随着全球DSP市场规模预计以22.5%的年复合增长率持续扩张，程序化广告已成为品牌国际化的必经之路。站在这个技术与策略不断革新的十字路口，品 牌如何构建自己的全球影响力？ 01 出海市场现状与DSP的关键价值 根据恒州诚思调研数据，2024年全球DSP广告投放平台市场规模已接近2245.5亿元，并预计在未来几年保持22.5%的复合年增长率。这表明在全球数字化 转型加速的背景下，品牌出海已不再局限于少数头部企业，更多企业正在将目光投向国际市场。 在这一趋势中，需求方平台的作用不可忽视。对于计划国际化的品牌而言，DSP不仅是技术工具，更是连接全球媒体资源和消费者的关键桥梁。在2025年 的数字广告生态中，程序化广告已占据近90%的数字显示广告份额。 DSP的核心价值在于其提供的一站式程序化购买能力，将品牌与全球多个广告交易所和优质媒体资源高效连接。相比传统手动广告投放，DSP系统能以每 秒处理数百万次竞价决策的速度，实现广告投放的规模化、精准化和效率化。 02 品牌出海的实施路径：四大关键阶段 03 主流DSP平台的核心能力对比 在众多DSP平台中，不同平台根据其技术能力、资源覆盖和适用场景各有侧重。 The T ...

Company Overview - The Trade Desk operates a buy-side ad platform that optimizes ad placements across various digital channels, including websites, podcasts, and connected TV [6] - The company has faced increased competition, particularly from Amazon, which has a growing advertising segment that offers high ROI for advertisers [8] Financial Performance - The Trade Desk's revenue increased by 18% last quarter, which, while slower than previous growth rates, still outpaces the market's average annual return of 10% [9] - For 2026, Wall Street analysts project a revenue growth of 16%, indicating continued market-beating performance [9] Valuation Metrics - The Trade Desk's stock is currently trading at a forward P/E ratio of 13, significantly lower than the S&P 500's forward P/E of 22.2 [11] - This presents a unique investment opportunity for growth investors, as it combines double-digit growth potential with a substantial discount to the broader market [11] Market Position - The advertising market is shifting towards programmatic advertising, which is gaining market share from traditional advertising methods [6] - Despite competitive pressures, The Trade Desk remains well-positioned to capitalize on this trend and is considered a strong investment opportunity at its current price [4][11]

Core Thesis - The Trade Desk, Inc. (TTD) is viewed positively despite facing near-term challenges, with a strong long-term growth potential in programmatic advertising [1][4][5] Company Overview - The Trade Desk operates as a technology company in the digital advertising space, both in the United States and internationally [2] - The company's shares were trading at $31.25 as of January 29th, with trailing and forward P/E ratios of 36.22 and 24.88, respectively [1] Current Challenges - TTD is experiencing pressure from slowing digital ad spending, increased competition from major platforms like Google and Amazon, and concerns regarding its transition to a new system [2] - Operating margins are affected by rising costs as the company invests in technology and growth initiatives [2] Market Position and Growth Potential - Despite challenges, TTD remains a leader in programmatic advertising, with strong client retention and a scalable platform [3] - The company is expected to achieve 17% growth in 2025, with a net profit margin of 14.5%, while trading at a forward P/E of 55.9x [4] - TTD's strategic investments and market leadership provide multiple entry points for investors, with defined buy zones around $32 and $18 [4] Long-term Outlook - The structural growth opportunity in programmatic advertising supports a compelling long-term investment thesis, driven by a robust platform and loyal client base [4][5] - The ongoing digital transformation in advertising positions TTD to benefit from potential upside, despite cyclical headwinds [5] Hedge Fund Interest - TTD is not among the 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding TTD at the end of Q3, down from 60 in the previous quarter [8]

JCDecaux Unveils World’s First Global Programmatic DOOH media Solution, enabling Worldwide Campaign Activations Paris, February 2nd, 2026 – JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announces the global expansion of its pioneering programmatic Digital Out-of-Home (pDOOH) media solution. Building on the successful 2024 launch of the first global airport programmatic offer, JCDecaux now extends this powerful offer to street, transport, and retail environments, of ...

