Myself first, Laura Martin. I'm a Senior Media and Internet Analyst at Needham & Company, and I want to welcome to my stage Zvika Netter, the CEO, founder and CEO of Innovid. Thank you. So we'll start with the question that I'm asking all CEOs today. So, Zvika, what is the most impactful professional conversation of your life, and how did it change your path? Oh, life. Yeah, the easy ones first. My life, I don't know, with Innovid, which has been a significant part of my life last 15 years, there was on the business side, there was this, this guy who's an advisor to the company, and I think it was like 10 years ago or whatever, where we're selling the ad server to, to a Holdco. And we were having a hard time to, you know, close the deal. I remember he was saying, "Zvika, you're trying to apply logic in a place where there's no logic." And this I can say at least, you know, 10 years ago, the world of the holding companies and, you know, we, we I don't come from advertising. My background before that was, you know, tech, fintech. So, too naively, I thought, if you have the best product and a good price, you're gonna kill it, right? You're gonna sell it to a. Turns out the world is more complicated than a great product and a great price. So that was. Sometimes I will try to unpack situations just by logic. And I guess that's, you know, the world is more complicated than just simple formulas, especially the advertising world. Yeah, or media too. Yes. That's true. Yeah, exactly. It's mostly media. I mean, we're not media, but understanding that side is. But heavily storytelling and relationship-based. Yes, yes, yes. Not so much algorithms. Yes, not, not pure tech. Yes. Yeah, not pure tech. Yeah, that's true. So let's talk about Harmony. Harmony is a really exciting new. Yes. I'm gonna call it a product. You might call it a sort of a. It's a product roadmap, yeah. It's an initiative with it's a product suite. Initiative is a good word. Yeah. Product, product suite. Product suite? Yes. Let's talk about Harmony's. Yes. Why don't you bring the audience up to date to level set what is Harmony, and how does it tie into your core business? Yes. The assumption people know what we do? No, I don't think we should make that assumption. But I think jumping off from the new product, you can tell how it ties into the old product and answer both at once. Yeah, yeah, yeah. Maybe I'll connect them. You know, there are several of them. And, you know, they are stacked on each other. So it's, you know, Harmony's the latest. I would say the fourth major release in our history in terms of a strategic product initiative. So we have before Harmony, we had three pieces for our solution aspect. So we, you know, we sell software to some of the world's largest TV advertisers, about half of the largest TV advertisers in the U.S. We sell them software to enable them to switch from linear to CTV and really leverage the power of CTV. There's a creative tech set there that helps them to build personalized ads, interactive CTV ads, and all of that. There's an ad server, a buy-side ad server, basically helps them to deliver all these ads to households. You know, we just had Vizio here. So basically to deliver into Vizio, into Roku, into, you know, Hulu, into both the app and the and the TV, the app and the device itself, to, to give you a sense, we deliver, now it's 600 years of video every day we stream to give you a sense of scale. So it's 600 years' worth of TV, video content that is streamed to, you know, millions and millions of screens around the world, every day. That's the delivery. The last piece, which we based on acquisition we did two years ago, is measurement. So the nice thing about the ad server, and it is connected to Harmony because the ad server generates a lot of data because we stream everything. Yep. The noise. Okay. Yeah. The ad server streams all these 600 years of video every day, generate massive amount of data points. We collect all of those. Then measurement basically helps marketers understand how many households did they reach, at what frequency, what was the outcome. So it helps them understand what happened, right? Then the last piece is because we see everything, because as an ad server, then we understand it all because of our measurement component, which reach frequency. Now comes the brain part, which is Harmony that says, "Okay, I understand everything that happened. What's the best next step? What should I do as a marketer?" So the way it works is you go into the system and you say you're looking to optimize. Basically, it's an optimization layer that's saying, "I wanna optimize towards reach, towards frequency, towards outcome. I just wanna optimize the supply path." And based on that, Harmony then executes the strategy. And the cool thing about it, we're still doing all of this without touching the media dollars, right, which I know you love as a concept is. Okay. Yes. He's kidding. Yes. It's basically a critical component of our success is the fact that we're not entering the media world, right? In a way, you heard again from Vizio, they're a device manufacturer. They're actually a media, you know, company, right? Yeah, yeah. So it's passing