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Thank you so much for being here.

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You may be wondering why we're here,

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and I'm excited to tell you.

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So many of you have heard me say in some

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of the onboarding sessions,

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the Trade Desk was born in this house.

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The majority of you have never been to Ventura,

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but I just want you to know that a part of our success is

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because we came from here, we can stay focused.

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Uh, and at times while we thought early on it was a

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disadvantage, it has definitely been an advantage

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and it's been a big part of our culture

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and what has fed our culture.

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So I, I'm so glad that we were able to start there

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and also go on this unbelievable journey.

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I do think it's also part

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of the reason why people didn't expect much from us.

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We raised $7 million when our competitors were raising

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hundreds, and many people didn't even consider us as a part

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of the DSP race.

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There have been many times

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that we have changed the entire market, despite the fact

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that people didn't expect much of us.

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So whether it's the IPO or UID or UID two,

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or what we're currently underway to do at cohi,

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we have moved the market again and again,

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and I think we have an opportunity to do it again.

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And this is one of our biggest moves.

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Yet it's in large part

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because CTV advertising has a serious supply chain problem,

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and it's because of the pressures that are happening

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that we wanna make certain get out

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of the way so that it thrives.

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Content costs keep going up, partly

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'cause the content is amazing.

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OEM margins are going down.

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They're, if, if you don't know this, uh, television sets,

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the margins that they make on them have been going to zero

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and even below zero for many years.

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Advertiser CPMs are also up.

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So the cost of an ad has also gone up, especially, uh, in,

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in the premium content, which as you all know, is the part

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of the open internet that we focus on most.

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And then the content owner number of ads have gone down.

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And while the right now the ecosystem is healthy enough,

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it is fragile.

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Whether you're trying to sell televisions

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or whether you're making content,

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or whether you're showing ads on those,

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or whether you're just a consumer trying to find the content

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that you love and don't want to pay too much for it, all

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of those pressures keep getting a bit worse.

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So there is an opportunity for us to change the game.

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That's what we're really trying to solve,

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is it's an unfair game and we wanna make it fair.

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And I, I do wanna underscore

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that while we're talking about the benefits to every part

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of the supply chain with the product that we're going

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to release today, our advertisers have always been our

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primary client, meaning the buy

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side, advertisers and agencies.

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They've always been our primary client.

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They will always be our primary client.

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This does not represent a, a, a change in strategy.

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This does not represent a distraction.

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This represents an expansion of the things

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that we were always trying to do.

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What we decided to do in that playroom in,

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in 2009 is the exact same thing that we're doing today.

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We just have the opportunity

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to move the market in a much bigger way than we have before.

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This product has been three years in the making,

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but we've been doing it in secret.

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And this is a major life event for the Trade Desk.

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I have goosebumps. I have goosebumps right now.

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Ventura is an innovative new streaming operating system that

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represents the most significant upgrade for advertisers,

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content owners, viewers, OEMs,

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and any companies that offer content.

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Ventura will usher in the most advanced CTV advertising

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ecosystem ever, ever

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by creating the most advanced operating system.

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Before I go into how this benefits everybody, uh, uh,

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we're building a streaming operating system.

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And you can think of it like you take a TV

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and you move it into kiosk mode where you say, Hey,

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let's let something else take over.

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And the reason why I I frame it that way is that, uh,

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we are not trying to control the RBG on the,

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on the screen, the colors.

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We're not trying to control the audio.

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The people that build the TVs, they do that.

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We are also not going to be a hardware company.

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We are not good at building hardware.

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We have no history of building hardware, uh, uh,

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but we are very good at building software

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and we're also even better at building advertising products.

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So first we are doing this to make sure

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that there is a fair market.

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And every time we say something like this,

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sometimes we get a little bit of like, no, no, no, but,

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but really why are you doing this?

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And this really is the answer.

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We are trying to make certain that there is a fair market.

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The only way that this golden era

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of television continues is if advertising thrives.

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And, and advertising built into an operating system

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is the way that we get there.

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So if you're a company that wants to focus on content

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or one of the best content companies in the history

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of the world like Disney, you're really looking

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for somebody to change the game.

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They understand this is about supply chain.

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This is about making certain

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that the people in the middle add as much value as possible.

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So the people on the edges either keep as much

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of their dollar as possible and put that to work

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or put that towards content.

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And that's the ecosystem that we're looking for.

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The MVP ds who handle distribution

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and linear television, which are multi-channel video

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distribution companies, they in a lot

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of ways offered more value because you put together a bundle

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and then you would say, oh,

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here at DirecTV you can get a 39 95 package

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and it comes with all this content content.

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And they would promote the content so

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that you would sign up for that package.

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Well, now, uh, uh, in the OS world,

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you don't really promote the content other than your own

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because all the oss have their own content.

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So they promote their own content, but they charge as much

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or more than what the MVPs did.

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We keep hearing again

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and again that the ecosystem wants us in the game

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because it is very clear to them that this will create

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a more efficient supply chain.

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The OEMs, as I mentioned, when they're selling

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that in retail, are not making money today.

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And the business model that most of them are looking

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for is something that doesn't increase the cost

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of the television in the showroom.

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And I think it represents a huge opportunity for us to come

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to them with a business model, a framework

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for them to do very well.

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So you can think of this as we're giving them an operating

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system that they customize, that also comes

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with an ad business.

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And part of the way that we can help is that we can partner

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with them in the same way that we have with content owners

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and others, which is to say from the very beginning,

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we are in it for the advertiser.

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But by you knowing who we represent

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and representing the largest source

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of demand in the CTV ecosystem,

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we think we can help you find a brighter future than the one

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you have right now, which is margins either approaching zero

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or past them already.

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So you can do all of this for everybody,

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but if you're not helping the consumer with discovery

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or solving the biggest problems

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that the OS has represent today,

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and I believe the single biggest problem that they represent

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for consumers is discovery.

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The second biggest problem is cost.

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Where it is extremely expensive for consumers

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to pay for all of this content.

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And so they want, uh, an ad funded opportunity

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that gives them this few ads as possible that are

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as relevant as possible.

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The way to solve both of those is

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through some something like the trade desk

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where you have objectivity at the core of it,

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and then you have personalization

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that links advertising personalization

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with content personalization.

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This has been three years in the making

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with over a hundred trade desks.

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I'm just so excited about what this represents for all of us

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to not just make advertising better,

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but to make the television ecosystem better

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and what this means for content

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and just how this will affect the lives of, of us

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and the entire world.

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And incidentally, success

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for us is not us owning the market.

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It's us changing it.