Source: Simon Owens's Media Newsletter
The opacity of TV advertising—where buyers couldn't easily verify impressions, audience quality, or creative placement—has been a feature, not a bug, protecting legacy broadcasters' margins and allowing them to sustain inflated CPMs. A company introducing direct measurement and algorithmic buying into this space collapses the information asymmetry that enabled the entire pricing structure, forcing networks to compete on actual audience value rather than scarcity narratives. Programmatic did this to digital display a decade ago. TV is larger: it still represents the biggest ad format by spend, so even fractional efficiency gains shift billions in annual budgets away from traditional players.