Unfiltered Media

Justin Lebbon & Ian Whittaker

A senior, data-driven podcast on media, advertising and ad-tech — TV, streaming, ad-spend and the markets behind them. Hosted by Justin Lebbon and Ian Whittaker.

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English

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#28
September 26 · 29 min
Barb's New CEO on Streamers, Google and the Future of JICs
In her first interview since taking over from a fourteen-year predecessor, Barb CEO Caroline Davey — joined by head of partnerships and comms Luca Vannini — sets out how the JIC intends to stay relevant as linear budgets tighten and viewing fragments across devices. The conversation is candid about the pressures on joint industry committees, the economics of running panels, and the diplomacy required to bring streamers and Google to the table. A faster, team-led Barb: Davey signals a shift from "statesman" leadership to an agile, fast-paced team delivering an ambitious multi-year roadmap. Comprehensive measurement first: The priority is consistent reporting of content and ads across any device, on schedule or on demand — with second-level granularity a step in that direction. Cost discipline: New developments are being kept within existing budgets; the move to second-level tech is framed as cost-neutral because it replaces another technology. Streamer integration: Barb is running proof-of-concepts with streaming services under "joint industry terms," setting a dataset acceptance framework rather than a universal spec. The panel isn't going away: Vannini argues that the more device-based data you integrate, the more important the panel becomes for real behaviour and demographics. Origin: Davey says the story "isn't over" following 55 Blue's acquisition of part of the service, and both leave the door open to future collaboration — cross-media measurement in the UK is "not dead." Google/YouTube: A "fresh," practical approach to Google after last year's cease-and-desist episode; Davey plays "Switzerland" on whether YouTube is TV, prioritising getting it measured (Barb data puts YouTube's viewing share above 15%, over half on the TV set). Future of JICs: With less money flowing through joint industry committees (per a Tony Regan graph), both argue survival depends on robust, independent, trusted data and moving at pace. Key takeaways Barb's near-term roadmap centres on blending panel and streamer first-party data and aligning linear and on-demand ad measurement across devices. The move to second-level (second-by-second) measurement is being handled as cost-neutral by replacing existing technology, as Barb insists it has no 'never-ending budget'. Barb is working with streaming services on proof-of-concepts under joint industry terms, using a dataset acceptance framework rather than forcing a universal specification. The panel becomes more, not less, important as device data is integrated, providing behaviour and demographic detail first-party data can't. Following Kantar's acquisition of part of Origin, Barb says cross-media measurement in the UK is 'not dead' and future collaboration is on the table. On Google/YouTube, Barb is taking a fresh, practical approach and stays neutral on whether YouTube is TV, prioritising independent measurement — its data shows YouTube's viewing share above 15%, over half on the TV set.
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#27
September 11 · 22 min
The DSP Squeeze and Nike's Doom Loop
Two big names just dropped out of the index they'd long called home — and both stories say something uncomfortable about the ecosystems they operate in. Justin Lebbon and Ian Whittaker dig into The Trade Desk's fall out of the S&P 500 and Nike's exit from the S&P 100, and what each reveals about ad tech consolidation and the recurring failures of marketing strategy. The DSP squeeze: Ian frames Trade Desk as the classic "third player" in a three-horse race, now being squeezed as Google and Amazon take share with a "why use a middleman?" pitch on scale and price. Cuts as a signal: A 15% workforce reduction and the surrounding commentary send a self-fulfilling signal to the market about long-term viability — the one arena where boards can't fully "massage the messaging." M&A math: With Trade Desk still holding roughly 29–30% share, Google and Amazon can keep squeezing without paying an acquisition premium — and US regulatory scrutiny complicates any bid in the near term. A systemic ad-tech problem: Justin argues Google going direct, AI removing intermediaries, and CTV/broadcasters and agencies questioning fees and opacity all point to structural issues beyond Trade Desk itself. Nike's self-inflicted wound: The hosts tie Nike's decline to an aggressive DTC push and a reallocation away from brand toward performance — "fads" the industry pushed and then moved on from, leaving Nike to pick up the pieces. Altitude and the doom loop: Brands sit at altitude like an airplane — expensive to reach, efficient to maintain, slow to climb back after a drop. Constant discounting (Nike, Adidas, Lululemon) trains consumers to only buy on sale. Making the case to the CFO: Justin's counter-example — building awareness to bring down a rising CPA — as the kind of number that gets the C-suite to invest in brand. Coming up: The new CEO of Barb joins for an interview next week. And, as always, none of this is investment advice. Key takeaways Trade Desk is being squeezed as the weakest of three big DSP players, with Google and Amazon pitching scale and price to cut out the middleman. A 15% headcount cut reads as a 'managed decline' signal that can become self-fulfilling by pushing buyers toward rivals. With ~29–30% market share still held by Trade Desk, Google/Amazon can keep taking share without paying an M&A premium; US regulatory scrutiny also complicates a near-term bid. Nike's troubles stem heavily from marketing decisions — an aggressive DTC strategy and a shift from brand to performance — that were industry fads at the time. Brands work like altitude: costly to build, efficient to maintain, and slow and expensive to rebuild after a drop into a discounting 'doom loop'. Rising CPAs can be brought down by investing in awareness/brand — a metric that resonates with CFOs and the C-suite.
