Inside The Trade Desk’s Programmatic Power Struggle

Why It Matters

The conflict threatens TTD’s market dominance and could reshape how programmatic buying is orchestrated across the ad tech ecosystem, impacting budgets and data transparency for advertisers.

Key Takeaways

• Major agencies Dentsu, WPP, Publicis cut spend on OpenPath.
• TTD shifts payment model for identity data providers.
• Three senior executives exit amid stock decline.
• Revenue near $3 billion driven by AI platform Kokai.
• TTD pivots to direct brand deals as agencies turn to SSPs.

Pulse Analysis

The Trade Desk, the world’s largest independent demand‑side platform, is facing a coordinated backlash from the agency side. Major holding companies such as Dentsu, WPP and Publicis Groupe have reduced or halted spend on its OpenPath marketplace, citing opaque data fees and a lack of transparency after a third‑party audit. The criticism reflects a deeper battle for control: agencies want to dictate how budgets flow, while DSPs like TTD aim to become the orchestration layer that manages spend across the programmatic supply chain.

Despite the turmoil, TTD posted nearly $3 billion in revenue last year, a performance buoyed by its AI‑driven Kokai engine that automates audience targeting and bidding. However, the company’s market value has slipped, with shares down about one‑third in 2026, and three senior leaders—including chief marketer Ian Colley—have departed. In response, TTD is accelerating a direct‑to‑brand strategy through OpenPath, bypassing traditional agency intermediaries. This pivot aims to preserve its pricing power and reinforce the value proposition of a transparent, data‑first buying platform.

The friction between DSPs, SSPs and agency holding companies signals a broader shift toward unified ad platforms (UAPs) that can control both inventory and spend. Competitors such as Pubmatic, Magnite and Index are courting agencies with supply‑side solutions, while agencies themselves explore proprietary UAPs to retain margin. Meanwhile, advances in generative AI and agentic buying models threaten to blur the traditional DSP‑SSP divide, forcing players like The Trade Desk to reinvent their role as data orchestrators rather than mere intermediaries. How these dynamics resolve will shape programmatic economics for years to come.