CTV, there is no cookie.

There’s no standard identifier. So marketers rely on companies like ourselves who have an alternative identifier, in our case, our household ID, to be able to serve addressable advertising and then measure what they get. Specifically in CTV, our household ID is available over 90% of the time. If you look, we publish these statistics on our website. There are other alternative identifiers out there, but if you look at something like a live ramp, you know, they might be in the low 20 percentiles of penetration.

If you look at The Trade Desk UID2, they’re in the mid to high teens of penetration. So their ability to serve addressable advertising, the scale of that is way down. Marketers are flocking to us in CTV. This is such a huge market, natural tailwinds absolutely exploding, but we believe we have the best product and the linchpin of that is our household ID. And just to

Tim Vanderhoek, Viant: go there, we made an acquisition in the fourth quarter in November. We acquired a company called Iris TV. And so now we have the best targeting. If you’re a marketer and you want to place streaming TV ads, our platform offers the best targeting and measurements substantially better than the leader even in the trade desk. And when you buy linear television, you buy network like CBS on the on the linear side and and the show, Yellowstone.

I want my ad to show up in Yellowstone. When you come to streaming, you don’t get to pick the show, in today’s environment or through The Trade Desk, our competitor. You only get to place ads in Paramount Plus, as an example, their streaming platform. With Viant and post the Iris acquisition, we now know what video the consumers are watching within that app, and we’re able to match up what they did in linear television, now identically in streaming, and that’s brand new over the last two months. So we’re really excited about where CTV growth can go with the acquisition of Iris.

Andrew Boone, Host/Analyst, Citizens: Let’s stay with CTV in terms of direct access.

Chris Vanderhoek, Viant: Yes.

Andrew Boone, Host/Analyst, Citizens: Right. You guys added a number of publishers. Talk about what our expectations should be for further publisher growth. Are you guys mostly covered? How do we think about that?

Chris Vanderhoek, Viant: Yeah.

Andrew Boone, Host/Analyst, Citizens: And then let’s talk about the big boys, right? Like, can you guys crack into, say, like a Netflix or crack into, say, a YouTube, like, what’s the opportunity for you to go into some of, like, the quasi walled garden?

Chris Vanderhoek, Viant: Yeah. So, direct access is a program where it’s in our space, we call it supply path optimization. You hear a lot about this from different competitors. Essentially, what it means that the true meaning of that as a marketer, when they use a DSP, they want the most direct path from DSP when we bid. They want to get as close to the publisher as possible because there’s less fees in the middle.

Like Disney. Yeah. They get more money going towards Disney or Paramount when there’s less middlemen in the middle. And so when we go, we have this program Direct Access. And when we go to market, we sign up these premium content owners.

This is Disney, Paramount, Peacock, Fox. Warner Brothers Discovery, all the big guys. In CTV, there truly isn’t a long tail like there is in display advertising. There’s 25,000,000 websites. There’s not 25,000,000 apps that people actually consume.

There’s probably, if I’m being generous, 30 or so that matter, 30 or so apps. We’re in the kind of low to mid twenties of content owners that we have, but everybody big we have in there. There are some notable exceptions. YouTube is completely owned by Google, only accessible through their platform. We do believe that fractures.

And then there’s Netflix, as well. But the scale of Netflix is pretty small in The US at this point, but we will be onboarding, Netflix here shortly. So we think the scale of direct access is just an incredible proposition for a marketer. When we go to market, we believe we have the best CTV product out there. Yes, our household ID.

Yes, Iris, but also direct access. Do you we just go to market and say, hey, do you want to buy Mr. Marketer? Do you want to buy direct or you want to buy through a middleman? They nobody says I want to buy through a middleman.

So direct access, incredibly important, and has been a big part of our growth.

Andrew Boone, Host/Analyst, Citizens: All right. Let’s transition to Vine.ai. That’s been the story over the last year. Let’s start with the AI bidding tool, right. Talk to me about just the improvements that you guys have seen in terms of the algorithm now that it covers 80% of ad spend.

Clearly, marketers are adopting it. And then how do we think about algorithm improvements going forward?

Chris Vanderhoek, Viant: Yeah. The AI bidding space, I’ll give you over here, you have an AI model doing bidding on behalf of a trader.

Tim Vanderhoek, Viant: When we say bidding, that’s determining the price that the marketer is willing to pay for the app.

Chris Vanderhoek, Viant: So and on the other side, you have the publisher who is determining at any given time, what’s the price I’m willing to accept? And you have to understand this is a three sixty five day a year, 20 liquid market, trillions of transactions happening. And the old way was agencies or marketers having humans set the price across six or seven different channels, all the different audience segments, different formats, and doing it on a second by second basis. Clearly very inefficient. Marketers were absolutely getting punished here because the sell side, the publisher and let’s say even the representative, maybe an SSP, they will run electronic warfare against the marketer to try and get the highest price possible.