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#26
September 2 · 33 min
A Risk Too Far: Why UK Terrestrial TV Shouldn't Switch Off in 2034
Ian Whittaker joins Justin Lebbon to discuss his report "A Risk Too Far", commissioned by Arqiva, which argues the UK's digital terrestrial television switch-off — technically possible in 2034 — should be delayed to at least 2044. The two spar over whether switching TV entirely to IP delivery would erode the medium's premium, and what it means for households that still rely on terrestrial. Why the report now: A consultation is underway; Whittaker argues the debate has focused too narrowly on cost, ignoring national resilience (terrestrial as a "sovereign asset") and household access. The commercial risk: Once a switch-off is announced and all spend runs over IP, Whittaker predicts boards will treat TV, YouTube and TikTok as "one bucket" of video spend, eroding the AVOD/BVOD premium. The numbers: PSB combined ad revenues estimated at ~£3.65bn under a 2044 scenario vs ~£3.1bn if switched off in 2034 — a 16% gap. ITV hit ~12%, Channel 4 potentially ~20%. Justin's counter: Addressable, data-driven, second-by-second BARB-measured IP TV could attract audience-based buyers and command higher CPMs — quality still matters to marketers. The board argument: With marketing treated as a cost under accounting standards, boards under earnings pressure raid the marketing line and favour the cheapest medium. Access divide: ~5.4m primary sets still expected in use in 2034 (per MediaTek), concentrated among older, poorer and rural viewers; gigabit passes ~89% of premises but only ~47% take full fibre. Terrestrial is "egalitarian" — IPTV quality depends on household income and broadband tier. Agencies: Their media profit increasingly comes from proprietary businesses and buying margins, giving them an incentive to push product cost down, not support price inflation. Politics: New PM Andy Burnham's northern working-class seat may shift the calculus; the abolition of DSIT (a stronger backer of the digital move) may help the case for a later switch-off — but the Treasury will weigh in. Key takeaways Whittaker's report 'A Risk Too Far' argues the UK DTT switch-off should be delayed from 2034 to at least 2044. He estimates PSB combined ad revenues of ~£3.65bn (2044 scenario) vs ~£3.1bn (2034 switch-off) — a 16% reduction, hitting Channel 4 (~20%) harder than ITV (~12%). His core thesis: once all spend runs over IP, boards will lump TV in with YouTube and TikTok, eroding the BVOD premium faster than expected. Justin Lebbon counters that addressable, data-driven, BARB-measured IP TV can attract audience-based buyers and justify higher CPMs. Access is a key concern: ~5.4m primary sets still in use by 2034, and only ~47% of premises take full fibre — leaving older, poorer and rural viewers exposed. The decision sits in a consultation period, shaped by national resilience, Treasury views, and shifting political priorities.
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#25
August 21 · 27 min
Meta in Court, Disney v. FCC and the Paramount/WBD Wrangling
Back from a summer break, Justin Lebbon and Ian Whittaker dig into the tangle of politics, regulation and media/tech law reshaping the industry. They weigh whether legal pressure will dent Meta's ad business, why Disney's lawsuit against the FCC is more about signal than outcome, and what the state AG opposition means for Paramount's pursuit of Warner Bros. Discovery. Four state AGs sue Meta: The case echoes the Big Tobacco playbook — alleging the company knew of harms and hid the truth. Whittaker argues it's largely a revenue-extraction play with little short-to-medium-term impact on advertising spend. Why Meta is exposed: With online advertising essentially its single product, Meta lacks the diversification of other tech platforms, leaving it more vulnerable to investor doubts if fines mount. The federal wildcard: US tech giants were named in the administration's national security strategy, complicating any regulatory crackdown. Data centres as the real backlash: A growing local voter revolt over power, water and resources could become a major midterm issue. Disney v. FCC: The FCC is reviewing eight ABC broadcast licenses earlier than their expected 2028 renewal. Disney calls the action an "existential threat" — an unusually aggressive pushback that matters most as a signal to other broadcasters. Paramount/WBD: State AGs (all Democratic) oppose the deal, but a possible split between California's governor and its attorney general could give Paramount leverage. Paramount has asked opponents to post a $1.8bn bond. Whittaker still leans toward the deal going through. Coming up: Analysis on Fifty-five Blue's stake in Origin, an interview with new Barb CEO Caroline Baxter, and YouTube's change to how it counts a view. Key takeaways The Meta suits mirror Big Tobacco litigation, but Whittaker sees them primarily as revenue extraction with limited short-to-medium-term impact on ad spend. Meta is seen as the most structurally vulnerable big tech platform because it effectively relies on a single product: online advertising. US tech giants being named in the national security strategy complicates federal willingness to crack down. Disney's FCC lawsuit — targeting an early review of eight ABC broadcast licenses due in 2028 — matters more as a signal to other broadcasters than for its own outcome. A potential rift between California's governor Gavin Newsom and AG Rob Bonta could be leverage for Paramount; Whittaker still expects the WBD deal to go through. Paramount has asked state AGs and unions to post a $1.8bn bond, signalling the Ellisons are ready to fight for the deal.
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#24
August 10 · 27 min
James Rooke on how can TV compete and win against the platforms
Justin sits down with James Rooke, president of Comcast Advertising — the group behind FreeWheel, Universal Ads and Comcast's media sales business — to tackle the question dominating TV: can the industry realistically compete with the dominance of the major platforms? Rooke's core case is that premium video is "performative" across the whole funnel, and that TV can win dollars back if it fixes two things — making inventory easy to buy and easy to prove. The conversation ranges across the "curse of incumbency," the bloated programmatic value chain, and Universal Ads' fresh UK launch with ITV, Sky and Channel 4. Highlights: Why 90% of new media spend flowing to a handful of players is bad for brands, effectiveness and a balanced ecosystem. The twofold problem with premium video TV: it's too hard to buy and too hard to prove. Why the industry should not compromise on transparency — and why expecting "black box" players to become transparent is a fool's errand. Incrementality as the level playing field: when four players share a $10 lift, only $10 of credit exists — and premium video is outperforming on that basis. The "curse of incumbency": stitching scaled linear onto growing streaming across different tech stacks and measurement standards, and why AI could be a tailwind rather than a headwind. FreeWheel's open-API approach so media companies build differentiation on top of shared "core plumbing" rather than re-solving solved problems — plus the case for collaboration and consolidation. Universal Ads: 22+ publishers in the US, a zero-fee-to-marketer model built on FreeWheel, and a formal UK launch (test campaigns done, "the pipes are working") with ITV, Sky and Channel 4. Getting root demand to root supply "as the crow flies" — fewer intermediaries, less latency, more working media. Key takeaways Rooke frames premium video as inherently performative across all funnel stages — the basis for winning share back from the platforms. TV's twin problems: it's too difficult to buy and too difficult to prove, both of which the big media companies can out-execute on a level playing field. Incrementality is pitched as the apples-to-apples metric; with a fixed pool of credit, premium video is said to outperform social players. The 'curse of incumbency' means stitching scaled linear onto streaming across different infrastructures, tech stacks and measurement standards. FreeWheel's strategy is to provide open-API 'core plumbing' so companies focus scarce engineering on differentiation, enabled by collaboration and consolidation. Universal Ads has 22+ US publishers and a zero-fee-to-marketer model, and is now live in the UK with ITV, Sky and Channel 4.
