“holds today not because there is 20% of value in comparing 2 bids to one another, but because it comes with unique demand via AdWords that is not available any other way.”
AdX took 20 percent for years while Google’s own executives put the market rate “closer to 10%.” Jonathan Bellack called the fee “not long term defensible” in 2018, and it held anyway. LaSala could name one publisher that ever switched ad servers: Disney, which built its own. When the only exit is building your own, there is no market.