Marcus Johnson: [00:00:00] Join EMARKETER's The Future of Digital summit on September 15th in New York City for a full day of research, expert analysis, and executive conversations on AI visibility, commerce media, and the future of marketing. Click the registration link in the show notes for tickets

Hey, gang. It's Friday, July 31st. Ethan, Oscar, analysts, welcome to Buy on the Numbers: An EMARKETER Podcast. I'm Marcus. Joining me for today's conversation we have two people, Principal Forecasting Writer Ethan Cramer-Flood.

Ethan Cramer-Flood: Hello, hello, Marcus. Glad to be back. It's been a bunch recently.

Marcus Johnson: Good to have you. Yeah, I know.

Ethan Cramer-Flood: You're gonna h- I think- You're not gonna want me for a while after this. Yeah, we're good f- and 'til 2027 at least. He's joining us from our New York studio, alongside Senior Director of Forecasting Oscar Orozco.

Oscar Orozco: Hello, listeners. Hello, Marcus. Not as much with me recently. I missed the- Yeah ... I missed the most recent episode.

No, there's a reason. Yeah. Sure, sure.

Marcus Johnson: Today's fact.

Today's [00:01:00] fact is for Oscar. So congratulations on his team is Spain. They won the 2026 World Cup. Oh, man. Much deserved. The best- Thank you very much ... team throughout the tournament. Thank you very much. So congrats to him. How was the win?

Oscar Orozco: It was incredible. I still am celebrating it my own way. I'm sure it'll go on-

all summer. But I agree with you. Best team won and we're just excited. We also point out one thing, reigning world champs, right? But also European champs as well. Oh, yeah.

Marcus Johnson: Okay, we didn't

Ethan Cramer-Flood: need to go there. Oh, man. All right. Thank

Marcus Johnson: you. All right.

Ethan Cramer-Flood: All right. Thank you very much ... something just, it occurred to me is this the Knicks won the championship, so I get to celebrate that for- That's it

a year, but you get to hold this for four years. Four

Oscar Orozco: years.

Ethan Cramer-Flood: Oh my gosh. Four years. The

Oscar Orozco: Dodgers- And there are no arguments about it. ...

Marcus Johnson: The Dodgers won. So-

Ethan Cramer-Flood: The Dodgers get to hold it for four years for a different reason. 'Cause they just...

Marcus Johnson: Yes. Anyway, the reason I bring it up is because my fact of the day is about the World Cup.

The first ever World Cup goal was scored by a French forward, Lucien Laurent- Oh Wow, man ... so the match took place in July th- July [00:02:00] 13th

at the 1930 FIFA World Cup in Uruguay when France played Mexico. The goal came in the 19th minute. It was a volley- ... crossed by his teammate. And France would go on to win that match four to one.

Oscar Orozco: Wow.

Marcus Johnson: But he, Yeah, you couldn't really make a living from football back then, at least. So he worked as a factory, a car factory worker at Peugeot.

And that's when he scored the goal. Spent time as a professional footballer and a coach, but later retired to run a local bar and brasserie.

Oscar Orozco: Interesting. Yeah. And vol- volleys are beautiful goals. That's-

Marcus Johnson: I know. What a good goal

Oscar Orozco: signout ... and Peugeot's still ar- still around, right?

Marcus Johnson: Yeah. Interesting. Yeah. Absolutely, yeah. Big, still big over here in Europe.

Ethan Cramer-Flood: He'll be a trivia answer for all of human history. Yeah. He had no idea, but...

Marcus Johnson: I know. Quite remarkable. I went and looked who's got the most. Do you guys know who has the most World Cup goals? Oh. There were- This one's quite shocking.

It's not that shocking. It's someone who if you were thinking like the... It's [00:03:00] someone who is still playing. Oh. And one of the most- Bruno or Messi? ... best players. One of the best player. Messi's second, 21 goals.

Oscar Orozco: Oh, Mbappé. Did he pass him? Yeah. He did

Marcus Johnson: 20- 22 goals- Oh, ... for Mbappé. But he's still young.

He scores- That's crazy. He's still 27. Yeah. So he scored 10 at this most recent World Cup. So he went from... Pele has 12. He's ninth place. That's yeah, he's in ninth place. Only 12 World cup goals for Pele. And then you've got who else? We got top five, Harry Kane 14, Ronaldo- Wow ... old school Ronaldo 15.

