B. Riley's Dan Day describes Supply Side Platform (SSP), CTV + Magnite $MGNI thesis

Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: [email protected] Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan [8:57] Take rate on SSP's (effectively the bear case on SSPs) [14:53] Adtech trends since early 2021 [19:11] Brand integrity - how much is that important amongst SSPs [20:25] $MGNI valuation upside [23:55] Programmatic recession vs. the stocks were overvalued in 2021 [25:48] CTV - what it means and how it works; why its important to $MGNI [29:24] Who is $MGNI working with on CTV / competitive landscape [32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs? [44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation [50:07] Google antitrust case - what is the bull case for $MGNI [59:24] Odds that Google loses this trial and/or splits out SSP [1:03:58] One thing that market generalists miss regarding $MGNI [1:08:26] Channel checks on media industry Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/