Arjun Bhatia: All right. Got it. And then just when we’re thinking about ABS and programmatic growth, I guess, how should we think about the pace at which ABS can continue to grow going forward? We did see a little bit of a step down, but it doesn’t seem like you’re anywhere near being penetrated within your existing base. So, how do you think about the opportunity that’s still left with ABS going forward?
Mark Zagorski: The wonderful thing about ABS is not only its continued growth, but we look at two-thirds of that growth coming from current users, right? And that means that our customers love this thing so much that they move to a new market, they put more campaigns into it. And to me, that’s a great indication of not only the product working really well, but that it’s got continued legs. As long as those clients continue to grow and grow with us, we’re going to do well there. I think that when you look at the fact that we still have over a third of our Top 500 customers who have not used ABS, that can turn it on, it shows that there’s new client growth there. We’ve got current client growth to come out of it. And then we’ve got totally new folks coming into DV as well, so I think we’ve got strong growth drivers there.
I mean, 40% growth year-over-year for a product that’s over five years old, I think it’s pretty extraordinary. And we’ve said, at some point, ABS, the legs will wear out but right now, they’re still pretty fresh. We still got lots of customers coming in. We’ve got lots of core customer growth still getting out there and still some penetration to do within our current base, so we’ve got legs.
Operator: Thank you. Our next question comes from Andrew Boone with JMP Securities. Please state your question.
Andrew Boone: Good afternoon, and thanks for taking my question. I wanted to ask two quick ones, or maybe not quick but simple ones. International growth accelerated. Can you just unpack that and let us know if anything is going on there, as well as how sustainable that is? And then a competitor talked about growth within the mid-market. What are you guys seeing there and what’s the opportunity for the mid-market? Thanks so much.
Mark Zagorski: Let me talk a little bit about — first of all, no questions are simple. I want to start with that. They’re all complex if you dig in, so appreciate that, Andrew. On the international growth, we saw 75% growth across EMEA, 46% growth across APAC. So some variation there, but still strong growth across all the sectors that we have out there. If you look at what’s driving growth in both of those regions outside the U.S., it’s very similar to what we’ve seen in the U.S., which is social. Social is driving growth. Short-form video is driving social. So, all those things together, we think, are helping continue to drive the expansion that we are seeing in EMEA and APAC. Now, to be fair, we saw last year was not a great year internationally, so we’ve got slightly easier comps to deal with.
However, if we remember, we talked about our pipeline last year in Q4 and how strong it looked outside the U.S. and how that started paying off. I think we have a similarly strong pipeline this year outside the U.S. And that was based on, if you remember, a while ago, we made some significant investments in sales and marketing resources outside of the U.S. They’re paying off. I think they’ve finally hit their stride. We continue to invest in resources outside the U.S., and we just hired some new country managers in APAC. And the nice part is too, we’re starting to win local deals in markets. You heard some of them like Aramco and LVS and some of the local clients in some of these local markets, Saudi Coffee, right? These are local clients and I think that’s a good sign because it’s not just the Unilevers of the world or the Mondelez of the world spreading to these markets, we’re closing local deals.
So I think, to me, that shows the investments we made in those markets will have legs and that when we look at what’s driving that growth, it’s social and social and short-form show no signs of slowing down.
Nicola Allais: If I can add one stat there. So international is 29% of measurement, which is still lags the percent of spend that’s happening outside the U.S. This is the U.S., right? I think we’re catching up to the opportunity with the investment that Mark mentioned we made a few years ago, so I think the upside is still there for us to catch.
Mark Zagorski: And then, on the second half of your question, kind of mid-market advertisers. I think we have a couple of plays there. And look, we are still focused on the enterprise, and we’ve got so much room to go on the top advertisers around the globe. We’re still underpenetrated outside the U.S., still lots of folks we haven’t talked to on the enterprise level. That is still our main driver of growth. But when you look at mid-market, I think there’s opportunities there. Scibids, as we’ve noted, works with some mid-market folks who are very DR focused. So I think that opens up an opportunity. Our work on the programmatic front always brings new dollars in from mid-market partners. If you think about 20% of our programmatic revenue comes from advertisers that we don’t have a measurement relationship with, right?
They’re just a little bit too small. So we have channels to reach mid-market advertisers. We continue to grow there, but I think, ultimately, enterprise plays are still our biggest play and there’s lots of room to grow there.
Andrew Boone: Okay. Thank you.
Operator: Thank you. There are no further questions at this time. I’ll hand the floor back to management for closing remarks.
Mark Zagorski: Thank you all for joining us on this busy evening. We are excited about DV’s multitude of growth opportunities as we expand across digital media channels and geographies, launch and upsell innovative products, and win business across existing and new customers. We look forward to seeing many of you at upcoming conferences and events. Have a great evening everyone.
Operator: Thank you. This concludes today’s call. All parties, you may disconnect.