We have to go back the other way with AI bidding to run that same warfare back to them to get the lowest possible price for our client. That’s what AI bidding does. We’ve made tremendous, improvements. We’ve had two versions of this model come out. On average, we save the marketer thirty five percent savings in their CPM prices when they’re bidding, for ad inventory for the specific ad inventory that they want.

We’re not saying, hey, you bid $30 on Disney, but we’ll get you this to be inventory for $15 It’s the exact inventory that they want. We think that there are still more improvements to come here. The models keep getting trained off of data that’s getting better and better. So it’s just been a huge win for our customers. It’s the fastest growing product we’ve ever rolled out.

Why? Because it saves them instant money and they see the value of it. And I would also say this is a this is a step process to socialize and getting our clients comfortable with AI technology where they trust it. That’s the biggest issue in AI. Everyone thinks, wow, I’m not sure I trust it.

One, two, is it gonna put me out of a job? But really what we see, we boil it all down. AI is not gonna take over humans, but you’re not gonna be able to beat a human who has AI. So that’s really what our clients are saying. And as we roll out more AI products, we expect, you know, similar adoption here.

Tim Vanderhoek, Viant: Yeah. And let’s expand on it. The second AI product we did is we looked at the workflow of our customers, which are about two thirds ad agencies, maybe one third advertisers and marketing departments direct. When you look at the workflow to start an ad campaign, it starts with a media strategy, and then you have to create a media plan of where am I gonna show these ads, trying to figure it out. We launched AI planning under our Viant AI suite, which does really everything an ad agency does.

Doesn’t get a % of the way there, but goes zero to 80% in about sixty seconds. It determines who the target audience that we should reach is. It then selects which channels. It allocates the budget across channels. And then it decides which publisher partners you should place your money with, all automatically in sixty seconds.

That process used to take weeks, three to four weeks. And then with the simple click of a button, it’s active and live inside of our DSP. And you can go from strategy and idea to launching a campaign in about forty five minutes or less, where that process on the trade desk would take three to four weeks in actually doing it with way more labor to actually produce that same outcome. So we view AI as heavily leaning in. We’re the only company really with any products out in the space.

And the fanfare, if you go to mine or Chris’s LinkedIn profile, we post lots on LinkedIn if you wanna learn more about the company. You can watch a video. It’s twelve minutes long, shows it. And this thing went absolutely bananas, from a virality perspective. About 175,000 people in our industry watched that video in the first seventy two hours.

We’ve never made a post that’s gone above 5,000, to give you an idea. So it’s a very niche industry. It’s hard to understand. But at the very 50,000 foot view, we represent the buyer of advertising. They want cheaper prices, and they need AI to make their marketing and growth efforts better.

And that’s what we deliver in spades.

Andrew Boone, Host/Analyst, Citizens: Got it. That sounded like the closing comment. We’re not there yet.

Tim Vanderhoek, Viant: No, it’s just AI. You got

Andrew Boone, Host/Analyst, Citizens: a question

Tim Vanderhoek, Viant: over there.

Andrew Boone, Host/Analyst, Citizens: Sir? Can

Chris Vanderhoek, Viant: you just address the weakness in the stock today for those that are newer to the story? Because

Tim Vanderhoek, Viant: Yeah. The numbers were it was a blowout quarter. What’s going on? Boy. Leading growth, beat the trade desk.

Everyone said it will never be done. It’s not possible mathematically, financially, but we delivered on all of that. Unfortunately, when you’re the challenger and they trade at such a high valuation, I think you’re seeing multiple compression in the whole sector today. When you look at the fundamentals and financials of our business, it’s strength to strength to strength. Eight quarters in a row, we’ve had greater than 30 adjusted EBITDA growth.

Six quarters in a row, we generated over 20% we call contribution ex TAC net revenue growth with Q4 at the high. So nothing makes sense trading in the stock today. It’s a great opportunity for investors. And we gave a great Q1 guide that looks very similar to the past six to eight quarters. So it makes absolutely no sense.

We think it’s a great entry point for investors to come into the stock. The biggest concern was, oh, you ran up so much so fast. But really, we just got back to our IPO price. We were massively punished delivering great results. We were trading at cash value at one point.

So a lot of it was too punished, really correcting itself. And then again, it doesn’t make sense, the fact that we’re down at all, let alone the magnitude that’s there. But we see a fantastic 25 ahead and I thought the Q1 guide delivered that, but we’ll see where the stock ends up at the end of the week.