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#23
July 29 · 24 min
The Politics Episode: Paramount/WBD stalls, AI's charm offensive and Burnham's UK
In the "politics episode", Justin Lebbon and Ian Whittaker unpack the collision of politics and dealmaking across US and UK media — from the court-halted Paramount/Warner Bros Discovery merger to the AI charm offensive from Silicon Valley and a change of prime minister in Britain. Paramount/WBD on pause: A Northern District of California judge granted a temporary restraining order; Paramount agreed not to close until the court rules on the states' claims or 06/01/2027, whichever comes first. A political fight: 12 Democrat attorneys general, led by California and New York, plus the Writers' Guild, are lined up against the deal — even as the US administration and European Commission have cleared it. Follow the spread: With a $31 bid and WBD trading around $25.60, the market is pricing in a real chance the deal collapses; one commentator put it at 60%. Paramount's own shares are down ~20% in a month. The Ellison tech angle: Whittaker argues the deal's most interesting dimension is technological — the Ellisons potentially reshaping the combined content library into something more Netflix-like. AI as a vote issue: Why Musk and Zuckerberg are publicly championing AI — jobs fears and data-centre backlash are turning big tech into a political liability ahead of the US midterms. UK under Burnham: DSIT abolished and its responsibilities split; a cabinet-level AI minister (Kanishka Devayan) installed; expect more skepticism of Silicon Valley but subtler moves than Starmer's proposed social ban. ITV/Sky and Paramount at the CMA: Whittaker expects the ITV/Sky deal to proceed, wary of a "Project Kangaroo mark two", and doubts the UK would move to block Paramount without political cover from elsewhere. Key takeaways Paramount has agreed to pause its WBD takeover until courts rule on the states' claims or 06/01/2027; a trial date hasn't been set for this year. The opposition is heavily political — 12 Democrat AGs led by California and New York, plus the Writers' Guild — despite US and EU clearance. The gap between the $31 bid and WBD's ~$25.60 share price signals the market sees a meaningful chance the deal fails; Paramount stock is down ~20% in a month. Whittaker sees the deal's real prize as technological: the Ellisons using their tech background to transform the combined content library. Musk and Zuckerberg's pro-AI messaging is a bid to get ahead of AI becoming a genuine political liability over jobs and data centres ahead of the midterms. A Burnham UK government is expected to be more skeptical of big tech but subtler than Starmer, with DSIT abolished and a new cabinet-level AI minister; the ITV/Sky deal is still expected to clear the CMA.
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#22
July 24 · 23 min
Summer Summary - Q2 updates: Google, Netflix, Comcast and AI Investment
A short summer catch-up as the hosts sift through Q2 earnings across the media and tech landscape and ask a sharper question: with AI CapEx climbing quarter after quarter, when do investors start demanding proof of delivery? Alphabet's strong numbers, weaker shares: Cloud revenue up over 60%, search up 17%, YouTube ad revenue up 13% — yet the stock fell as CapEx guidance was raised again (to $195–205bn for 2026), pushing quarterly free cash flow negative. CapEx now looks like a telco: At roughly 40–42% of annualised revenue, tech-platform spend increasingly resembles a utility, not a software business. China as the wildcard: New Chinese AI models are prompting investors to ask who really has the better AI investment strategy. Comcast and Peacock: Peacock profitable for the first time since launch, ad revenue up ~70%, subscribers up 17% to 48m — and now accounting for ~33% of NBCU ad revenue (up from ~25%), partly reflecting a ~10% drop in traditional pay-TV subscribers. The strategic question for Peacock: Profitability achieved — so what's next? Just another streamer, or a super-aggregator play? Agencies: Publicis (~5%) outpacing Havas (~3%) and the ~2% HoldCo average, with growth still concentrated in the US while Europe stays broadly flat. Macro backdrop: War and oil back above $100 create uncertainty, but limited impact on Western ad spend so far; China's structural GDP slowdown is the bigger concern. Key takeaways Alphabet delivered strong Q2 numbers but shares fell as raised AI CapEx guidance ($195–205bn for 2026) turned quarterly free cash flow negative. Tech-platform CapEx at ~40–42% of revenue now resembles a telco or utility rather than a software business, and investors want proof of delivery. Comcast's Peacock hit profitability for the first time since launch, with ad revenue up ~70% and now ~33% of NBCU ad revenue. Peacock is capturing cord-cutters but not fully recovering lost linear revenue — and its long-term strategic role remains unclear. Agency growth stays concentrated in the US; Publicis (~5%) is outperforming Havas (~3%) and the ~2% holding-company average, while Europe is broadly flat. War and $100 oil have had limited effect on Western ad spend; China's structural slowdown is the more meaningful worry for advertisers.
