Michel Gagnon

And some of them might have lost touch with what the client really values.

When you see things like transparency, like brand safety that you're mentioning with Unilever's threat, I think we have to go back to really providing value.

And that means you look at, I would say advertisers have become more sophisticated.

And when they look at campaign objectives, they used to think about impressions or clicks.

Now I would say that things are a bit more refined and specific.

So we just need to make sure that we deliver what the client is asking for.

Well, I think if you look at the advertising world at the moment, it's still very fragmented as an industry.

And I think there are too many players.

This is like the former consultant who's talking.

I don't think keeping the same number of players is not sustainable.

It doesn't make sense.

There are too many people in the value chain.

So I think we will see a consolidation.

I think what you have to think about is, okay, what are the capabilities, the tech capabilities?

the tech capabilities of publishers and of advertisers.

I think the reason you will see a consolidation, but you still have a lot of specialization in terms of being able to develop top notch state of the art technology.

And I do not think that the majority of publishers can afford to

to develop the app themselves.

The same thing for brands.

This is not necessarily their core business, especially for publishers.