Klose- ... for Germany is 16, and then Lionel Messi 21, and Kylian Mbappé, age 27 with 22 already.

Ethan Cramer-Flood: So Mbappé obviously earned it, but I will rain on the parade a little bit by saying that these statistics are all going to become increasingly meaningless because they're adding rounds. This is the same thing that's happening- This is true

in American sports- Oh, true ... when in baseball, when they added more games, and then all the old- Yeah ... records fell. And now in football, American football, they've added another week, and so all the records are falling. [00:04:00] So- It's true ... World Cup goals, there's gonna be a lot of random people who beat Pele's number because they're just gonna get to play extra games.

Oscar Orozco: That's true. We'll just do, games goals per game and things like that to help level the playing field, but it's true. Messi's number one. Let's be real.

Marcus Johnson: All right. So never mind. Thanks for that. Yeah. Today's real topic the gap between ad dollars and audience attention

So Ethan, you've put together one of the most popular reports of the year. It's

Oscar Orozco: my favorite.

Marcus Johnson: Oh, Oscar's favorite. It is. Very nice. It is, yeah, it's really interesting. You're basically looking at how advertisers, where advertisers are spending their money, and where people are spending their time, and the crossover, or maybe lack thereof.

Do you wanna tell us a bit more about it?

Ethan Cramer-Flood: Yeah, that's... you got it. This is a pretty simple concept here. We put this out once a year. It always has really interesting results. Some of the trends are consistent over time, and we find some new things. But basically, it's just that we've got this, we've got this phenomenal team of forecasters.

They spend a lot of time and energy and effort [00:05:00] forecasting all of the ad spending that's gonna happen in the US in all the different ways. There's almost $500 billion now in all the at media activities and devices and individual platforms that money is flowing to, and that's one big effort to forecast that.

And then we have also have separately, at a different time, this massive effort to forecast what we call time spent with media, and that is all the way, the ways that US consumers or US adults spend their minutes and hours per day with various media activities, and we- those get divided up the same way.

So it's we as people, how do we spend our time with these such and such activities on such and such devices or on such and such platforms? And these two forecasts kinda line up if we put them next to each other because we've calculated on both sides. So that gives us a, a unique opportunity to really have direct comparisons of where the money is going versus where the people's eyeballs are looking, or in some cases- where your ears are listening. And [00:06:00] how then whether or not the, the share, the ratio essentially of ad dollars and minutes, whether they line up in a logical way or if they seem skewed dramatically one way or the other.

Marcus Johnson: Okay, so $500 billion in ads. Money and about 13 and a half hours, as Ethan said, per day, per adult in terms of time spent with media.

What's one of the m- most interesting discrepancies between where advertisers are spending their money and where Americans are spending their time?

Ethan Cramer-Flood: Yeah. So we'll talk about a, a few interesting ones throughout the course of today's conversation, but I'll just start at the top. I'll start with the headline.

It's kinda the same headline every year, so if you've heard us talk about this, you've probably heard us talk about this before. But that is essentially social networks, social media, and in particular, Meta and Meta's two platforms in Facebook and Instagram, and they are always, they just pop right off the page in terms of how disproportionate the share of all of the share of so- the time that society actually [00:07:00] spends with social networks versus the staggering amount of ad money that goes into those platforms.

So to be very specific about it, we as a society, all adults spend only just over 12% of our daily screen time, our daily media time with socials. And yet marketers, the advertising industry puts nearly 30% of its money into those same platforms. So that is a big gap in terms of they collectively, all of these platforms, mainly Meta, but all of them really just collect a disproportionately huge amount of money.

A disproportionately huge amount of advertising is centered on social networks and social media as compared to how much time we actually spend on it. Yeah. And Meta in particular stands out as we, we study just dozens and dozens of major entertainment and media platforms from all of the subscription streaming services to, to television and traditional media and all the [00:08:00] various ways that we all waste time or are entertained or are informed online, and just nothing at all looks the way that Facebook and Instagram look in terms of just the staggering amount of ad revenue that they receive and how disproportionately large that is compared to the not actually all that impressive amount of time that we spend on those platforms.

Yeah. So that's the headline. That's kinda the headline every year. It's still the headline. It's worth re- and it's worth mentioning over and over again because that drives so much of what this, this study shows.

Marcus Johnson: And it w- will continue to be the headline according to the forecast. If you look back in time, 2022, it was 11% of time spent, our time spent with social, and about 20% of the ad dollars.

