August 11, 2026 Part one argued that media services is splitting into two businesses with different architectures. One is pooled, platform-driven decisioning for the median advertiser. The other is per-advertiser decisioning for the enterprise, whose competitive position depends on private valuation the pooled stack cannot accommodate. Part two
August 4th, 2026 Part one argued that media services is splitting into two businesses with different architectures. One is pooled, platform-driven decisioning for the median advertiser. The other is per-advertiser decisioning for the enterprise. Part two measured the gap on one dimension. Across roughly 1.4 billion impressions,
July 28th, 2026 Part one argued that media services is splitting into two businesses with distinct architectures. One is pooled, platform-driven decisioning for the median advertiser. The other is per-advertiser decisioning for the enterprise, whose competitive position depends on private valuation the pooled stack cannot accommodate. Part two
July 20th, 2026 Part one argued that media services is splitting into two businesses with different architectures: one optimized for the median advertiser through pooled, platform-driven decisioning, and another built for the enterprise advertiser whose competitive position depends on private valuation the pooled stack cannot accommodate. The argument was
While the network side consolidates into infrastructure to serve small advertisers, the whales are leaving for an architecture of their own.