Drip Sequence💧

In case you missed it:

Last week I sent out a report detailing the comp survey, if you missed the first newsletter the URL for the LookerBI Dashboard can be found right here.

Headline Overviews (need to update)

• Apple in talks to let Google's Gemini power iPhone AI features, Bloomberg News says Apple is reportedly in discussions with Google to integrate Google's Gemini AI engine into the iPhone, aiming to enhance AI features on Apple devices and potentially boost Google's AI services reach. While details of the agreement and implementation are yet to be finalized, such a partnership could address concerns about Apple's AI capabilities and expand Google's presence on Apple devices, although it may also face scrutiny from regulators regarding competition and monopolistic practices.

• The Rundown: Everything you need to know about Reddit as the platform goes public Reddit's IPO marks its entry into a broader advertising landscape, offering a unique platform with contextual and interest-based targeting. While its user base and ad model differ from traditional platforms, Reddit's potential for reaching high-intent users and its continuous investment in ad tech make it an intriguing option for advertisers looking to diversify their media mix and tap into niche audiences. Don’t just ever blindly spend money at a platform, understanding Reddit's nuances and optimizing ad strategies for its platform-specific targeting methods are some key things we need to navigate for successful campaigns.

• Disney is rolling out DRAX Direct, a direct integration with the industry’s largest DSPs Disney is rolling out DRAX Direct, integrating with major DSPs like Google and The Trade Desk to boost programmatic ad revenue to 75%. This move streamlines ad buying and improves audience targeting, though Disney still values its partnerships with SSPs for smaller advertisers. DRAX Direct reflects CTV's growing role in Disney's strategy and addresses privacy concerns with advanced integrations like Google's PAIR and The Trade Desk's UID 2.

• Analyst Calls 2024 The Year Linear TV Advertising Officially Broke Michael Nathanson, a senior research analyst at MoffettNathanson, predicts that 2024 will mark the official breaking point for linear TV advertising, with significant declines expected in revenue for broadcast and cable TV. Nathanson attributes this decline to various factors, including the ongoing shift towards digital advertising and the emergence of streaming platforms with commercial tiers, which are diverting ad dollars away from traditional TV channels. These projections reflect a challenging outlook for linear TV advertising, signaling a fundamental shift in the media landscape.

EXCLUSIVE: Whomst Programmatic Trader

It all started when someone over on the agency side inadvertently entered a bid price of $2 Million instead of the intended $2.00. Those extra zeros wreaked havoc on revenue numbers for SSPs and publishers and the impact was literally instantaneous.

The Price

According to some folks over on the SSP side in my DMs, the bid was supposedly set at $6 Million, spiraled into an unexpected spending spree of nearly $3 Billion across multiple partners. This resulted in PubMatic sitting in the hot seat for one of the most expensive CPMs ever.

Chirping heard on r/AdOps

The incident didn't go unnoticed over on the AdOps subreddit, a lot of confusion was generated and massive numbers were being shared on the thread. Reports surfaced of $70,000,000 in spend within a single hour, bids reaching $1.5 Million per CPM, and $300,000 CPM bids, with $4.5 Million spent in just 5 minutes. The link to that thread can be found here.

Publisher's Perspective

From the publisher side, the impact was equally significant. One publisher revealed they witnessed $1 billion spent on their inventory in a single hour.

Nexxen's Response

Nexxen responded pretty rapidly with an email to address the incident and reassure stakeholders of measures being taken to prevent such mishaps in the future. Below is a screenshot of the email:

Someone Learned About First Price Auction That Day

Since the incident, the agency responsible for the bid blunder has taken corrective measures. They've removed any trace from their logs and implemented a maximum bid price to prevent similar mishaps from occurring again.

You should probably double-check that your team has this implemented too.

Layoffs

• AKQA

• Unilever unwound their ice cream business reportedly impacting 7,500 jobs

• 215 McCann dissolved

215 McCann’s Dissolution - The Details

The decision to pull the plug on 215 McCann came directly from IPG, citing a strategic move to integrate the Xbox account under McCann NY's umbrella while retaining the 215 team for the remainder of the year.

However, things took a turn for the worse when McCann NY's handling of the Xbox account backfired. Reports surfaced that the client had not requested this integration and was unhappy with the arrangement. As a result, Xbox significantly reduced its advertising spend, leading IPG to make the drastic decision to shut down 215 McCann.

While IPG is framing the move as an acquisition/consolidation strategy, insiders reveal that the reality is far from it. The dissolution of 215 McCann really just swung the axe at everyone’s neck with most employees already out of a job, with only a handful remaining through April 1st.

Featured Meme

If you made it to the end of my newsletter, use the discount code NICE to get 15% off your order from my merch store to support your boy.