Fast-forward to now, as you said, it's 12 and a half percent time, 28%, nearly 30% ad dollars. And then fast-forward two more years, it's about 13% time and 32% ad dollars. So basically, that gap is widening. Oscar, what, what's going on there? [00:09:00]

Oscar Orozco: I think it really comes down to flexibility as well as things like measurability and th- and things like that for advertisers. But that continues, that shows how important that is to advertisers. It's you also think about the long tail of advertisers, so it's like small and medium sized businesses. They continue to flock to socials, and specifically Meta. So this is not just a social versus other types of media and activities, but it's even within social it speaks to how popular Meta remains because- Yeah

Even, growing platforms like Reddit, you think of Reddit, you think of LinkedIn you think of Pinterest, they are, have not been able to really pull away budgets from Meta. When you look specifically just within social advertisers alone, maybe they're advertisers who just want to stay within social.

They're struggling to eat any market share away from Meta. So- So this is really a Meta story. It's not like there's another, not like TikTok is taking off and-

Ethan Cramer-Flood: TikTok is also has an advantage on that. And then the, the other ones are just [00:10:00] small, so they don't necessarily- ... move the needle on a national scale.

Yeah. But Marcus, you hit the nail on the head in terms of the trend line being maybe what's more interesting. So the reality of that discrepancy has been there for a long time, and it makes sense that it's there considering what a good job Meta does- Yeah. ... And what a good job all the social networks do in converting, return on ad spend.

Yeah. But it's crazy that it's just getting worse and worse every year considering how many other ways there are to advertise in this world, and how many- Yes ... other extremely popular platforms there are, and extremely popular activities, and all those other ways. We'll talk about more of them later.

Yeah, I think we're gonna get into- But it's wow. This is like it's not just getting a little bit worse every year. It gets a lot worse every year in terms of the- Yes ... this, this share discrepancy.

Marcus Johnson: And not just w- worse you make a really good point in the piece, Ethan, where y- you note that- This imbalance, it is only in this direction for this metric.

W- And put another way, ad dollars the share of ad dollars is only ahead of the share of time for social. Yeah. [00:11:00] In every other medium, it's the time is ahead of the ad dollars.

Ethan Cramer-Flood: Yes.

Oscar Orozco: Yeah.

Ethan Cramer-Flood: Every

Marcus Johnson: single one. It's fascinating. Yeah. Yeah ... Oscar. Sorry, please, if you had something else from your end.

Oscar Orozco: No, I think you- Okay

and I think we're gonna- that segues perfectly into what we're gonna get into. Yeah. So I think it's not just the success that it's provided advertise the s- social meta as we just discussed, but it speaks to, opportunities there potentially or other types of media which just have not really been able to take advantage- of that engagement. But that I, and op- the optimist in me thinks could change, although it does look like it w- it's still gonna take some time, right? It's not- Yeah ... just gonna happen next year. Yeah.

Marcus Johnson: Yeah. What stood out to you about this report, Oscar? What other interesting findings- Yeah,

Oscar Orozco: I

Marcus Johnson: mean-

Lay within? Yeah, that leads directly to, to, the, the next one, which is really subscription OTT platforms as you call them. But, SVOD platforms, right? The Netflixes of the world, the Peacocks, the streaming video. So [00:12:00] what we're seeing, I think really the, the most alarming or most, surprising piece is that the mismatch when we talk about engagement and ad spend continues to widen.

Oscar Orozco: We are not seeing that change. We're seeing a lot of engagement there. These are, people are spending much more time, and I think a lot of it's due to, shifting away from linear TV, right? From broadcast cable TV to these streaming platforms- ... because consumers do love long-form video.

But, some of these platforms are shifting to short-form video as well, vertical video. But, what's happening there is that the monetization is just not following, so the, the gap is is really increasing. I really wanted to look at it a little bit more on a platform by platform basis too.

... Just a bit, and it's, it is really interesting because Netflix is the big guy there, right? The big player, and the gap for Netflix is bigger than across any of the other players. Netflix is really struggling to... It's still severely under-monetized, essentially. And they are historically a [00:13:00] platform that has a lot of, Ad-free subscriptions, of course, we have to think about that aspect- that these platforms- ... are making money from subscriptions. But even though they're shifting to have more ad-supported subs they're still severely under-monetized. On the other end of the spectrum, you have HBO Max which is actually doing okay. They're all a little bit under-monetized or a lot, like we said with Netflix, but if we were to pick one out of the, of all these platforms, it's HBO Max.