Chris Vanderhoek, Viant: No. That’s definitely not true. Yeah.

Andrew Boone, Host/Analyst, Citizens: Quarter is okay. Let’s bring it back to the business. Yeah. Vine AI, right, like you guys talked about the first two modules. Talk about the last two measurement and Yeah.

Analysis. Analysis, thank you, for the back half of ’25.

Tim Vanderhoek, Viant: That’s right.

Chris Vanderhoek, Viant: Yeah. So measurement analysis is our next one. So if you think about a programmatic trader who’s building these campaigns and the software and then they’re trading on a daily basis, Their whole job is to do two things. The number one job actually isn’t to hit performance inside baseball secret. It’s to pace their budgets evenly.

If you’re Whataburger, you don’t want to hit like a high ROAS, but you’re not spending any money because you’re

Andrew Boone, Host/Analyst, Citizens: not bringing enough customers in the door. You want to spend a certain amount of

Chris Vanderhoek, Viant: budget every day, door. You want to spend a certain amount of budget every day evenly at what we call pacing. You want to pace evenly, and then you want to hit your goals. So that’s just at a high level. What are they doing on a day to day basis?

They’re reading through tons and tons of data. Our platform, these just so you know, DSPs historically, they’re like Bloomberg terminals. They take specialized training and knowledge. If you’re an average Joe and you look at a Bloomberg terminal, you have no idea what you’re looking at. It’s kind of like that with DSPs.

So to figure out how they’re performing and how they’re pacing it and what can I do to improve the campaign, they have to look at an enormous amount of data? And, you know, it’s on average, we see that traders look through about 50 or so pages of reporting per day. It’s insane.

Tim Vanderhoek, Viant: And then try and retain that information and then go make changes to the ad campaign based off that data.

Chris Vanderhoek, Viant: So AI our our AI measurement analysis that’s coming, this essentially creates a chat interface that you won’t log in and press a bunch of buttons and run a bunch of reports. You’re gonna say, give me an update on all my campaigns today. Boom. It’s gonna spit right back to you very similar in a chat GPT experience, but it literally crunches all that data in seconds. It posts back to you an overview of what you’re doing.

And then from there, just through a chat experience, it’s quickly to say how am I pacing? Okay, great. What’s working, what’s not? Tell me what I need to do to to improve my campaign performance

Tim Vanderhoek, Viant: by 10%, twenty %,

Chris Vanderhoek, Viant: whatever it is. The the the human’s in control, but the AI is fetching the data and coming back to them. Now that we’re doing two things. One, we’re enabling you to get real time insights fast. Yeah, you could get real time insights if you can find them in reporting and and find an insight, but really we’re just delivering that insight to you.

That’s the first thing we’re doing. The second that what we’re doing is getting to our next one, which is the AI decisioning. We’re socializing again, getting the our clients to trust the AI. So it’s first gonna make recommendations to you. And once you experience that and you see the results in a speed, that enables you to make changes and and really help you do your job, we will then roll our next product, which is AI decisioning.

This is when you will opt in as a as a client that says, you know what? Don’t make me ask you what’s going on and then make me ask you for recommendations. Just hit my goals. And this is where the future of advertising is gonna go. These things should be the self driving car is to the automobile as what we call this AI decisioning or what broadly speaking, we call autonomous advertising.

You should just give us your budget, your start date and your end date that you wanna run a campaign and whatever your goal is, your cost per customer, you wanna reach whatever your goal is. And the customer expectation will be you just do it for me. And that’s really where we’re headed.

Andrew Boone, Host/Analyst, Citizens: One of my key takeaways from this is the focus on performance.

Chris Vanderhoek, Viant: Yes.

Andrew Boone, Host/Analyst, Citizens: Right. Where you guys have really moved in that direction. Talk about the evolution though, is that more like, hey, the household ID used to strike me as reach and frequency where you guys were capping it on that. And now it’s like, hey, like, this is targeting to be able to really drive results. What’s that evolution look like?

And how does that evolve with the product roadmap going forward? Yeah. Like, tied together?

Tim Vanderhoek, Viant: Yeah. Like, for me, when I think of household ID, we have we have substantially, let’s call it, five to six times more data to train these AI models on because of the household ID is available in 90% of the time in connected TV. If you contrast that to the trade desk, Chris said high double like fourteen, fifteen percent versus our 80. Our AI models are training off of substantially more data, which is why you can have a lower r and d spend. AI kind of levels the playing field there where we can evolve that product, execute, and have a better product in market because we have more data training those models over time.

