Podcasts:
On this week’s M&W Podcast we review our work of the week! Separately, on Agency Business from Madison & Wall and FusionFront Media, Olivia interviews RareOne’s Matthew Naffah.
Weekly Work:
European TV 2Q26: Sports Shift Spending, but Structural Pressure is Increasingly Global
Dentsu + Globant 2Q26: Soft Results As Share Losses Continue For Both
Large Marketer CEO and CFO Commentary: Brinker, Hims & Hers, Take Two, Wendy’s and More
Ad Tech 2Q26: Growth Slows as Platforms Race to Own More of the Transaction Stack
iHeartMedia and Viant 2Q26: Growth Continues to Favor Programmatic, CTV, and Performance
More Context:
This past week we received some of the final ad tech results of 2Q26, with Nexxen and Liftoff both reporting results. Nexxen’s continued push around nexAI reflects the demand for all-in-one solutions, and Liftoff’s growth rate, even though it trails AppLovin’s, shows the underlying strength and scope of the in-app advertising landscape.
More broadly, the quarter reinforced two key trends. First, ad tech growth continues to slow amid weakness across the open web. Second, nearly every major platform is trying to own more of the transaction stack, using AI, proprietary data, direct supply relationships, and broader product suites to improve performance and make buying easier for marketers.
Our ad tech composite grew by 7.6% year-over-year in 2Q26, down from 11% growth last quarter and the mid-teens growth rates seen throughout much of last year. EBITDA margins also fell slightly to 31%, from 32% in the year-ago period. The deceleration mirrors slower growth across the open web, and contrasts with the acceleration seen in total digital, driven by the largest walled gardens.
Source: Madison & Wall. © Madison & Wall.
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