Magnite (MGNI) Wells Fargo 8th Annual TMT Summit summary

Industry trends and product innovation

• Curation is enabling publishers to better monetize data assets as third-party cookies decline, shifting value from buy-side to sell-side.

• Contextual targeting and scalable audience segments are gaining traction, with SSPs federating publisher data for buyers.

• Marketplace curation allows publishers to participate in data economics previously dominated by DSPs.

• Supply path optimization is driving agencies to prefer curated segments on major platforms.

• CTV remains a first-party data business, with authenticated, high-value inventory.

CTV and programmatic evolution

• Broadcasters initially favor direct sales, then move to controlled programmatic deals, and gradually to open exchanges.

• Disney aims for 70% of its business to be programmatic by the end of 2025, with a mix of guaranteed and invite-only auctions.

• Winning the Netflix RFP has enhanced credibility and international expansion opportunities.

• International growth is accelerating as global streaming disrupts local markets.

• Partnerships with major players like Disney and Amazon are expanding, with new inventory and live sports opportunities.

Business performance and growth outlook

• DV+ (non-CTV) represents 57% of the business, with mobile expected to grow in the low double digits and desktop to remain flat.

• Medium- to long-term DV+ growth is projected at mid-single to low double digits.

• Market share could benefit from potential Google Ad Tech antitrust remedies, with even a 1% shift being significant.

• March Madness and live sports are key drivers for programmatic inventory growth.

• Modest headcount and CapEx increases are expected to support international expansion and CTV growth.