TORONTO , Jan. 27, 2026 (GLOBE NEWSWIRE) -- illumin Holdings Inc. (TSX: ILLM, OTCQB: ILLMF) (“illumin” or the “Company”) today announced a major upgrade of its advertising platform that delivers clear proof of programmatic performance, connecting advertising activity directly to meaningful business outcomes while budgets are active. The results are meaningful and measurable. illumin’s ecosystem extends audience reach up to 50%, 40% lift in Connected TV performance, and 25% lower retargeting costs, resulting ...

Core Viewpoint - The Trade Desk Inc. has been downgraded by Citigroup from "Outperform" to "Market Perform" due to a significant decline in stock price and failure to meet revenue targets, despite strong fundamentals indicating potential for future growth [1][2][5]. Group 1: Stock Performance - The stock price of The Trade Desk is currently at $36.82, reflecting a recent increase of 4.22%, with fluctuations between $35.63 and $36.94 [4][5]. - Over the past year, the stock has experienced a high of $125.8 and a low of $34, indicating significant volatility [4]. - The company's market capitalization is approximately $18 billion, with a trading volume of 8.26 million shares, showcasing its substantial presence in the market [4]. Group 2: Financial Performance - Analysts project that the upcoming earnings report in early February will show revenue of approximately $841 million, an increase from $749 million [3]. - However, earnings per share are expected to decrease to $0.34 from $0.59, highlighting ongoing challenges for the company [3][5]. Group 3: Market Context - The downgrade by Citigroup is attributed to the stock's decline to levels not seen since June 2020, with TTD trading at multi-year lows and hitting new 52-week lows [2][5].

Group 1 - Paramount is launching live, in-game programmatic buying for select commercial ad units during major sporting events, starting with UFC's debut on Paramount+ on January 24, 2026 [1] - This initiative allows advertisers to secure real-time, guaranteed placements in Paramount+'s premium sports lineup, enhancing marketing opportunities during peak audience engagement [3] - The programmatic inventory will complement existing Streaming Fixed Units, providing high-impact visibility for advertisers [2] Group 2 - Paramount's Chief Revenue Officer emphasized the company's commitment to media modernization, enabling more advertisers to engage with live sports through digital precision and agility [3] - Partnerships with platforms like Amazon DSP, Google's Display & Video 360, The Trade Desk, and Yahoo DSP will facilitate private marketplace, biddable ad inventory for UFC events [3] - Advertisers can also activate campaigns across Paramount's digital portfolio, leveraging the growth of Paramount+ and Pluto TV [4]

Core Insights - The Trade Desk, Inc. (TTD) launched Kokai in 2023, a next-generation platform utilizing Koa AI to enhance programmatic advertising through advanced analytics and integrations, potentially reshaping TTD's revenue and competitive position [2][4] Group 1: Kokai Platform Features and Adoption - Kokai employs a distributed AI architecture with specialized models for various functions, improving efficiency and reliability in ad performance [3] - Nearly all TTD clients have tested Kokai, with 85% adopting it as their default platform, leading to significant performance improvements: 26% better cost per acquisition, 58% better cost per unique reach, and a 94% higher click-through rate [4][10] - Successful case studies include Specsavers reducing appointment booking costs by 43% and Danone increasing conversion rates by one-third for its Actimel brand [5] Group 2: Market Position and Competitive Landscape - TTD is well-positioned for market share growth in 2026, supported by Kokai's adoption, growth in connected TV (CTV) and retail media, and strong client retention, despite competition from Magnite, Inc. and Taboola.com Inc. [6] - Magnite reported a strong third quarter with 18% CTV growth, driven by its SpringServe ad server, while Taboola's new platform, Realize, enhances performance advertising capabilities across the open web [7][8] Group 3: Financial Performance and Valuation - TTD shares have declined by 71.7% over the past year, contrasting with the 61.6% growth of the Zacks Internet – Services industry [11] - TTD's forward price/earnings ratio stands at 26.86X, lower than the industry average of 29.52X [12] - The Zacks Consensus Estimate for TTD's earnings for 2025 has remained stable over the past 60 days [13]

