Once one sees the world as a split between the demand-side between the 200 “retail-cartel” advertisers and the 10MM e-commerce brands who advertise on Google and Facebook, it becomes hard to see things the same way again. 

This week, it was helpful for better understanding the dynamics around “retail-cartel” demand Netflix’s ad inventory, and why Disney’s model may be positioned for leveraging data from companies among the 10MM DTC to improve its value proposition to consumers.