exactly. So in order for us to be a partner of Vizio, for example, if we're in the media business, then we're a frenemy. Everybody in the media business is our frenemies, right? That's true. Innovid, because we don't touch the media dollars, we don't buy, sell, represent, we're not a DSP or an SSP, allowed us to be friends with everybody, integrated with everybody, work with everybody. So, that's, you know, to kinda bring it back together, Harmony is an initiative to share the data and the insights we have with all the media players that they can take action to the benefit of the customer. And the reason it's called Harmony is kinda, in a way, to harmonize the industry. So because there's winners and losers, and some win and some lose, we believe there's money to be made for everyone by us working together. And we're making the first step and saying, "Here's our data, right, that you can take action on. You can make more money by taking action on this data, even more money than Innovid." And we can all, you know, work together to have more money moving from linear to CTV. So there's a huge win, win, win, win for everybody here. And yeah, that's the play. So let me see, here's my rendition of what you're trying to achieve with Harmony. If you guys were in the room when Bill Wise was in the room, Bill Wise said, "I charge 3% in linear TV so that when Coke spends $1, I Mediaocean keep 3%, and then $0.97 goes to Disney. Yes. The problem with the digital ecosystem (this is still Bill talking) is 40% is taken by either in fees or waste or something. Really, digital CTV isn't really efficient. What needs to happen is backbone players like Innovid. Yes. Is gonna take the place of Bill. Bill, you're gonna take the 3% basically and try to do away with the 40% of fees that are currently in SSPs and DSPs. Do I have that correct? Directionally, he and you are describing a very inefficient ecosystem where there's a lot of, you know, energy waste. Even think of physics, right? You have an engine that generates a lot of heat or anything that generates a lot of, like, you know, LED versus, you know, whatever. If it generates a lot of heat, basically, there's a lot of waste of energy. Funny enough, in ad tech, there's also a lot of waste of physical energy in terms of carbon footprint because all these servers do a lot of stuff in the cloud and pollute the planet. That is, you know, scientifically correct at this point. So, obviously, everybody's busy making money, you know, here. But is this really to the benefit of the industry, of the advertiser and the publisher at the end? The answer is no, because if there's 40% that's off the table, right, and I'm using the numbers you mentioned. I'm not getting the numbers, but so clearly, that's a big issue. That's one of the issues. There's also frequency issues. Everybody's trying. Frequency cap. Yes, frequency, yes, well, frequency issue because if it's not capped, then there's over, you know, you're oversaturating. Yes. Here. So basically, there are a lot of inefficiencies in CTV that we believe by addressing those, you know, there'll be more money switching to CTV from linear faster, and actually, we could charge more. You know, the media players could charge more for better, better products. So on the short term, everybody's trying to grab share and fight with each other. I think, again, going back to the name Harmony, it is literally because by working together, the industry, marketers, advertisers, agencies, DSPs, SSPs, and publishers, we can address all these issues, using technology, and, and I think everybody wins. On the long term, everybody wins. On the short term, some win more, some win less. But what incentive? So there's current winners and losers. Under the current structure with the 40%, let's call it inefficiency, there are current winners. What incentive did the current winners have to help you redefine the industry? Right, right. So we were, you know, we're being very cautious in terms of how, and that's why it took us, you know, 2 years. We started working on this a long time ago. We had it for a long time. Measurement was a big piece to enable Harmony, right? But we waited basically for if, if you look at the conversation today, right, Bill Wise himself, you know, said that you're saying that the 40% so I'm, I'm not you didn't hear me saying inefficiency. We didn't hear Innovid saying. So the world is already aware. The ANA, the ANA, the, the 4A's, people are you could see blog posts, opinions, articles. So the industry is aware of the issue, right? Different attempts to address it. So basically, what we're doing is we're not we're saying, "Well, we can fix this. We can work with you to fix it." And by keeping the business model as software and saying, so we're not just pretending to fix it, and we're like, "Oh, we're gonna take our 5% or 10%, and we're now all fighting together." And we're saying, "We're putting this technology solution here. We are willing to share our data with whoever is interested to create a better experience, a better product, and we're gonna charge a fixed software fee." So we're not jumping into the pool and participating with everybody else because that's gonna upset like, that's