Core Insights - The 2026 State of Programmatic Report indicates a shift in the programmatic market towards intentional spending and accountability, with 58% of media buyers expecting increased investment in 2026 and 87% valuing cross-channel performance metrics for decision-making [1][6]. Group 1: Market Trends - Programmatic advertising is entering a mature growth phase, with buyers focusing on purposeful budget allocation and demanding transparency and quality across all screens [2]. - CTV (Connected TV) and audio are the only media channels projected to see year-over-year budget growth, with CTV expected to capture an average of 26% of media budgets and audio 10% [6]. Group 2: AI and Optimization - AI-powered optimization is now considered essential, with 82% of marketers affirming its importance [6]. - The top AI applications anticipated for 2026 include audience targeting and modeling (88%), campaign pacing and bid automation (77%), measurement and attribution (71%), and fraud detection and brand safety (70%) [6]. Group 3: Budget Reallocation - A significant 45% of marketers are reallocating budgets from linear TV to CTV, while 21% are moving funds from linear to programmatic audio [6]. - More than half of the respondents (58%) expect their programmatic investment to increase in 2026, indicating a positive outlook for the programmatic market [6]. Group 4: Measurement and Effectiveness - Marketers prioritize conversion rate (62%), ROAS (47%), reach and frequency (46%), and click-through rate (39%) as key metrics for measuring programmatic campaign effectiveness [10]. - 43% of respondents plan to increase their use of contextual targeting in 2026, especially in privacy-regulated sectors where 50% identify contextual targeting as their main tactic [6].

Summary of Magnite FY Conference Call (January 14, 2026) Company Overview - **Company**: Magnite (NasdaqGS:MGNI) - **Industry**: Digital Advertising Technology - **Position**: Largest independent sell-side advertising platform, focusing on programmatic monetization across digital, video, and connected TV channels [6][10] Key Points and Arguments Customer Wins and Revenue Growth - Magnite has secured partnerships with major global streamers such as Disney, Netflix, Warner Bros. Discovery, and Paramount, which are expected to drive revenue growth as these companies expand internationally [10][11] - The company is well-positioned to benefit from the increasing adoption of programmatic advertising in international markets, particularly as traditional markets open up to programmatic solutions [12] Shift in Advertising Dynamics - There is a notable trend of data moving from Demand-Side Platforms (DSPs) to Supply-Side Platforms (SSPs), which is seen as a power shift in the advertising ecosystem [17][41] - Advertisers are increasingly looking to keep their valuable data closer to home, opting to work with Magnite rather than relying solely on DSPs [19][20] - This shift is expected to enhance efficiency and reduce overall take rates in the advertising ecosystem, potentially saving advertisers 300 to 500 basis points [32][27] DV+ Performance and Future Outlook - The DV+ segment has shown resilience and is performing better than neutral, with expectations of continued growth despite challenges in the open web [59][60] - Approximately 40% of the DV+ business is exposed to the open web, which is facing structural changes due to shifts in consumer behavior and search engine dynamics [66][60] Impact of Political Advertising - Magnite anticipates significant revenue from political advertising, estimating around $10 billion in midterm election spending, with the company expecting to capture a substantial portion of that [50][53] AI and Technology Integration - Magnite is investing in AI to streamline ad tech processes, aiming to simplify the complex landscape of digital advertising [118][120] - The company is positioned to leverage AI advancements, although immediate revenue impacts are not expected until 2026 [119] Regulatory Environment and Market Share - The ongoing litigation against Google for monopolistic practices could present opportunities for Magnite, with potential revenue gains estimated at $50 million for every 1% market share gained from Google [128][145] - Current estimates place Google's market share in digital advertising at approximately 60%, with Magnite holding mid- to high-single digits [145][146] Additional Insights - The trend of exclusive partnerships with companies like Pinterest and Spotify is expected to enhance Magnite's revenue streams and create deeper integrations, leading to increased stickiness and long-term relationships [104][108] - The company is adapting to the evolving landscape of digital advertising, focusing on building customized tech stacks for clients while maintaining a take rate model [100][108] Conclusion Magnite is strategically positioned to capitalize on the growth of programmatic advertising, the shift in data dynamics, and the potential regulatory changes in the digital advertising landscape. The company's focus on exclusive partnerships and technological integration, along with its resilience in the DV+ segment, suggests a positive outlook for future revenue growth.