It's also a very, ad-free platform that's making most of its revenue off of subscriptions. But, I guess it could be considered a little bit more niche. There's a more specific demographic who might be tuning in. And it feels like an opportunity platform as well for advertisers and still a bit under-monetized, but a little bit closer.

So the, the gap is much smaller there, yeah.

Ethan Cramer-Flood: I don't wanna be cynical, but it's easier to have your gap be smaller when your time spent is lower. And so- That's true. ... For some of these [00:14:00] companies don't have quite as l- and HBO Max is obviously a very successful streaming platform, but it doesn't have quite the audience that a Netflix has- Yeah

or Amazon Prime, much less- That's a good point ... much less YouTube, which is their all- Yeah ... the main competitor for all of them.

Marcus Johnson: So Ethan, what's going on here? 'Cause e- 16% of our time going to subscription OTT, the Netflixes, Disney+, things like that 3% of the ad dollars. I- in a couple of years' time, that gap widens by close to a point.

Why are the ad dollars struggling to keep up?

Ethan Cramer-Flood: Yeah, so it's the exact... What is interesting about this is not the reality of the gap, but it's the trend over time getting worse. So it's the same, it's the same thing you pointed out for the socials. Of course, it makes sense that there's a huge gap between our engagement with the streaming services versus the advertising presence because until the last few years, a significant number of these services didn't even have ads.

And it they were just built up as totally different types of businesses. It was never going to be close. It also just takes [00:15:00] an enormously longer amount of time to watch a television show or to watch a movie as it does to scroll on your phone where, in 45 seconds you might, you could see seven ads.

And you can seemingly spend- ... an enormous amount of time on social media, but you've actually only spent 20 minutes on it and you're just staring at your phone. It's, it seems like a lot, but it's really not a lot compared to watching a three-hour movie , compared to going and watching a Christopher Nolan movie or something like that, right?

So I get it why that gap exists. You couldn't, or marketers couldn't even advertise if they wanted to on a lot of these platforms until recently. But to your point, and to what our charts show, it's why is it getting worse now? Because all of these all of these platforms are now heavily leaning into their ad-supported tiers, and consumers are into it.

People are, are- ... heavily, it trans- they're they're transitioning their subscription tiers to the ad-supported one in order to save money. These are very popular. They're hugely suc- successful. It's working for everyone. So the ad inventory is there, and the prices are coming down, and people [00:16:00] like us are saying, "Hey, this is actually where everyone is."

This is where they're spending way more time with streaming services than they're spending on social media. And you can't complain, you can't say they're hard to reach now. They're very easy to reach. So it's, I get why the gap has historically been there, and I even get why it's a large gap, but what I don't understand is why it's actually getting worse.

The ad- Yeah ... budgets are not following the people, and the people are still just heavily going to these things more and more all day, every day. Yeah. And budget share is not really f- ad budget share is not really following.

Marcus Johnson: I just wonder how they can close this gap, Oscar, because it does feel like people are already complaining about ad load on a lot of these services.

And so- it could get

Oscar Orozco: worse. And I think that's- Right. ... part of the solution. Especially because it's still considered premium inventory, and pricing has definitely come down. Yeah ... and, the, many of these platforms haven't been too happy about that from what, the initial ad tier launches, the prices were so high.

They've definitely come down. Still considered premium. I think that there's an issue with a standardization of [00:17:00] measurement. These are all still very much- ... like walled gardens, and it's not like with linear TV where you use Nielsen measurements, and it's standard across all of the programming.

That's really not the case here, so a lot needs to change there. ... And there's a lot of competition when you think of the big screen from YouTube now. ... Data comes out daily on how well YouTube is doing on CTV, so that's competition. Even the fast platforms, it might be a more seamless integration for viewers because they're used to it's, it mirrors the linear TV experience, and so they expect the ad loads there and the type of ads, and that's not what, users are looking for or viewers are looking for on s- streaming services. So- I could go on and on. A few more things. There- ... there are issues there.

There are hurdles. Yeah. So that gap, I think, will keep widening. Yeah,

Ethan Cramer-Flood: and I'm not sure... you guys, you said, Marcus, I think you said people are already complaining about the ad load on these services that maybe they at one point were used to not seeing any ads. But I don't... That's just complaining, [00:18:00] the, i- if you look at the data it's not real. People are voting with their wallets.