gonna create a huge issue. By doing that, whoever wants to lean in and participate in this is welcome. If people think this is hurting them, you know, to make a long story short, it's like it may hurt some in the short term. I think in the long term, mid to long term, everybody understands it's a good thing for the industry. So we're putting something out there. I can tell you we launched it about a month ago. Yeah. We have most of large publishers are now leaning in. So this is this is real. I mean, it is in terms of they wanna, you know, test it. They wanna run it. They wanna support it. So there is a certain tension in the industry that we're basically launching this into. Does this let them cut their fees? Does it let them cut this 40%? The, the. Like, I'm thinking about the. The 40% I think is very inflated, you know. Okay. Like it's. Let's say it's 20%, whatever the number is. Does it help? Even 5% of billions of dollars is a lot of money. Yeah, it's a lot of money. You know, based on when we launched Harmony a month ago, based on our current, like, conservative analysis, if everybody adopted Harmony today. Okay. Between now, you know, and for 2024 numbers, it'll be at least an additional $1 billion in media that is released into the market, right? Okay. Or saved. That's a lot of money, you know. It's a lot of money. So now, this is the theoretical. If everybody adopted it today, which, you know, it's gonna happen gradually. Yeah, absolutely. The question, who takes that? Bill, you know, to your point, it can go to the publisher, like I think you mentioned Disney or whatever. It can go, you know, the SSP and DSP can figure out a way to take that money. The agencies can take that money. Or the CFO of the CPG firm can take the money and, you know. Spend less. Spend it, spend it somewhere else. Build, build something or save money. Yeah. You know, so we are not saying who the money needs to go to, not our money. We're just allowing it to be released. And we'll see, you know, we're talking to holdcos. We're talking to publishers. We're talking to DSP. We're talking to everybody now about this. And I think in terms of who's adopting this and how they're gonna package it to create value to their customers, up to them. We're not saying who should do what. Okay. It's a sensitive situation, clearly. So that's where we're like, "It's not up to us." You wanna, it's open to everybody. You wanna plug in, get the data, do something with it. Our fee is this, you know, as long as you pay us this, you know. Yeah. Fixed fee. Yeah. You can have the data. Okay. Yes. Really interesting. It is very interesting, I have to say. Very exciting. So you guys just want to. By the way, it's never done before. Just by itself, it's a very interesting concept and could be very, I wanna say, disruptive. I think could allow a more rapid evolution of the CTV industry. It's amazing that nobody has done this before. Well, you have to have the data like you have. I mean, don't you have to always? It's the data and also, I think it's about greed in a way or short-term greed in terms of if you can imagine, you know, and that's why, you know, sometimes you criticize me or us for. I do. Which is cool. For pricing. It's yes. Pricing. You don't price higher. In theory, why would you, you know? Need to hire Apple employees because they're a really good pricer. Well, it's actually a good point. You know, it's, you know, in places where you can take a take rate, right, or if, you know, or do something on the App Store or do something in e-commerce, right, it comes from a place where, A, you have a lot of data. You basically have a lot of power that you're allowing, you know, you can allow yourself to extract so much value out of the system. At some point, depending on how the ecosystem looks like, it may bite you, you know, back. Clearly, big tech companies are getting away with it because they're big tech. By the way, they can bite you also if you're undercharging because technology changes. It can still put you out of business if you're undercharging. Yes. Yeah. I think, you know, let's maybe address first the pricing model. I think, if we build not if. We're building a business for the long term. You can, you know, you can in this current environment, you can get away with a higher what I'm saying, we can still take a take rate, a percentage of, right, and be lower than whoever's offering, right? Yes. Yeah. But then, you know, they're gonna lower theirs, whatever. But then, the second you touch that dollars, you're becoming a competitor and a threat and a frenemy to everybody in the ecosystem, Roku and Vizio and these like. That's true. What the price you'll pay for that, you know, short-term not greed, short-term desire will hurt the long-term goal. The position we're taking as being neutral software company, we're saying, you know, think about it as an infrastructure. It is an infrastructure play, saying, "Everybody, you know, do whatever you want with this. Make money. Fight with each other." They're fighting very aggressively, right? They're all, not to use names, but the DSPs and the you know that. The DSPs and the SSPs and the publishers, they're all frenemies. They love each