Zeta Global Holdings Corp. Technology Leadership Forum 2026

Yeah. We will start with who we serve from a customer's perspective and then Will and I will get into how that aperture is getting wider and wider, which is good for a lot of different reasons. First off, our primary customer, the largest enterprises in the economy. We support all 15 industry verticals. Our top 10 roughly account for 90% of revenue. There is no concentration in any one or two. All of our, call it 8 out of our 10 last quarter growing north of 20%. It is a really healthy, diversified customer set. The CMO wakes up every single day trying to figure out, as a brand who is spending hundreds of millions to billions on marketing, that is our target customer set, large enterprises. Who am I going to reach today? How am I going to reach them?

Once I do, how do I get them to engage with my brand? Pretty straightforward. They do that through three different use cases. I want to retain my existing customers, I want to grow my wallet share with existing customers, and I want to acquire new ones. If you're a CMO today, your technology stack to do all of those use cases across all digital formats, whether we are all on display video on the open web, or we're listening to a podcast, or we're receiving email, or we're somewhere in the social networks, their technology stack is dizzying. They have to use so many different point solutions to do all of those use cases, paired with all the different channels where all of us exist digitally in the open web or in the real world. Except for Zeta, we are a massive consolidation point.

We will typically collapse 8 to 12 vendors in the first implementation. Only Zeta, as you'll hear from Will and I throughout the time together this morning, can do all three use cases. Only Zeta can do every single digital channel, and only Zeta, which powers all of this, has a proprietary dataset that you only get access to if you're paying Zeta. I think it's part of why, as sure we'll get into our net revenue retention rates, have been as high and getting stronger over the last several years.

We all talk about data all the time and how you can leverage data to make more informed decisions about your marketing operations. But that dataset we've created is the largest open web, non-walled garden dataset. Why is that important? Because whether you're trying to acquire new customers or grow your existing customers, using a dataset to enrich your customer knowledge. Think about retailer knows that they bought a shirt. We can tell them everything else that they've done, where they've gone, what devices they have, what neighborhoods they live in, maybe even generally what transactions they've made. We can tell them so much more so they could be smarter about how to interact with their customers. Then we can help them find customers who look just like their customers, their best customers, and we can help them with this dataset.

All that data sits on top of this unique marketing platform that helps our marketers acquire, retain, and grow. All that stuff comes with the platform. It isn't an add-on, and it's one of the reasons why we've won so much business, and taken away, because that is a secondary cost for a marketer in most platforms in digital marketing. It's part of what we do.

Yeah. One of the biggest points of feedback we've received from our customers is as expansive as the dataset is, as much of what the platform can do, it also made it an intimidating lift. They just didn't know how to access all of what was available on the platform. David will often say many of our marketers are super skilled at flying a Cessna, and yet they're presented with a F-22. That's a really difficult chasm to cross. Our solution to that was to create something that facilitated the broader use of the platform, made it easier, and made training super short. That is conversational, conversing with the platform rather than having to do keystroke discovery.

What we're seeing initially, Athena's been out for general use about 140, 150 days now, is that of our super scaled customers, 40% of our 200 are now monthly active users, and 83% of their interactions on the platform are conversational. For us, that validated a bet that we were making that this is how interactions would be on the platform. This is more natural for us anyway. What makes that interesting for our customers and for Zeta and then obviously downstream for investors is if you think about the revenue funnel for Zeta, it starts with licensing the platform, building and creating audiences and campaigns. What we're seeing is that by conversing with the platform, more audiences and more campaigns are being created as was done otherwise, manually.

That is good for us because the next downstream revenue is when the usage meter begins to run, when you activate. When you actually put those campaigns through programs like a cohort of CTV, of email, of mobile, of audio podcasting, of social. That drives our P x Q revenue. If that's a good indicator at the top of the funnel of what's to come from usage, it shows you that our original design point of releasing Athena is going down the right path.

The biggest knock on marketing technology, I think, has really been not the promise of what it could do. It was actually the implementation. I think Athena really helps somebody quickly get to: Why did I buy this, and how is it going to help me? They don't have to be a technologist to figure that out. They just have to speak. I think that is a huge unlock for the growth in the business.