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#21
July 13 · 29 min
Market reaction to Sky ITV Deal; NBCU/Comcast; Future consolidation
A flurry of media M&A gives Justin Lebbon and Ian Whittaker plenty to chew on: the agreed (but not yet regulator-approved) Sky–ITV deal, the strategic Comcast/NBCUniversal split, and the wider European wave of broadcaster consolidation. The pair argue that scale matters — but that collaboration and smarter positioning matter more, using Norway and the out-of-home sector as evidence. Sky–ITV: terms agreed, regulators next. The deal covers ITV's distribution arm, not the studios business. Whittaker expects clearance, possibly with conditions such as Sky divesting third-party ad-sales agreements. Defining the market is the fight. Sky will argue the combined entity is only ~7% of total UK ad spend; the regulatory debate hinges on whether online players count as competitors. Regulators think differently now. With Project Kangaroo cited as a cautionary tale, and broadcasters increasingly framed as national infrastructure, Whittaker suspects deals blocked years ago (e.g. TF1/M6) might fare better today. UK ad market concentration. Lebbon notes Amazon, Meta and Google take around 75% of UK media spend — higher than the US or the global ~50% average — underlining the structural pressure driving consolidation. Europe is consolidating into duopolies: RTL/ProSiebenSat.1 in Germany, Mediaset/Atresmedia in Spain, plus DPG and RTL/Sky Deutschland moves. ITV Studios' future. With Sky sitting inside NBCUniversal post-split, an eventual studios acquisition becomes a "possibility, not a probability." As a listed content asset, how investors rate it will be a bellwether for the whole content space. Why Comcast split. Largely share-price driven: markets dislike unwieldy conglomerates and prefer laser-focused entities. Sky's relative importance rises within NBCU, and Europe becomes a bigger focus. Diversification and local scale. NBCU leaning on brand assets (e.g. BravoCon) beyond "spots and dots"; TV players buying into out-of-home and radio; Seven in Australia combining sales forces; the "SuperJiks" local tie-ups. The Norway lesson. Broadcasters aligned strategically, ditched the victim narrative and sold the positives of TV — collaborating on data, measurement and messaging to take share back from social. What's next on the pod: a rebranded site and newsletter, more Cannes interviews (Rita Ferro, Mark Marshall, James Rooke), and deep dives on radio and on the "Wild West" of unmeasured creator marketing. Key takeaways The Sky–ITV terms are agreed but not yet cleared; Whittaker expects approval, possibly with conditions around Sky's third-party ad-sales agreements. The regulatory battle turns on market definition — Sky will argue the combined business is only ~7% of total UK ad spend once online players are counted. Amazon, Meta and Google take roughly 75% of UK media spend, higher than the US or the ~50% global average, driving broadcaster consolidation. European TV is coalescing into duopolies (Germany, Spain, Italy, France), with regulators now weighing structural decline and national-interest arguments. Comcast's NBCU split is largely share-price driven: markets reward focused entities over sprawling conglomerates, and Sky becomes more central within NBCU. Norway's turnaround came from collaborating on data and messaging and selling the positives of TV rather than playing the victim.
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#20
July 10 · 29 min
Rita Ferro on Disney’s advertising strategy and competing with Big Tech
Justin Lebbon sits down with Rita Ferro, president of global advertising for the Walt Disney Company, for a candid conversation about the most competitive ad landscape she's seen in nearly three decades at the company. Compete on value, not price. Ferro argues Disney doesn't have to chase the platforms diving on price because its inventory is largely sold out, anchored in premium storytelling, live events and a privacy-compliant ID graph. The "messy middle." She frames the mid-market — advertisers ranked roughly 101 to 1,000, worth about half the market — as Disney's big growth engine, served by some 1,200 agencies and hungry for self-service and automation tools. HoldCo dependence is shrinking. Disney's holding-company business is up 10–12% this year and roughly 25% off its level five years ago, as automation, direct brand deals and mid-market grow. Live and fandom drive revenue, not just audiences. From College GameDay to the Super Bowl and Grammys, Ferro details in-content integrations, social extensions and a Santa Monica takeover week around Super Bowl weekend. Super Bowl pricing up again. Prices are rising another 20% next year, with demand far outstripping a finite supply of units. AI in the ad stack. Ferro sees AI cutting the "hands on keyboard" burden of impression-level trading, powering real-time optimisation, and a forthcoming creative tool for mid-market marketers — while human oversight stays central to IP and storytelling. International reality. Europe is 14 different Disney+ markets, not one; new markets need automated tools because sales teams can't be staffed at launch. Key takeaways Disney says it competes on value rather than price, and is largely sold out across platforms thanks to premium content, live events and its first-party ID graph. The mid-market tier (advertisers ~101–1,000, ~50% of the market) is Disney's key growth engine, requiring self-service tools and new ways to service ~1,200 agencies. Holding-company business is declining — however it's 10–12% up this year BUT about 25% below its level five years ago — as automation, direct deals and mid-market rise. Live drives revenue as much as audience, via in-content integrations and social/fandom extensions across TV, TikTok and Disney's own platforms. Super Bowl ad prices are rising again, with demand far exceeding a finite unit supply; Disney is building incremental inventory across its ecosystem. AI is being applied to system automation, real-time campaign optimisation, algorithms and a new creative tool for mid-market advertisers, with humans still verifying content and IP.
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#19
July 2 · 20 min
NBCUniversal's Marshall: Universal Ads, BravoCon & the Measurement Mess
Mark Marshall, chairman of global advertising and partnerships at NBCUniversal, joins Justin Lebbon to unpack how premium video competes for spend against social and short-form platforms — and why data, not just content, is now the battleground. Key takeaways NBCUniversal is betting that data (Performance Insights Hub) plus premium content is the only way to compete with social and short-form platforms. The Hub combines linear and digital on one plan with reach, frequency and first/third-party KPIs; it rolls out in Q4 and, via FreeWheel, is intended to become an industry-wide standard. Universal Ads, aimed at digital-first advertisers moving up from search and social, now generates tens of millions per quarter after 18 months from a zero base. Diversification is essential: BravoCon (30,000 tickets, sold out in 90 seconds) and the LA28 sponsorship-plus-media partnership are meaningful new revenue streams. Marshall argues advertisers moved to CTV too quickly — ~40% of US budget has shifted while ~89% of impressions still run on linear. The US measurement 'crisis' — including Nielsen's Gauge report — confuses the market; Marshall's answer is real first-party data agreed across the industry.