other. They hate each other. They're all threats to each other. So it's a very complicated ecosystem. So the pricing, A, the way we price it, we are making money. It is profitable. And the more adoption we will see, it will put us, I think, in a very powerful position. A, to make money. This is about making money. It's not about but also, it will put us in a very powerful position in this industry. Okay. Okay. So you guys recently won Digiday's Best Management Prize for, I think, for this TV squared stuff, right? Tell me why are you calling it TVSquared? Okay. Innovid Measurement. Yes. The old TVSquared. The old TVSquared. We acquired a company two plus years ago. I don't remember. It used to be called TVSquared. Now it's, yes, our Innovid Measurement product. What was the, we won award? Yeah, we win. Award. I like that. We win a lot of Best Employer Awards. That I'm even more proud than the Measurement Award. Measurement, what was the question? Just, like, how does that? Does it get you more business fast? Meh. It's marketing. I mean, it's great. Look, it is great to be acknowledged, right? Great. There's a lot of awards out there. Not to undermine, you know, we came out of nowhere in terms of the measurement, right? We clearly have a very unique data set, but, TVSquared, the company we acquired was one of the players, was not necessarily the number one player, right, or the leading. So, by combining our unique data set with their, you know, what used to be their, measurement technology and data science for reach frequency outcomes, we created a very powerful combination. So be acknowledged as, as a leader, you know, within two years from acquisition is great. But also be cautious. It's not like the fight is over. I mean, it's an evolution. I don't think there's a real winner. There are several players in the space. It is evolving. From my perspective, what I really like about Innovid, that measurement is a component that's where the ad server feeds the measurement. The measurement feeds Harmony, and it creates this, this flywheel effect. Okay. That's, that's, I think, unbeatable. Like, that's, that's bigger than measurement because it's we have the delivery. We have the data. It feeds to measurement. It's not like, "Okay. So if other another company generates a report and saying, 'Here's your reach. Here's your frequency. Here's what happens,' like, what do I do with this?" Oh, go into other systems and program them what to do, right? Where do I get the data into the measurement? Oh, you need to work with Innovid. So it's a one-stop shop where you have everything in one place. The Harmony component actually allows you to act, saying not just seeing where the frequency is and saying, "Okay. How do I manage my frequency so it's not so I can, you know, manage waste? Yeah. how I can get to more households for less. So I need to know exactly which household I'm after so I can bid against them. Okay. to extend my reach for a lower price than just putting a lot of money, let's say, on Vizio. So. Okay. That combination of product does not exist in the industry anywhere except Innovid with being unbiased. There's no other company that's doing the serving, the creative, the measurement, and now optimization in a single stack. It does not exist. I don't think it existed in history, I have to say, but that's a big statement. Well, how many of your clients actually? So if that's true, what you're saying, I see the vision, then in theory, clients would adopt the whole bundle. Should. The whole vertical. That's the strategy. They wouldn't be, like, just doing measurement or doing the core. Absolutely. That's. I mean, what is today what's the bundled percent of total clients? Is it 50% of your revenue is bundled just between the two pieces you've had outstanding for more than a month? Yeah. So, we don't share that number. Clearly, you know, cross-selling is a critical component of our strategy, right? It's not just disparate products and it's like, "Oh, buy this and buy that," to your point. Absolutely. The benefit of buying all of them, right? Harmony, I think, really takes it to the next level. It will take time, but the fact that you can actually act on it, automatically, I think, is a really strong proposition. Okay. So absolutely, we are seeing a growth in terms of adoption to more than one product at Innovid. Like, we, we track that. I don't think we share that information. Are we where I want us to be? Absolutely not. Is there still a huge, you know, most of our customers use the ad server. And then there's a combination of ad server plus creative, ad server plus measurement, sometimes measurement and creative without the ad server. There's all, all the possible combinations exist. Clearly, the strategy is for them for everybody to use everything. And, you know, and that generates a multibillion-dollar TAM. That's the TAM. That's how do we get to multibillion dollars of revenue without the take rate? It's exactly that. We want to get to a point that most of our customers will use most of our products, and then that will be extremely profitable. Historically, your customers have been, like, I think it was 80 of the top 200. Yeah. Now. Advertisers. Yes. Now