$Spotify(SPOT.US), $Disney(DIS.US) barely moved today, while $Trade Desk(TTD.US) edged higher. Both rely on advertising and subscription revenue, but while content platforms remained flat all day, $Trade Desk(TTD.US), on the advertising demand side, is trending upward. This divergence seems more like the money from the advertising recovery is flowing first to the 'water sellers' of programmatic advertising rather than directly betting on content creators. Valuations for content platforms still need to grind higher slowly through subscription growth, while the elasticity on the advertising side comes faster. How much longer do you think this divergence can last?
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