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#17
June 17 · 21 min
Analysing SpaceX, Roku/Fox deal, Revenue urgency for AI
In this pre-Cannes episode of Unfiltered, Justin Lebbon and Ian Whittaker unpack a dramatic week of M&A and IPO activity. They examine what SpaceX's elevated valuation means for funding the AI and space "twin bets", why the public markets impose a discipline private players escape, and how that pressure could see AI giants come hunting for media's advertising revenues. They then turn to Fox's roughly $22bn acquisition of Roku, the market's sceptical reaction, and the wider wave of US-led media consolidation. Highlights: SpaceX's valuation as a "virtuous circle": a high price justifies and fuels large-scale investment — and works in reverse if the price falls. Musk's super-voting B shares mean investors effectively cede control and ride his coattails. The combined SpaceX/OpenAI/Anthropic valuation sits north of $3.5tn — and to justify it, these companies must take revenue from somewhere, with advertising the obvious first target. Why incumbent media firms are "trapped": shareholders punish the big investments needed to fight back (the ITV digital-rollout share-price drop as precedent). Is this "performative capitalism"? Ian pushes back — he sees Musk as epitomising "dream big", with the US having outsourced much of its space policy to SpaceX. Fox isn't buying shows — it's buying the home screen and the interface between viewers and ad revenue, plus a sports negotiating "choke point". The market's 15%+ share-price fall signals fears of overpayment, execution risk and debt; the deal is cash-and-stock (~$14bn cash of ~$22bn, ~$96/share). A wave of US consolidation — Paramount/WBD, Disney/Hulu, Fox/Roku — versus a slower-moving Europe (Sky/ITV, RTL/Sky Deutschland), with many sellers quietly seeking an exit. Key takeaways SpaceX's elevated valuation is itself the funding mechanism — a virtuous circle where a high price makes large-scale investment look positive, and a falling price reverses it. Musk's super-voting shares mean investors are betting on the man and ceding control, with no real voice in the decisions. To justify combined valuations above $3.5tn, AI giants must grab revenue from elsewhere — and media advertising, a proven trillion-dollar model, is the first logical target. Incumbent media companies are trapped: the investment needed to respond hits cash flows and spooks shareholders, as ITV's digital-rollout share-price fall showed. Fox's Roku deal buys the home screen and the viewer-to-ad interface, not content — but a 15%+ share-price drop signals the market thinks Fox overpaid and is pricing execution risk and debt. US media is consolidating fast (Paramount/WBD, Disney/Hulu, Fox/Roku) while Europe moves slower, with many sellers quietly looking for an exit.
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#16
June 11 · 35 min
AI, Agility & Growth: The new agency playbook
After 25 years in media — including a stint as CEO of PhD UK — Ali Reed made the jump from the holding-company world to independent agency Brainlabs. In this candid conversation with Justin Lebbon and Ian Whittaker, she explains why legacy structures, short-term KPIs and "shuffling spreadsheets" pushed her out, and how indies are building AI-native capabilities without decades of technical debt to retrofit. Highlights: Why she left the holdco: Personal sacrifice (cancelled holidays, weekly commute from Malta) plus a professional frustration that real influence over the work had been replaced by "managing different parts of the system." The indie advantage: No legacy infrastructure to retrofit, fewer layers of approval and politics, and the freedom to build AI capabilities cleanly. Brainlabs has partnered with Claude and Notion at enterprise level and published over 700 skills across its ~1,100-person global team in a few months. Cortex and Cortex Labs: A centralised shared tech platform plus a decentralised mode where account directors and practitioners — not just the dev team — build and ship bespoke client tools in days. AI as force multiplier, not headcount cut: Brainlabs frames AI as a route to "more for the same," not "more for less." Examples include "Ralph," a growth agent that helps smaller pitches over the line, and "Proteus," a creative variation tool that helped deliver 3x revenue on Meta for one client. Brand vs. performance: Reed argues brand building isn't dead, but agencies have different "superpowers" — and clients need braver operating models that let an innovation/test-and-learn partner work alongside a stable global agency of record. The platform threat: With most new media spend flowing to a handful of platforms (much of it direct), Reed says agencies add value through creative quality, first-party signals, early product access and accumulated test-and-learn muscle memory. Her pitch question: Instead of asking agencies why they're great, she'd ask what they'd regret if they didn't win — a test of honesty over hyperbole. Key takeaways Reed left a holdco CEO role partly because real influence over the work had given way to 'shuffling spreadsheets' and managing the system rather than improving client outcomes. Independent agencies can build AI-native capabilities cleanly, without retrofitting onto decades of technical debt across acquired businesses. Brainlabs frames AI as a force multiplier for more output, clients and revenue — not a tool for cutting headcount; it wants clients who want 'more for the same,' not 'more for less.' Decentralised tooling (Cortex Labs) lets practitioners closest to the client problem build and ship bespoke tools in days, on the principle that 'innovation happens at the edge.' As platforms automate the buying layer, performance is won or lost at the creative and first-party data layers — and on speed to market. Clients should embrace braver operating models, letting an agile test-and-learn partner incubate ideas that a larger agency then scales, rather than choosing either/or.
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#15
June 8 · 33 min
How industry incentives, trading and measurement shape media quality and why it matters
Unfiltered returns from a spell on the sidelines with guest Erez Levin — speaker, writer and co-author of a major new paper on media quality — alongside hosts Justin Lebbon and Ian Whittaker. The conversation opens on the state of the ad market and a strong earnings backdrop, then digs into the core question: in a world of unlimited impressions, how do you know what you're buying, and why does quality matter? Highlights: A two-tier ad market. Ian on the macro: 85%+ of S&P 500 companies beating earnings estimates, blended q1 growth pushing nearly 30% — the strongest quarter in around five years. Traditional advertisers growing mid-single digits, with the SME market still driving the platforms. The consumer signal is mixed. Weak US consumer confidence, but PepsiCo cutting prices up to 15% and McDonald's flagging pushback — yet recession fears have repeatedly failed to materialise across 2024, '25 and '26. The "quality trifecta." Erez frames marketing effectiveness as media quality, creative quality and audience/data quality — with the paper focused on media quality specifically. Quality is a range, not a binary. Why Erez prefers "quality" to "premium," built around attention (prominence of placement) and context (user receptiveness — e.g. a McDonald's ad before vs. after dinner). The race to the bottom. Billions going to muted videos in the bottom corner labelled as "in stream" ads, bought at the same price as full-screen sound-on inventory because buyers don't check. Finance vs. marketing. How marketing trained finance teams to expect ever-lower CPMs — and why that metric is now used against marketing's own case. Cost is not what matters; value is. Clock science vs. cloud science. Erez on treating marketing as deterministic when it's probabilistic, the move from multi-touch attribution toward econometrics and experimentation, and the death of the cookie-era illusion. Beyond averages. YouTube as the case study — the top 5% as high quality as the best TV, but "the exception, not the rule." The fix: pricing on a few qualitative dimensions (time of day, channel/show, geo) rather than channel-level averages. Transparency vs. quality. They're different things — high quality media can be opaque — but buyers increasingly need to validate what they're paying for. Will the big three move? Justin presses on three platforms taking ~90% of new spend with little incentive to change. Erez: only their incentives will move them; build a parallel quality path for the enterprise buyers who care. Key takeaways All impressions are not created equal — the paper's first principle and the foundation for assessing media quality. Quality isn't binary or the same as 'premium'; it's a range driven by attention (placement prominence) and context (user receptiveness). Buyers routinely overpay, paying the same CPM for muted, bottom-corner 'in stream' video as for full-screen sound-on ads — and often don't check. Marketing trained finance teams to chase ever-lower CPMs, and that metric is now used against marketing; the fix is to argue value over cost and account for long-term brand building. Channel-level averages hide huge quality variance (e.g. YouTube's top 5% vs. the rest); price on a few qualitative dimensions like time of day, show type and geo instead. The big three platforms won't move first — only enough buyer dollars demanding quality will change their incentives, so build a parallel quality path for enterprise marketers.
