The Trade Desk remains the dominant DSP but its advertisers are starting to shop around

"The complexity of the global advertising market is not a weakness for The Trade Desk. It is a moat. Some of his advertisers aren't so sure. What follows is a ground-level account of how that's playing out, drawn from interviews with more than 10 ad executives."

"Amazon DSP is front and center, because of the combination with retail media and Prime Video. We can prove better results given the nature of more tailored buys versus always-on programmatic. The Trade Desk hadn't done anything egregiously wrong, he added. The alternatives had simply grown up."

The Trade Desk remains financially robust with $2.9 billion in revenue and 47% margins, yet its market position is weakening. While CEO Jeff Green characterizes market complexity as a competitive moat, advertisers increasingly question this advantage. Agencies report shifting spending toward competitors, particularly Amazon DSP, which combines retail media and Prime Video integration. Direct buys and alternative DSPs offer cleaner measurement and easier client justification. The Trade Desk hasn't committed major errors, but rivals have matured significantly. The company's increasingly combative approach with partners and media has made stakeholders cautious about expressing concerns publicly.

Read at Digiday