you're 120 or something. Yes. Now, I don't know the exact number, but we're around about 50%. Okay. So is that round numbers? We're growing. Yes. Okay. 100 out of 200 advertisers. But where I'm going with this question is, all of that was the ad side. Let's call it the buy side, the ad buyer side. Yes. Yes. What you just said about Harmony. Yes. Is the companies that are leaning in the fastest, at least fastest, are the Disneys, the suppliers? Yes. Fastest. So, so sticking with your idea, your vision, that this is somehow a vertical play that you want everybody to have all three products, it seems to me that your core products all service the buy side, and the resonance that what's resonating with the new product has nothing to do with those things. No, no, no. It does. It does. It does. It does. The reason for what I said and I didn't name any, you know, publishers or large publishers, so, the reason in CTV, what's special, like, in the open web, whatever, there are millions of publishers and blogs and, like, CTV is basically, like, 10-12. You know, Vizio is one of them. You know, he was literally on stage saying, like, "Amazon, Roku," like, the same names, right? If, if you never hear somebody talking about websites, you know, "CNN," and there's only, like, a couple of large CTV players, right? You mentioned Disney, right? So they're not Samsung, Disney, you know, Herald. Clearly, YouTube. Yes. Clearly, YouTube, right? So the reason I'm saying that, that's a very consolidated, which is good for us. So they're the in order in for them, you know, like Vizio, for example, for them to understand what Harmony is and can become for them, it took a second. Okay. It's one meeting. Right? It's like and then they were like by the way, some of them reached out before the announcement. They were like they didn't it was like, I don't know. Once we announced it, they understood. Like, we did a big announcement. Once they understood what it is, there's no reason for them not to lean in, right? It's optional. So they basically want to say, if an Innovid customer wants to run this Harmony thing, they wanna make sure that they're included, right? I would say most of them except one are already in conversations. Okay. So there's no it will be idiotic for a seller not to be saying, "I wanna be part of this," right? Okay. Because it's not exclusive. It's just another, another, but because our customers represent about $6 billion worth of media. Now, we're not making any decisions with that money. We don't touch the money. But still, it's, it's, it's access, right? It's, it's, we have the relationship. We have the access. So if there's something new that Innovid launches, they definitely wanna be included, right? Okay. So, so that's the reason for the—it's not like there's value for them, not for the buyers. Now, the advertisers, that's why we also we did not include it in our guidance in terms of revenue expectations because it takes time. You know, going back to your first question about, trying to apply logic when there's no logic, part of it is saying to going back to this, like, well, if there's a better product with less friction, it's like, why the hell wait? Mm-hmm. Because the world is complicated. You're talking about large enterprises with agencies, with DSPs, with SSPs, with wining and dining, with measurement. These are complicated. You know, it's like it's not a quick, this is $1. This is $0.50. Okay. I'll take this one. It doesn't work either. Is there any chance that actually technology doesn't work? Like, you keep having technological solutions because of your bias and your background. Yes. Is it possible that tech just doesn't work in, let me call it, media storytelling? What do you mean by media story? Like. That it's just too hard to break down the relationships, and they matter too much, and tech solutions can't make the kind of impact in media that they can in more logical silos. Look, I think it's the story of my life, you know, with Innovid, the story of my last 15 years. I mean, we're still here. We started with, you know, two people, and now we're 500 and 160 whatever revenue. So it is working. I mean, it's taken definitely a long time. We were very persistent in that, you know. We never touched media in any shape, way, or form. So we really believe, and we really believe, this is the right path to build a long-term, sustainable software company. It's definitely an uphill struggle. But look, you know, and we're competing against, you know, a small company called Google. I think actually, from the ad server perspective, there was no other company in the history of ad tech that was able to compete with DoubleClick, the buy-side ad server at Google, and stay alive and thrive. What's The Trade Desk? Desk is a DSP. But it competes with the DSP. No. They compete with a different product. DV, you're right. But they compete with our DV360, which is Google's DSP. Buy-side? No, no. But it's a different product. Okay. It. But they're both buy-side products. Yeah, yeah, yeah. But still, they're different. By the way, they're doing amazing. Hopefully, we had the, you know, even remotely close the multiplier that they have. But you're absolutely correct that