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#14
May 23 · 20 min
The Great Ad Tech Squeeze: Platforms dominate tech, kickbacks and consolidation
In this episode of Unfiltered, Justin Lebbon and Ian Whittaker examine whether ad tech is facing its reckoning. From a finance lens, Ian explains why the market has turned skeptical on the sector — and why the biggest platforms, not the independent DSPs, increasingly hold the power. The Trade Desk's fall: Decent Q1 numbers, yet the stock is down ~70% over the period — a story of collapsing multiples, perceived risk, and doubts about future growth. Platforms own the pipes: Amazon and Google are taking DSP share while smaller players get squeezed; a handful of companies control up to 90% of new media spend. The Standard Oil parallel: Ian argues dominance comes not from sheer size but from controlling the choke points — just as Rockefeller controlled the route to market via railroad deals. Differentiation survives: Players with proprietary data and strong client relationships can defend value; commodity middlemen sitting in the gap are most at risk. Agencies move back in: As TV money shifts online, proprietary trading and rebates prop up agency margins — but the deeper problem is that media buying and planning is now priced as a commodity. AI as the efficiency tool: It has the potential to overturn ad tech economics, driving fewer steps, lower cost and pressure on fees. What premium publishers must do: Simplify processes, push money toward working media, and build or white-label their own controlled solutions to protect CPMs. Key takeaways The Trade Desk's ~70% share-price decline is driven less by weak numbers than by collapsing multiples, higher perceived risk, and lost faith in future growth. Amazon and Google are taking DSP share and squeezing smaller players, who lack the scale and balance sheets to compete. Ad tech's power dynamic mirrors Standard Oil: control of the choke points, not sheer size, is what matters. Ad tech players with proprietary data or strong client relationships can defend their value; commodity middlemen are most exposed to consolidation. Agency margins increasingly rely on proprietary trading and rebates because core media buying and planning is now priced as a commodity. Premium publishers should simplify their processes and build or white-label controlled solutions to keep money flowing to working media and protect CPMs.
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#13
May 6 · 37 min
The Great Ad Spend Shift: Why Meta, Amazon & programmatic are reshaping media
This week Ian's away, so Justin Lebbon is joined by Sean Wright, chief insights and analytics officer at Guideline, for a data-led tour of where brand budgets are actually flowing. The conversation moves from Meta's scandal-proof growth to the heating DSP wars and the awkward economics of shifting money out of linear and into streaming. Meta keeps powering through: Scandals tracked back to 2009 show little impact — revenue up ~21% on average in the quarter after, with agency ad spend holding around 17%. A slowdown that isn't about morals: Wright's hypothesis is that Meta's "AI everything" tools are driving up costs and underdelivering ROAS for sophisticated brands, while SMBs love the point-click simplicity. The top-three squeeze: Of every £3 spent, two go to the major platforms, leaving thousands of publishers fighting for scraps. DSP wars: Four players (Google/DV360, Trade Desk, Yahoo, Amazon) now hold ~85% share, up from ~75%. Amazon has jumped from under 10% to just under 20% in ~18 months; long-tail DSPs (MIQ, StackAdapt, etc.) are losing ground. Trade Desk feud: Leaked Holdco memos and public sparring over take rates and transparency — but Guideline's Q1 data shows Trade Desk roughly holding, with ~13% global growth versus low single digits in the US. Streaming vs linear: Consumption hasn't left linear at the rate dollars did. Only ~25c of every US linear dollar lands back on streaming (~15p in the UK, ~20c CAD in Canada), partly due to streaming CPMs pricing 5x above cheap linear. Pricing nuance: The big three are near line-priced globally, while UK streaming looks underpriced versus US/Canada equivalents — an opportunity to grow rates or stay ultra-competitive. OTT in freefall: Video/OTT CPMs have fallen almost 40% in 18 months, driven by an influx of ad inventory, programmatic shift, and Amazon's low-price entry — with FAST/BVOD around 85% transacted programmatically. Key takeaways Meta's scandals — tracked since 2009 — have barely dented growth: ~21% average revenue rise in the quarter after, agency spend holding ~17%. The recent slowdown likely stems from Meta's AI tools raising costs without delivering ROAS for sophisticated brands, even as SMBs embrace the simplicity. Four DSPs now control ~85% of market share; Amazon surged from under 10% to nearly 20% in about 18 months while long-tail DSPs lose ground. Despite leaked Holdco memos and public sparring, Trade Desk is roughly holding — ~13% global growth but only low single digits in the US. Streaming isn't replacing linear dollars: only ~25c of every US linear dollar returns to streaming, partly because streaming CPMs run ~5x cheap linear. Video/OTT CPMs have dropped nearly 40% in 18 months as inventory floods in and buying shifts programmatic — UK streaming remains notably underpriced versus US/Canada.
