Todd Morgenfeld: Thank you.
Operator: Thank you, Mr. Mahaney. The next question is from the line of Lloyd Walmsley with UBS. Please proceed.
Lloyd Walmsley: Thank you. Two questions, if I can. First, just going back to that earlier comments around, partnerships around monetization with the likes of Retail Media Networks or other DSPs. How much do you guys see that as an opportunity around like billing in ad coverage on certain categories, helping monetize new geographies or even just on a pure pricing? Like do you think you benchmark so low that using other platforms can drive up pricing? Anything you can share there would be helpful. And then going back to the notion that you monetize, I think you said video is 30% of monetization, 10% of engagement. Appreciate some of the color you’ve already shared. But is that SKU brand? Or is that also kind of match your overall DR mix?
Are you selling those ads or media partners, in some cases, selling ads on that content? Like — or is it just a function of the ad creative working where you just get a higher click-through rate on those ads? Like anything you can share there to help us understand that better would be great. Thanks.
Bill Ready: All right. Thanks for the question. So on partnerships, I mean, I think each of the dimensions you mentioned are part of the opportunity. If you use the platform, you can see that there’s an opportunity for us to drive increased ad relevance. I feel really great about the progress our sales team has made. But as a smaller platform, even really large, really dense auctions will augment their demand with third-party sources. And so as a smaller player, as great as our sales team has done in driving first-party ad demand, which we are absolutely committed to continuing to do, it’s a real asset. We’re going to continue to invest in that. If even the largest auctions benefit from augmenting demand with third-party sources, certainly, we can as well.
And in doing that, that should give you greater relevance. I think I made the comment earlier around the foundation we’ve laid with whole page optimization. That sets us up to think about in an integrated way how we bring ads to the user in a way where those ads are relevant content, which we think is — has a two-fold benefit. One is drive engagement when it truly is — particularly in a commercial context where that ad could be relevant content for the user. But then secondarily, it lets us serve more ads and take our ad load up from where it’s been. And our ad loads has previously been a fraction of what you would expect in other places with the kind of commercial intent that we have. So, ad coverage, increasing relevancy, ad load, these are things that will naturally improve with us over time.
But as we think about the benefits potentially of augment third-party sources, retail gate networks or otherwise, we think that’s an opportunity, geographies can be an opportunity. And then your final point on pricing, I think — one of the things that I think is hard to overstate and the progress we’ve made here is that the whole industry is going through a rewiring on ad measurement and moving from cookies to privacy safe ad measurement solutions. So, while the whole industry is going through that rewiring, we are — we’ve provided our conversion API. We’ve launched our cleanroom efforts. And our early indications there are really positive, but we are very early on that adoption curve. And as we think we move along that adoption curve, we think we actually are performing far better than many advertisers realize far better than what they’ve been able to measure.