they are winning. The Trade Desk is winning beautifully, doing an amazing job about being an independent DSP versus a DSP with YouTube, you know, with a media property on it. So I think the strategy not. I think. It's working. Mm-hmm. We're basically the same thing for the ad server. The difference is the DSP now, thanks to The Trade Desk, everybody's you know, it's a big deal, right? The ad server is something that the industry overlooked, right, because Google made sure it's like, "Look, look away. You know, don't look with don't look here." Basically, DoubleClick, now Google Campaign Manager, outside of CTV, it's the largest ad server. They're like 90% like, it's just them. They destroyed all the competition. Amazon tried to, to compete with them. Recently, they shut it down. Facebook tried to compete them with ad serving. They shut it down. Microsoft tried to compete with them. They shut it down. Amazon shut down their ad server initiatives a few months ago because they could not compete with them. They lowered pricing. Google, so in that scenario, we're the again, the most successful ad server initiative on the buy side, definitely at this point, but I think also historically. I now even forgot how why, why we went there. What was the question? Let's see. I'm trying, I remember we were talking about vertical integration. And then we moved on. So the key there is the oh, you said if technology can win. Yeah. Can technology. Yes. Could it be that technology cannot make inroads into the media business, which is heavily relationship and storytelling-based? It is. Relationship storytelling is, it's relationship more and more, you know, technology is you know what? The key reason for everything that's going and why I'm optimistic and why technology is, has, you know, has a has a future and will is making a change and will make a change is because of the marketers. What is happening in the last five years is the large marketers are, you know, through an entity called the ANA, National Advertiser or American National Advertiser basically, the large marketers, the large CPGs, auto, they're spending $hundreds of millions also in digital, right? So you're looking at the industry that there's reports on fraud, and, and there's government antitrust. And you talked about waste, you know, $billions of fraud. What other industry has $billions of fraud in it? Who's paying the bill? The CFOs, CEOs, and CMOs of Procter & Gamble, Coca-Cola, Apple, like, the largest brands in the world. So they read the Wall Street Journal saying, "Fraud, brand safety, you know, taxes, 40% take rate." It's like, what the hell? Especially in a recession era, especially in a more kind of constrained, economic environment, they need to look at everything. So they wake up and they see, "What is this thing?" And they ask the CMO. So the relationship between CMOs and agencies dramatically changed in the last three, four years, where there was a lot of trust. There's less trust. And the key there is data, like, technology and data. It's like, "Okay. I, I want the data." Like, historically, the agencies owned the data, the brands. If the brands moved an agency, the data would stay with the agency. That sounds insane. That was the case five years ago. And it's like, "No, no. We have the relationship. I'm the brand. I'm gonna have make the decision on the ad server. I'm gonna have the data belong to me, not to the agency." So marketers are kind of shining light on this ecosystem and putting the pressure and saying, "This doesn't make any transparency. I need to understand. I need to have the data. I need to own the technology." And I think this is why. I know this is why we're still alive, right? Why because otherwise, Google have crushed us, I think. And to your point, the reason that The Trade Desk is so successful also because they created an alternative. Yeah. Because historically, the agencies will buy everything from Google and go play golf, right? But now, you know, The Trade Desk, we're successful introducing a DSP that is not owned by Google. Innovid introduced an ad server that is not owned by Google. Mm-hmm. I think the main driver for that is the brands. Well, I think the trust in Google has gone down in part. Yes. Because of the DOJ. Yes. You know, publishing how they bundle and how they have a latency stack. Yes. Who's yeah. They bundle. So you have to, if you use one product, you have to use the other product. Who do you think, you know, so that it's. Which, by the way, I think the big guys knew before. That's why they use Innovid. Exactly my point. Like, it wasn't a secret to the big guys. Exactly my point. I mean, so it's exactly my point. And thanks for saying that. Everybody knew that. Everybody. Right? But the fact that DOJ leans in and then it literally comes down to the Wall Street Journal writing. It's like the CMO or CFO of a large brand wakes up in the morning. It's like, "Wait a second. So we're, like, doing all this stuff on Google, but it says here that this side does this side. So that basically means that we're wasting money, that there's inefficiency. Are they overcharging us for the supply side? Because they're trying to dominate the supply side. Yeah. Whatever