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#12
April 30 · 18 min
Meta, Google, Amazon all post Q1 results - Analysis and market reaction
After a week's break, the hosts return for results season and find the big platforms posting a spectacular year — alongside eye-watering AI investment that the markets, for now, are happy to wave through. Ian walks through the numbers and the Wall Street reaction; Justin presses on what it all means for the advertising and media industry. In this episode: Alphabet's results: Search ad revenues up 19% year on year (vs 17% the prior year), YouTube up 11%, total ad growth 13%, and cloud revenues up a "massive" 63%. Far from cannibalising search, there's a case AI is accelerating it. The cloud CapEx story: AI investment is now showing up in cloud growth across the board — Google Cloud +63%, AWS +28% (its fastest growth in 15 quarters), Azure +40%. Regional splits: US ad growth up 23% (vs 17% prior year), EMEA at 12%, APAC at 22% — an unusually wide US/EMEA gap worth watching. YouTube vs Search: Once the faster-growing engine, YouTube has now trended below search for several quarters. ~$200bn in AI spend — and markets didn't blink: Investors don't punish spending per se; they punish spending without a visible return. Diversified revenue streams (Alphabet, Amazon, Microsoft) buy more tolerance. Meta's single pillar: Growth around 23%, but advertising is ~90–98% of revenue, leaving it more exposed. Q2 guidance — possibly deliberately conservative — weighed on the share price and reflected a deeper concern about reliance on one engine. How Meta is growing: Pricing up ~12% and impressions up ~19%, fuelled by more (AI-driven) content. WhatsApp scaling from ~1m to ~10m conversations a week. Where the growth really comes from: SMBs (≈85% of the market) and likely Chinese advertisers. Large advertisers are decelerating — guideline data cited shows US Meta growth falling from 27% ('23–'24) to 14% ('24–'25), UK 15% to 10%, Canada ~10% to 4.5%. Is the money leaving? Probably at the margins — but not obviously to traditional media. More likely diversified to other online platforms like TikTok (a Bloomberg report cited ~60% revenue growth expected for 2025). The measurement angle: Advertisers running geo-testing and switching off spend to test incrementality — echoing Google's Latin America episode. A friendly disagreement on whether moral/regulatory pressure (EU breach claims) is pushing brands to dig deeper. Amazon: Advertising up 22% ex-currency, AWS accelerating to nearly 30%. The hosts argue advertising and AWS — not retail — drive the profit. Roughly ~$200bn annualised AI spend; shares up ~4% post-close. Coming up: Guests in the next few weeks, including Guideline, plus a proper measurement discussion. As always: this is most definitely not investment advice. Key takeaways AI hasn't hurt Google search — it may be helping: search ad revenue accelerated to +19% YoY, with cloud up 63%. Markets tolerate huge AI CapEx (~$200bn at both Alphabet and Amazon annualised) when growth visibly follows the spend. Meta's vulnerability isn't its growth (~23%) but its reliance on one engine — advertising at ~90–98% of revenue. Meta's growth is increasingly powered by SMBs and likely Chinese advertisers; large-advertiser growth is decelerating across the US, UK and Canada. Spend leaving Meta isn't obviously returning to traditional media — TikTok and other online platforms are the more likely beneficiaries. Advertisers are increasingly using geo-testing and switch-offs to prove incrementality, with moral/regulatory pressure prompting deeper scrutiny.
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#11
April 16 · 27 min
NBCU attacks Nielsen; Retail Media's growth; What Havas/Publicis Q1 results say
This week on Unfiltered, Justin Lebbon and Ian Whittaker dig into three of the spiciest stories in B2B media. They start with NBCU's unusually pointed attack on Nielsen — not on methodology, but on the claim that its measurement is devaluing media companies and impacting shareholder value. They then reframe retail media's surge toward $190bn as a capital-markets story driven by high-margin promises to investors, before closing on Havas and Publicis Q1 results and why North America remains the growth engine. Highlights NBCU vs Nielsen: Why the line of attack has shifted from measurement methodology to shareholder loss, SEC sensitivity, and the litigious nature of US class actions. The power of "the gauge": How a simple, trusted chart shapes how CEOs, CFOs and CMOs allocate spend — and the YouTube "is it TV?" parallel. Retail media as a capital-markets story: Walmart's high-margin (70–80%) ad revenues, the rerating logic, and the promises retail CEOs and CFOs now have to keep. Incrementality warning: The risk of siloed, closed-loop ROI that simply discounts to existing buyers — and the "vicious circle" of diverting brand budgets into retail media. Two universes for agencies: Publicis (~4.7%) and Havas growth led by North America; AsiaPac and China strength; share prices lagging amid AI concerns. The case for agencies: Healthy ~14% margins, the danger of self-commoditization on price, and how AI plus a renewed focus on knowledge and creative could lift margins. Key takeaways NBCU's attack on Nielsen targets shareholder value, not just methodology — a potentially powerful weapon given US litigation and SEC sensitivity around perceived share-price impact. 'The gauge' matters because CEOs and CFOs trust a simple chart, and their view of the media landscape filters down into how CMOs allocate spend. Retail media (heading to ~$190bn by 2026) is best understood as a capital-markets story: ultra-high-margin (70–80%) revenue that drove rerating promises retailers must now keep. Diverting brand budgets into retail media risks a vicious circle — weakening the brand makes advertisers more reliant on retail media to get noticed. Brands should demand proof of incrementality rather than accept closed-loop ROI that discounts to buyers who would have purchased anyway. Publicis (~4.7%) and Havas show solid organic growth led by North America, but share prices lag on AI-driven worries about the agency business model.
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#10
April 10 · 34 min
Agency models; Macro trends; social media regulation and the music industry!
