The Trade Desk, Inc. (TTD) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

better open internet supply chains for the quality content will decrease the value of user generated content destinations and other similar apps and sites that are full of ads and unsafe content. Premium content and deliberate data-driven targeted buying is the only way for the biggest brands and advertisers to remain competitive. Nearly every big tech player in advertising Amazon, Apple, Google, Facebook, is primarily focused on expanding and monetizing their owned and operated inventory and content. Google is clearly focused on search, their AI chatbot Gemini, and YouTube. Amazon's primary advertising efforts are focused on growing sponsored listings and then secondarily on Prime Video. Both are putting Amazon owned and operated inventory first. Facebook continues to focus on monetizing Instagram and Facebook as destinations, and TikTok the same. None of these companies are focused on monetizing the open internet. This was helpfully made public throughout the antitrust trial of the Department of Justice versus Google when they revealed numbers that Google normally does not report on. Exhibits and industry experts estimated that in 2019, the open internet and owned and operated inventory on YouTube were equally split in share of wallet on DV360. However, between 2019 and today, roughly all of the incremental dollars and growth from DV360 has gone to YouTube. YouTube's spend increased by about 800%, while Google's buying of the open internet stayed essentially flat for the same period of time. During that time, the Trade Desk seems to have surpassed Google in the amount bought on the open internet, again, according to others. The industry is evolving at a rapid pace. However, no one is driving that change with more force or focus than the Trade Desk. With that backdr...