they do it, their revenue goes up, and the CPG revenue is, you know, so they look, the CFO basically, this CFO looks at this. These guys are making trillions of dollars in market cap, and these guys are shrinking, right? Yeah. So, that's enough to say, "Okay. Call the usual, you know, the first thing they did is replace agencies." A few years ago, remember, it was like, "Oh. It was round robin. Everybody just changed their agency. Yeah. Took them a year or two, and it was like, that didn't work. Yeah. So that's exactly where they lean in. That's where the 4A's published a transparency report, and they're about to publish another one, and saying, "Here's you know, dear brand, here's the questions you need to ask your agency, and here's what we recommend you to own, you know, stack. What is a DSP? What is an ad server?" It was education. So that I feel that is the reason why I really feel strong that we have, you know, a bright future ahead of us. We just need to be very, very patient. Because what's nice about this future is when we talk to our large telcos, when we talk directly to the brand. Yeah. They see the business going back to your point, like, the business model is saying, "Look, there's no way in my business model, that I couldn't make money as a percentage of your like, I whatever you spend, I take a percentage." It says, "No." We talk to a procurement of a large, you know, whatever, brand, and it's like their software. It's the way they pay the same for their cloud infrastructure, the way they pay for their, you know, accounting system, or the way they pay for Salesforce, they pay us. That they're familiar with this. So them saying, "Look, there's no hidden fees. There is nothing like, so we are probably the most aligned with you and your goals than anybody else you're working with." That, that is very powerful. Again, this takes a long time. So we need to be patient. Yeah. No, by the way, we are still. Wall Street's not patient. But no. We are on that point. We are delivering, I think. I believe I checked, you know, since January 2023, we 5 consecutive quarters, we've been, you know, beating and raising our guidance. That sounds to me as a good practice. You know, we're committed to continuing to grow and be, you know, generating profitable growth. Mm-hmm. That's the last I checked should be a, you know, something Wall Street likes. I think, you know, that we need to continue doing this to explain our story and our strategy. Yeah. Okay. but we, we are delivering against our numbers, so. Let's do the next. So you had a really great quarter in the first quarter, 21% revenue growth. Yes. But then it looks like revenue's slowing to like 11%, 12% and 14% for the year. You know, I like the 20 I like the 20+ number better. Yes. I like that. Why can't I keep that? If Harmony is such a great product, I mean, why is verticalization such a great strategy? There's a yeah. Like, why can't you raise your price? That's really my question. But really, why is my growth having? Look, there's several things. A, we did not change you know, we didn't change the guidance for the year or from, from when can explain this, you know. We knew that, you know, Q1 is gonna be because of easier comp you know, comparables than last year. So, we're absolutely within the framework, guidance that we planned for the year, and we're gonna continue to plan, you know, and to execute against it. So there's no slowdown or anything. Actually, it's an increased growth year-over-year, an increased EBITDA year-over-year. So, we are moving forward, according to plan, which included investment in Harmony and launching it, which, you know, definitely costs money, and assuming no revenue from Harmony, which I assume will be the case because it takes time. All these changes take time. Definitely, it's a 2025 thing for sure. I mean, we would definitely expect to see revenue from Harmony in 2025. Okay. So, no. Things are looking. We already talked about 2024 early in the year. You know, the second half, the economy's not amazing, right? It's not like the environment. You said good first quarter. You're saying this has had to do with the comp. No. Yes. But again, just to be clear, so there's no confusion. There's no new news from Innovid, right? I mean, we guided for Q1, and we did better than we guided. We gave a framework for the year. I'm saying the overall economic environment is not super strong, right? We're not back to normal in terms of TV spend, CTV spend. That's one thing. We also have the election, and the Olympics in the second half of the year. So, you know. Is that bad for you? It is not awesome for us. It's definitely there is a, you know, a seasonal pattern that, you know, the TV advertising is gonna invest in. When you have elections or Olympics, it's just that is changing the seasonal structure, right? Because some brands lean in, but a lot of it goes to sponsor. So a few things. Bottom line, it's, we're not counting on it as a good thing. Politics, we don't touch. We don't do anything in politics. We work with large brands. These are, you know, politics come and go. So it's good maybe for DSPs and stuff. We don't touch it. So that can increase prices on the short