In this week's Unfiltered, Justin Lebbon and Ian Whittaker open with Accenture's test of a new agency model and what it means for the traditional cost-plus economics that AI is now making unsustainable. They argue the real threat to the holdcos isn't just pricing — it's that their profits remain concentrated in media, leaving them without the balance sheet and revenue diversification to absorb a pricing reset the way Accenture can subsidise from its consulting base. From there the conversation turns macro: US inflation, consumer sentiment, the reliability of official data, and the looming risk of European jet-fuel shortages tied to the Middle East conflict. The pair then break down Bill Ackman's $64bn Universal Music deal — why music rights are now treated as a financial asset class rather than a creative trophy — before closing on the regulatory squeeze facing social platforms and the broadcaster pushback against YouTube. Highlights: Why the cost-plus agency model is "unsustainable" in the age of AI, and the MiFID II analogy for how a pricing reset rewards diversified players. Accenture's "secret weapon": infrastructure, scope across the client's business, and a balance sheet to absorb performance-linked volatility — three things holdcos largely lack. The case for repositioning advertising from commodity to investment, and agency services as a premium product. US inflation at 3.3%, a 21%+ rise in gasoline prices, record-low April consumer sentiment, and downward-revised February payrolls. The jet-fuel risk: UK over 40% dependent on Strait-derived jet fuel, with Vietnam already rationing. Why Q1 results season and the November midterms act as a "hard stop" on the macro picture. The Universal Music deal: limited cash, a US listing move, a 20x EBITDA valuation, and Vincent Bolloré as the swing vote. Music rights reframed as long-duration, bond-like income assets — and the shift from creative bracket to financial asset class. Governments increasingly seeing it as a "vote winner" to go after tech platforms — a Standard Oil-style populist turn. Broadcasters (Channel 4, ITV, TF1) pushing for fairer YouTube rates and TV-style regulation, plus the under-asked question: YouTube vs TikTok, not YouTube vs TV. Key takeaways The cost-plus agency model is unsustainable under AI; Accenture's move to a subscription-like, outcomes-focused service is the genuinely interesting shift. Holdcos have deep infrastructure, relationships and talent, but their media-concentrated profits leave them vulnerable to a pricing reset they may lack the balance sheet to absorb. Macro signals are mixed: US inflation at 3.3%, gasoline up 21%+, sentiment at record lows in April, but jobs data positive — with jet-fuel shortages a real European risk if the Strait stays disrupted. Ackman's $64bn Universal Music deal is far from done; it hinges on Vincent Bolloré being convinced a US listing delivers value, with limited cash on the table. Music rights are now treated as a financial asset class — predictable, inflation-linked, bond-like income — rather than a creative trophy. The biggest long-term threat to tech platforms may be regulatory: governments increasingly see going after Big Tech as a vote winner.
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#9
April 3 · 34 min
Broadcasters fight back; OOH growth; Accenture's new agency model and AI investment
Recorded after the Future TV Advertising Forum in Sydney and a trip to New Zealand, Justin Lebbon and Ian Whittaker dig into how broadcasters change the narrative by collaborating and building what buyers actually want — and why belief in the product matters as much as the numbers. Broadcasters on the front foot: Future TV Sydney showed how to lead with positive product framing, outcomes platforms and collaboration rather than dwelling on declines. Faith in the product: Drawing on the newspaper industry's mistakes, Ian argues losing belief in your product is fatal — broadcasters hold 70+ years of skill selling premium video to mass audiences. Out-of-home's NZ surge: A collaborative measurement solution with buyer buy-in helped OOH go "gangbusters," picking up digital and retail media budgets — prompting TV players like Channel Nine to diversify into the space. The "premium" problem: If cheap delivers the outcome, is premium still premium? The hosts debate whether the industry should reframe around "quality," environment and long-term brand effects rather than immediate outcomes alone. Accenture's back-to-basics model: A retainer-plus-percentage structure with no kickbacks, no principal media and no opaque deals, trialled in Australia — and whether transparency-led pricing can reset the value of agencies and advertising. Measurement as power: Nielsen's delayed February gauge report and the VAB's "interference in markets" accusation underscore that whoever sets the currency sets the terms of trade. Justin makes the case for buyer-backed JICs like Barb. AI hype meets geopolitical risk: With ~$700bn in tech AI spend looming, IPO pressure on OpenAI and Anthropic, and Middle East funding under a cloud, the Paramount–Warner deal and the wider M&A outlook may be at risk.
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#8
March 24 · 41 min
Can premium survive and thrive?
Recorded on the eve of the Future TV Advertising Forum in Sydney, this episode unpacks one deceptively simple question: can premium inventory survive in a world of unlimited impressions? Justin and Ian argue the "premium" debate is really a proxy war over advertising budgets — and that being premium is no longer enough on its own. Premium is a means to an end: Ian reframes the debate — advertisers don't buy premium for its own sake, they buy outcomes. Content is "a secondary issue." Two ideological camps: Traditional media says not all content is equal; tech platforms argue all audiences are equal and ad share should equal audience share. The fragmentation problem: In Australia, scheduled TV fell from ~60% of viewing in 2015 to ~20% in 2025, fuelling the scramble for share against flat AV budgets. Robbing Peter to pay Paul: Broadcasters are jacking up BVOD to offset linear declines — undervaluing linear in the process. In New Zealand, linear rates at times match YouTube rates. AI "slop": Studies cited suggest one in five YouTube videos is AI-generated and 10% of fastest-growing channels are slop — and it's more profitable for platforms to serve than premium content. Transparency, attention and trust: All make a product more premium — but the industry keeps losing the argument in the only room that matters: the boardroom. The boardroom problem: CEOs and CFOs treat advertising as a cost to be optimised, and often override marketing teams. Tech platforms are simply the more persuasive salespeople. Ad tech and agency deals: A sprawling supply chain leaks huge value (an ~80% middle in some markets), while procurement-driven agency deals chase cheaper CPMs — and you can't get better for less. Diversification: Pure ad-funded broadcasters need other revenue streams. Green shoots exist — Super Bowl ad prices jumped from $8m to $10m and sold out in record time. Key takeaways The premium debate isn't really about content — it's a proxy war over how advertising budgets get allocated. Being premium is no longer enough; broadcasters must prove direct business outcomes in the language of CFOs. Broadcasters are undervaluing linear by inflating BVOD to mask the linear-to-digital transition — a short-term fix. High attention, transparency and trust all make inventory more premium, but the evidence keeps losing in the boardroom. AI slop is structurally more profitable for platforms than premium content, creating an incentive to push it. Pure ad-funded media businesses need to diversify; you can't win alone in advertising today.
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