Marcus Johnson: Yes.

Ethan Cramer-Flood: And they actually- I guess people- ... they all approve. They all say yeah, actually I'll accept ads in order to save some money." Yeah, and that o- overwhelmingly is the sentiment whenever you look at any of the survey data or whenever you just look at people's behavior.

They can complain all they want. And s- the ad loads on these, most of these streaming services are still way, way less than TV.

Oscar Orozco: I think only Prime- ... by a very tiny amount, is shifting toward ad-free users usage. But that's by a little, and that is overwhelmingly ad-supported, because of, they, they just force people to pay. They have to pay more to get rid of the ads, so most people have just accepted them. But yeah, so that's to Ethan's point, right? People are speaking- Yeah ... so-

Marcus Johnson: Yeah ...

Oscar Orozco: with

Marcus Johnson: their wallets. We spoke recently about the three big questions surrounding Netflix at the moment, and one of them was sh- should they, do they release a free tier?

Which is- Oh, yeah ... yeah, with a flood of ads.

Ethan Cramer-Flood: I wouldn't- ... I ex- I kinda think Disney+ is gonna do that too, maybe even first. Yeah. [00:19:00] Because they've got the- Yes ... content for it, and they've got that- ... sort of TV background.

Marcus Johnson: Yep, yep. Yeah, it was, I think it was inspired by Disney+ saying that they were considering it, and then thinking about would Netflix do a similar fol- f- Yeah

follow suit. And

Ethan Cramer-Flood: I, let me just throw one more... I know I got, I have one more topic that's totally separate- ... from this topic, but we've danced around this. This is a device issue as well. This is about the television set and, the storyline of traditional TV being in decline, and cord-cutting, et cetera.

And indeed, time spent with TV is down, and of course viewership is down, and all the, and ad spending declines, on non-political years. Yada, yada, but it's still one device. It's still just the big screen in the living room. We sit on a couch and we look at this big screen.

It's one and the same device. That's your CTV and your TV, and increasingly we're we're looking at them collectively. You call it converged TV. That's the term that everyone is using now, and it's it's more, it's stark to see how that device in our living room is losing share [00:20:00] rapidly for advertising dollars- and ad presence, even though it's not losing attention at all. If every- we're all engaging with that screen in our living room just as much as we ever have. In fact, it's going up a little bit every year. So no matter how much TV, technically linear TV declining, doesn't matter. CTV is more than making up for that.

We're all still doing exactly what we used to do. But that device's share of ad budget is spiraling downward as it spirals upward on our smartphones, thanks largely to social media, but also to lots of other things. Just all, all the ad money is just flowing to mobile even though people still spend way more time in front of that big screen in the living room.

Yeah. And this, so the things like free ad-supported TV and YouTube and other things you mentioned, like those are up on the big screen.

Oscar Orozco: Yeah. Yep.

Marcus Johnson: Yep.

Oscar Orozco: A, a quick comment. A lot- another piece of that is shopping, right? The conversions with shopping, it makes you think there's a, an untapped potential on, we've- we used to shop more on our desktops and laptops because of the bigger screen.

What about the CTV- ... [00:21:00] shoppable media there? That, that could be very much an untapped poten- potential there. Yeah. Something that, advertisers and publishers need to think more about.

Marcus Johnson: Yeah. To what the guys are saying, converged TV, linear plus CTV, basically- Yeah ... content watched through a television.

We estimate that 18% of ad spend will go to that device compared to 38, call it 38% of our time. And that time is not moving over the next couple of years, and the ad spend is ticking down slightly. Ethan, what's one more interesting finding from your research?

Ethan Cramer-Flood: Yeah, I know. Sorry, I we used up a huge amount of our time, but I did wanna give one one, a little bit of time we have left, a shout-out to audio Digital audio in particular, but really all audio.

I know. Every, every time I'm on here, I try to like let's not forget about the podcasts.

Marcus Johnson: Go podcasts. Yes.

Ethan Cramer-Flood: I don't care there's a camera in front of it. This is an audio-

Marcus Johnson: Tell

Ethan Cramer-Flood: them

Marcus Johnson: how good podcasts are right now ...

Ethan Cramer-Flood: medium. Why is it not coming back on? So audio is just, is so extremely skewed in terms of the f- in [00:22:00] terms of the very very large amount of time spent with media that it claims from all of us, and the very very tiny amount of ad dollars that flow to the medium.