term for CPMs. And then certain brands can pull back and saying, "I'm not competing with these guys on price." So that they can go down. Volume can go down, and it goes back up. So we've seen. Yeah. Some of them use some of their marketing budget in the Olympics, right? Yes. But also, in terms of Olympics, a lot of it is sponsorship. It's not necessarily just ads, like running ads. A lot of it a lot of money will go to sponsorship, etc. So and again, some brands may pull back. So overall, we've known that these, you know, years we have Olympics and/or, elections, you know, we're not extremely bullish on the second half. Okay. That was taken into account in the guidance. You know, you know, it may be better, but I think it's smart to be cautious on the second half of this year. Okay. One of the things that's happening in connected television specifically, which is your sort of your core business, is that we're getting this, I would say, since January of this year, so just the last six months, this pivot towards being more bottom-of-funnel. Yep. As evidence, I would use the fact that Amazon on January 24th turned every one of its 200 Prime Video subscribers into an ad-driven tier. Yep. And only 20% have paid the $3 extra to get themselves out of the ad-driven tier. Good, good for us. So, and then also, Netflix is increasingly adding ads. So, what we're hearing is that that is putting downward pressure on connected television CPMs because there's this, like, glut of new supply coming on all at once. Doesn't that. We don't care. You don't care. Because we don't take percentage of media. So for us, whether you're delivering an ad that cost you $40 CPM or $10 CPM CTV, we charge exactly the same. Okay. So for us, we're volume-based. You know, the more, the better. So for us, it's the fact that more audiences that audience spend more time on, you know. Ad-driven impressions. Ad-driven. Mm-hmm. Good for us. Sports amazing for us. Netflix stuff amazing for us. You know, we really look at it from a macro perspective, you know? So going back to kind of the overall bet on technology, it's also the overall bet that all TV will be CTV, right? Okay. Yeah. Takes five years more, five years less. It's all gonna be there. If you multiply the volume by our, you know, average fees. Mm-hmm. It's billions of dollars. Yeah. So if it's a market share play and an upsell-cross-sell play, and it can take five years or 10 years, I mean, we're not we know. Okay. But so let's go to the bottom-of-funnel point, though. I think we're just to check on time that the. Oh, yeah. Okay. Are we? And now. It's Q&A if there are any questions from the. Yeah, yeah. Audience questions from the audience. Let's do questions from the audience. Yes. Thank you. This is what happens when you trade seats with me now. I don't have a book of boards. I thought you were having fun. Yeah. I was. I lost track of time. Any questions from the audience? Yes, sir. Please. Can you get higher than 53% share of CTV video-served ads? Yeah. I mean, we can, a few things want to say. A, the 50+ is from the top 100. The top 100 represent about 75%. So I would say we're from a market share overall market share perspective, you know, it's a lower number, like maybe around not a, you know, 36%-40%. Just so it's when we say 50%, it's half of the top 200 advertisers. That's a fixed list at this point. Half of them work with us, you know, and the other half most of them work with Google. So yes, absolutely, because we started from zero, and Google was at 90%. Now we're, you know so we are taking share from Google, consistently, you know? And, and so yes. So the answer, absolutely, we should definitely continue aggressively to take share. It takes time. You know, we have three, like in Detroit, there are three huge automakers. We have two out of the three. What's the difference with the third one? Nothing. Like, you know, why this person with this person? It's a huge, you know, auto. Why is this auto still with Google's? They're at Google shop, and these two others switched to Innovid five, sux years ago? I don't know. But we have a team in Detroit, and their job is, you know, whether it takes this year or next year or the year, I don't see why, you know, the auto that starts with F is not gonna move to Innovid. Because why? Because they're huge TV advertisers, right, like the others. Our product is better or and more efficient, and we're less, we're not biased, right? In a way, maybe the CFO there did not read the same article the other CFOs read about. You need a senator. Yeah. You have to get a senator. You need a senator. So yes. The answer, long story short, yes, we can get we should get to 60-70, and this is all U.S.-based. We're mostly 90% U.S.. You should double, like, double that at least 2x or 2.5x for global, right? So there's a whole global story here that we again, because of the economy, we've retracted from most of the world in terms of sales. But once things get better, I, you know, that this could be double or triple, on a global basis. All right. I'm gonna call it there. I suppose Quinn's gonna. Okay. Thank you very much. Thank you. You're welcome. Yes. That's good. So fun. So fun. Do you want to take some?