To me, that’s the biggest way where Viant AI just accelerates. And it’s only because of the scale that we have with household ID to train them. So to me, it’s it’s wide open for for where we are today to where we’re going. And I think what you’ll see is 2025, lots of product announcements where we’re gonna roll out measurement analysis and hopefully decisioning at the end of the year where there is no more human involvement, and AI is really powering everything.

Chris Vanderhoek, Viant: But I think on the to your point, we have been you know, since we’ve gone public, our whole point is that we are a performance based advertising platform. We’re not built for brand we’re not our product roadmap isn’t dominated by brand advertising. If you back up, we’ve been in this space for over twenty five years. So we know it cold. I’m not saying better than everyone, just as good as anyone.

If you look at 65% of the money in the space goes to three companies, Google, Meta, Amazon, what do they do? They just deliver sales. That’s it. They service 10,000,000 advertisers. The open Internet services may be 10,000.

So 10,000,000 over here, 10,000 in the open Internet. How do we solve this issue? The biggest risk of the open Internet is you if you’re an investor in the space, if I want exposure to ads, why don’t I just buy one of those three guys? It’s because most of the, the biggest and the best content in the world is supported by independent ad tech. And so we’re really focused on independent ad tech versus the walled gardens.

Andrew Boone, Host/Analyst, Citizens: Chris, I’m gonna I’m gonna stop you because I wanna I actually wanna hammer this point home.

Chris Vanderhoek, Viant: Okay.

Andrew Boone, Host/Analyst, Citizens: So Vine dot ai has, like, helped automation drastically. Right? So unlock that though, more performance focus, more automation. And then go exactly where you’re going to go in terms of connecting that to the S and P opportunities?

Chris Vanderhoek, Viant: Yes. So our product roadmap has been and one of the unlocks we got is you have to drive performance for marketers. If you drive performance in, incremental return on ad spend or just again, I give you another dollar, can you give me another sale? If we could just focus on that and drive that, one of the big unlocks and I think a big catalyst right now is CTV. This is a channel and a medium that outperforms anything in the market.

It’s better than Google Search. It’s better than Amazon. It is better than Meta, truthfully. Why is because it drives another sale. Most of Google Search is half of Google Search is branded search terms.

When someone comes to Google and types in Ford F-one 50, Ford probably spends $50,000,000 to $75,000,000 a year on their own keywords. Why? Because the CFO leans on the CMO and says that thing clicks and converts to a lead at a rate that’s unbelievable, you will keep buying it. But every CMO backs up and knows, but wait, I just showed that ad in TV that drove them there. But, all right, I gotta hit my bonus.

I’m telling you that’s how the entire industry works right there. 65% of the money is last touch attribution, meaning whoever showed the last ad gets the credit. That’s all of Google search. That’s Meta. That’s Amazon.

Amazon, dollars forty billion in their ad business. It’s just sponsored listing ads when you search on a product. That’s all it is. So is that really advertising? I don’t know, but it is performance.

It’s digital shelf space. So when you look at things like CTV, you look at things like streaming audio, we see the data. It drives. If you want to drive new demand as a marketer, you buy those channels. So our household idea is what connects that, that closed loop attribution.

And that’s what we’re proving every day. Why are we growing faster than everybody in CTV? Because of our household ID. We’re showing performance. We attract the smart money in advertising.

Unfortunately, I don’t know if you call it the opposite of smart money is probably dumb money. But if the bigger

Tim Vanderhoek, Viant: your budget, the less smart you are.

Chris Vanderhoek, Viant: There is a change that is happening. We believe over the next three to five years, Google Search, half of Google Search is branded search terms. Half. Marketers are gonna stop buying that. Let me give you one other read through.

Every other company in our space that had bad numbers, everyone’s worried about the macro, blah, blah, blah. I’ll connect the line for you. They all have significant exposure to display advertising that’s dominated by last touch attribution by the cookie. It’s all Chrome. All every look at every company that reported it was down, they give you a bunch of blah blah blah.

It’s because they have huge exposure to display advertising. They make all their Greater than 50% of their businesses display advertising, and marketers are realizing that stuff doesn’t really drive what I used to think it drove. That is that is it right there. So we don’t we don’t have that exposure because we’ve been showing marketers just because you showed the last ad to someone, I could that makes it look like display ads and Google search drive all of your value. But if you back up a little bit, use your brain, you’re like, oh, wait.

No, it doesn’t. That’s what’s happening in the space. It’s it’s like yeah.

Tim Vanderhoek, Viant: It’s like crediting the highway with bringing customers to your store. It doesn’t make any sense. That’s what Google Search is.

Andrew Boone, Host/Analyst, Citizens: I gotta I gotta end the conversation, but you guys have been fantastic. Right?

Chris Vanderhoek, Viant: Thank you. Thank you. All right. See you guys. Thank you.

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