So just digital alone, well over 10% of our daily time spent with media is with digital audio. The ad spending that goes to digital audio is 1.5% of the total pie, and then I like to throw radio in there also. Obviously, it's pretty, it's different. It's pretty different nowadays with digital audio and radio conceptually, but if you add the two of them together, you're talking about 20% of our daily time with media is still just our ears.

... And just a- and f- three, what am I looking at here? 3.5% of the total ad revenue pie. And this is something that I think is frequently overlooked. And then on the platform side, you can look at Spotify as a sort of the, the poster child for this, where the Spotify is just huge part of most or many adult Americans' daily media time, and their ad business has really struggled to take off.

Some of that's on them. They have to do a better job. But there is no doubt that the attention metrics are [00:23:00] consistently huge for all forms of audio and that it... But yeah, advertisers are just not paying very much attention to it.

Marcus Johnson: Yeah. We'll be speaking about Spotify mid-August in Three Big Questions for them at the moment.

I'm assuming, Ethan, that the, as the gap is widening there as well in terms of time and ad for w- digital audio.

Ethan Cramer-Flood: It's certainly-- they're certainly losing ground on the ad side because you're- Yeah ... when you see the mammoth amount of growth that companies like Meta and social networks- achieve, they're up in the hundreds of billions of dollars is flowing somewhere else now. And although it's not it's not like digital audio ad spending is declining but when you are barely growing- Oh ... and the- You can share. ... The big boys are growing enormously that means your share is just declining and declining- Right

over time, even though the time spent is looking just fine.

Oscar Orozco: Yeah.

Marcus Johnson: Yeah.

Oscar Orozco: Yeah, it's of course, it's tricky with audio. It's w- consumers don't want a song or even a podcast to be interrupted midstream, right? So it's very tricky. But I also think- This

Marcus Johnson: episode is brought to you by yeah.

Oscar Orozco: There you go. I think [00:24:00] it's complex, obviously. The platforms could be doing more. I do think some of the ... When you think of Apple Music, even Amazon, they're not as concerned with monetizing their audio services, and those are some of the more popular ones. So that plays a factor as well.

Spotify needs to be doing better there, and I think they could on the tech side. But- Yeah ... I don't know. I w-

Marcus Johnson: It's, It's tricky ... it's so interesting, isn't it? Because Spotify, you think of digital audio, you think Spotify. You think of digital video, you think Netfl- these, these giants in their industry- still not really monetizing- No ... at the s- at the rate that you would you would expect. Even someone like a YouTube, you could argue that as well. Yeah. Just given their scale, and then given the dollars coming out of it it doesn't seem like digital in a lot of ways especially these particular companies, particular industries, have found a way to make as much money- as they could do given that they are the monopolies of their industry- Yeah ... or given that they have such enormous scale across, across the space. Yep.

Ethan Cramer-Flood: Yeah. Man, now that I hear you say that, and I think about how the ad load on YouTube [00:25:00] is just getting increasingly annoying. Yeah, it is. Man, maybe we shouldn't be saying this stuff out loud.

Actually, cancel this podcast. I don't want anyone to hear. I don't want I don't want, I do not want Netflix to end up like the way YouTube is now.

Marcus Johnson: Oh, no. The full, get ready I know. E- Ethan's full report is called US Ad Spending Versus Time Spent 2026. The link is in the show notes.

PRO+ subscribers, you of course head to connect.emarketer.com for the full thing. There's much more in there. That's all we have time for though, unfortunately, for this episode. Thank you so much to my guests. Thank you first to Ethan.

Ethan Cramer-Flood: Oh, always my pleasure. I'll see you in a year.

Marcus Johnson: Yes, sir, rou- roughly.

Oh, thank you to Oscar. See you next week. Yes, indeed. Thanks for having me, Marcus. Thanks for being here. Thank you to Spain for a thrilling- Spain. Vamos ... world Cup. Congratulations to them. Commiserations, Argentina, and all the rest of the teams who lost too mainly England. Thanks to the production crew, Lance Mike helping us out with this one.

To everyone for listening to Pod News and EMARKETER Video Podcast, thanks America for hosting, you too, Canada and Mexico. We'll be back on Monday talking about the three big questions surrounding Google. Happiest of long weekends. Oh, it's not a long weekend. [00:26:00] I wish it was.