Advertising Players
Who operates at each layer of the advertising value chain.
Ecosystem Map
| Layer | Incumbent | Challenger | Trend |
|---|---|---|---|
| Data collection | Google, Meta (surveillance) | DePIN sensors, CDPs | Privacy forcing first-party shift |
| Audience intelligence | Google, Oracle DMP | AI-native CDPs, DePIN data | DMP declining, CDP rising |
| Media buying | Google DV360, Meta Ads | The Trade Desk, programmatic | Automation increasing |
| Creative | Agencies, in-house | AI generation, DCO | AI disrupting production |
| Measurement | Google Analytics, Meta | Independent attribution, MMM | Independence growing |
The Duopoly
Meta (Facebook, Instagram, WhatsApp)
| Metric | Value |
|---|---|
| Ad revenue | $160B+ annually |
| DAU | 3.2B+ across family of apps |
| Moat | Social graph + behavioral data |
| AI advantage | Advantage+ automated campaigns |
| Threat | Privacy regulation, TikTok competition |
Strategic shift: Meta is moving aggressively into AI agents for advertising and commerce. Agents that buy, sell, and negotiate on behalf of users and businesses.
Google (Search, YouTube, Display)
| Metric | Value |
|---|---|
| Ad revenue | $300B+ annually |
| Search share | 90%+ globally |
| Moat | Search intent data + YouTube attention |
| AI advantage | Performance Max, AI-generated creatives |
| Threat | AI search (ChatGPT, Perplexity), antitrust |
Independent Platforms
The Trade Desk
| Metric | Value |
|---|---|
| Revenue | $2.4B+ |
| Focus | Independent DSP, CTV leader |
| Moat | Unified ID 2.0, premium inventory access |
| Significance | Largest independent alternative to duopoly |
Amazon Advertising
| Metric | Value |
|---|---|
| Revenue | $56B+ |
| Focus | Retail media, commerce intent |
| Moat | Purchase data — closest to transaction |
| Significance | Third force challenging duopoly |
DePIN Data Providers
The emerging layer that feeds verified data into advertising:
375.ai
| Metric | Value |
|---|---|
| Focus | Web3 advertising data |
| Function | On-chain audience intelligence |
| Link | 375.ai |
spindl
| Metric | Value |
|---|---|
| Focus | Web3 attribution |
| Function | Cross-chain ad measurement |
| Link | spindl.xyz |
DePIN Sensor Networks
Not advertising companies — but data providers that change advertising precision:
| Provider | Data | Advertising Use |
|---|---|---|
| GEODNET | Centimeter positioning | Hyperlocal geotargeting |
| WeatherXM | Hyperlocal weather | Context-triggered creative |
| Hivemapper | Real-time street mapping | Location intelligence |
| Helium | Connectivity coverage | Device/location signals |
Measurement Players
| Company | Focus | Type |
|---|---|---|
| Rockerbox | Multi-touch attribution | Independent |
| Northbeam | Attribution + MMM | Independent |
| Triple Whale | E-commerce analytics | Vertical |
| Measured | Incrementality testing | Independent |
| DoubleVerify | Ad verification | Industry standard |
| IAS | Brand safety + fraud | Industry standard |
Agency Landscape
| Agency Type | Traditional Role | AI-Era Role |
|---|---|---|
| Creative | Campaign development | AI-augmented creative, DCO management |
| Media | Planning and buying | Automation strategy, AI optimization |
| Data | Analytics and insights | First-party data architecture, CDP management |
| Performance | Paid media execution | AI-native campaign management |
The trend: Agencies that add AI capability survive. Those that remain manual operations face margin compression.
Competitive Dynamics
Where Value Shifts
| Layer | Old Winner | New Winner | Why |
|---|---|---|---|
| Data | Google/Meta (surveillance) | First-party owners + DePIN | Privacy kills third-party |
| Intelligence | DMPs | CDPs + AI | First-party > third-party |
| Buying | Manual media planners | AI-automated platforms | Speed and optimization |
| Creative | Agency production | AI generation + testing | Volume and iteration speed |
| Measurement | Platform-reported | Independent + on-chain | Trust and verification |
The DePIN Opportunity
DePIN doesn't replace Meta and Google at media buying. It disrupts the data layer that feeds them.
Old: Surveillance data → Platform targeting → Platform measurement
New: DePIN verified data → Platform targeting → Independent measurement
The thesis: The value in advertising is increasingly in the data, not the pipes. Own the data layer, and the media buying layer becomes commodity.
Context
- Advertising Overview — The transformation thesis
- Platform — Tech stack architecture
- AI Data Players — Data infrastructure ecosystem
- Telecom Players — Parallel ecosystem
- Marketing — Business growth strategy