Magnite, Inc. Common Stock The KeyBanc Technology Leadership Forum 2026

Excellent. Thank you, Justin. Really appreciate being here. This is a really, really phenomenal location to come to, so you didn't have to twist many arms to get us here.

Yeah, no, great question. I appreciate catching that. Last week was a flurry of activity. We've been talking for probably about a year and a half now about a growth rate inflection in the CTV business, right? It started with better than mid-teens, which it had been kind of stuck in for a couple of years. It really started to inflect in the back half of last year to the 20s, then high 20s, then mid-20s. So 36% feels really good. We were very, very careful to call out that it was broad-based, right? And we represent a lot of suppliers who work on the supply side of the equation. But you don't get that without demand, right? So it's great to have a store, but unless anybody's shopping, you're not going to do very well. We've really seen demand in CTV broaden out.

SMBs are entering, people focused on sports are entering into the market. The way in which demand is finding its way into the CTV ecosystem is broadening out, whether it is self-service marketplaces or agencies or new DSPs focused on the SMB market, as well as our traditional partners are all expanding. We are very careful to say it is very broad-based, and it is not being seen in just one or two partners ramping. It is across the business.

Yeah, I think some of that is not new, right? I think that if you look at CTV specifically, the market structure is radically different than the open internet, right? The open internet is comprised of millions of websites and millions of apps, right? It is really, really hard to get critical mass. As a result, we have no publisher that represents even 1% of our overall revenue on the Magnite DV+ or the non-CTV side of the business. In CTV, there are 30 global publishers that account for 80% of the world's CTV inventory. So it is very concentrated, and all of them view each other as a walled garden. We like to call them hedged gardens because you cannot have 30 walled gardens all playing in the same garden.

So in that regard, we have been sought out as a trusted partner, and it takes a long time to earn that trust, right? Data transacts, in many cases, on the CTV side, where publishers do not necessarily want their ID to be able to leak out to a buyer, right? They like to control where the match happens. They import signal and then make sure that match happens on the other side. So first of all, if you are not independent and do not have trust, they really have a hesitation of wanting to work with you if you have got a competing business with them. We have taken a long time to scale business, and it has taken a while to get all the tech and the programmatic execution capabilities in place. What you are finally seeing is that start to ramp and them really leaning into it for a variety of reasons.

You see a lot of broadcasters talk about improving the profitability of their CTV businesses. That's just not more monetization and more revenue. That's also on the cost side. Programmatic is a very efficient way, lower cost of revenue than a traditional sales force to be able to access that market. We're starting to see more and more of that transact. I think the difference in the market setup is what says the broadening amount of buyers entering into CTV is finding a smaller number of publishers, and we represent all those publishers. I think that dynamic between supply and demand is causing some of this difference between SSPs and DSPs. Now, you don't just have the buying path into connected TV coming from only DSPs.

The early DSPs into the market did a phenomenal job of whale hunting and landing all the largest accounts, the largest agencies, the largest brands, with a very, very sticky interface and a very clean way of being able to get into market rapidly. But once you get past the largest 100 global advertisers really that migrated over from linear TV into connected TV, it's really a heavier lift to access SMBs. It's a different set. They're different how they want to transact, how many vendors and how many partners they want to be able to get into CTV. They want this frictionless. They want this self-service. They want this easy to choose. They want this transparent. I think there's a bit of work to be done, and there's other people dabbling there that are trying to attack that market in different ways.

The fact that Magnite services every different type of demand to access all the CTV inventory in the market is truly what's differentiated, and we don't have any blind spots. You can be any type of buyer. You can be any type of broadcaster. We service the market broadly, and I think that's what's starting to accrue in our favor and participating in all parts of the market.

Yeah, we are starting. I would say we still have not hit an inflection point where you see a massive acceleration. I think, as happy as we are about 30% growth rates last quarter, 36% this quarter, that still doesn't speak of a mass inflow of SMBs or a large amount of sports immediately flipping over to CTV. If you think about live sports, it is generally seen as 40% of all TV ad spend. If sports really leaned in and half of it went that way, we would be growing at triple digits, not mid-30s or 36%. I think we are still early in that journey. I think in sports, we have a long way to go. We didn't participate in any significant way in World Cup, so that is still an opportunity.

We just started participating in NFL last year when ESPN leaned on the Disney tech stack and opened that up programmatically. That was a good guy, but I would say we are just starting. It proved our CEO wrong that we would never touch the NFL. We are thrilled to be involved, but there is a long growth pattern moving forward, as is with NCAA football, as is with March Madness. So we think there is plenty of running room and opportunity as it continues to rely more heavily, and it makes sense. What makes sense is no head of advertising, no chief revenue officer at any large rights owner of sports content is going to say, "You know what? This programmatic stuff is kind of cool. I am going to put 50% of my revenue at risk and see what happens." So they are going to do this very methodically year after year.