Ari Paparo explains why outcomes have become the defining metric in digital advertising, how AI and platform consolidation are reshaping the buy and sell sides, and what the decline of the open web means for marketers, publishers, and ad tech moving forward. Key Takeaways - Outcomes have always existed in digital advertising, but pressure on CMOs has made measurable results unavoidable. - Closed loop platforms outperform the open web because scale, identity, and measurement live in one system. - Experimentation and advanced modeling are replacing traditional attribution as cookies disappear. - AI agents may reduce fragmentation by automating buying, negotiation, and optimization across publishers. - Programmatic advertising is circling back to outcome driven models similar to early ad networks. - Antitrust actions may reduce Google’s efficiency but will not eliminate its dominance in outcomes. Chapters 00:00 Outcomes become the central measure of marketing success as CMO accountability increases. 02:10 AppLovin shows how repeatable performance drives massive valuation. 04:08 Experimentation and AI modeling replace fragile attribution systems. 06:01 Why publishers struggle to compete with closed platforms on outcomes. 09:12 AI search and summaries dramatically reduce traffic to the open web. 12:09 Fragmentation creates opportunity in a multipolar content ecosystem. 14:14 Agentic buying hints at a future with less friction and more scale. 15:20 Programmatic advertising evolves back toward outcome focused systems. 20:31 Antitrust remedies may reshape Google’s stack without killing outcomes.