AdExchanger Talks Episode: “Who Needs ‘Corrosive Intermediaries’ Anyway?” Guest: Danny Spears, COO, Ozone Host: Allison Schiff Date: April 7, 2026

Episode Overview

This episode of AdExchanger Talks, hosted by Allison Schiff, delves into the ongoing challenges for digital publishers in an ad tech landscape dominated by platforms and what Danny Spears dubs “corrosive intermediaries.” As COO of Ozone—an alliance of major publishers—Danny discusses the erosion of publisher revenue, the battle over first-party assets, the impact of AI on publishing, and the collaborative models aiming to preserve sustainable journalism. The conversation is frank about the industry’s pain points but also spotlights emerging strategies, resilience, and optimism for publishers.

Key Discussion Points & Insights

1. Danny Spears’ Background and Perspective

• Unique Personal Tidbit: Danny shares his surprising past with ballet:
  "This has never been shared before... when I was a youngster, my mother took me to ballet. My friends associate me with football, but I’ve got a past in ballet." [02:11]
• Insight from The Guardian:
  While at The Guardian, Danny observed firsthand how publisher value is “strip-mined”:
  "I became more and more fascinated with the nature of the supply chain and particularly how value was being extracted without either of the primary actors, the publisher or the advertiser, being made aware of it." [04:21]

2. The Ad Tech Marketplace: Erosion, Extraction, and Existential Threats

• Strip Mining & “Corrosive Intermediaries”:
  Danny and Allison discuss how intermediaries have systematically siphoned value:
  • Publishers and advertisers are often unaware of intermediaries’ impact.
  • Platforms extract and attribute value to themselves, even when powered by publisher assets.
  • The “battle for control” over first-party data and distribution is ongoing.
  • "Those businesses have been built upon stolen publisher assets... leveraging content and audiences without explicit permission." [07:38]
• Emotion in the Industry:
  Allison: "I hate the narrative of helpless publishers just being strip mined." [08:54]

3. Publishers' Current Mood Amid “Perfect Storm”

• Magnitude of Simultaneous Challenges:
  Economic headwinds, Google core updates, AI-powered content aggregators (e.g., ChatGPT), shifting traffic referral patterns.
• Examples of Resilience & Innovation:
  • Daily Mail’s premium UX investments.
  • InOur Media pivoting from SEO to content distribution on platforms like Apple News.
  • BBC’s work in identity infrastructure and AI research.
  • UK publisher collaborations on regulatory and AI challenges (Spur Group).
    "The publishing industry's ability to respond... is quite remarkable. But there’s something unique about this moment—the magnitude of those challenges and the extent to which they’re all coming at once." [10:01]

4. Ozone: Purpose and Collaborative Advantage

• Origin and Mission:
  Formed by four major UK publishers to address ad market domination by platforms and ad tech intermediaries.
• Three Pillars of Ozone:
  1. Premium Demand Proposition: Competing collectively for platform budgets.
  2. Software & Services: Flexible offerings for varying publisher needs.
  3. Community Program: Voice for publishers on shared issues (e.g., brand safety).
     "Despite competition on the front end, actually finding areas of commonality and identifying where collaboration can create value was really kind of the heart of what became Ozone." [16:30]

5. Buy-Side Perspectives and Platform Measurement

• Buyer Intent vs. Action:
  Buyers claim to value quality and support journalism but are enticed by platforms’ “closed-loop” measurement and perceived efficiency.
• The Attribution Trap:
  Platforms leverage publisher signals but ensure outcomes are attributed to themselves.
  • "Those attribution mechanisms are geared to attribute that to the platform product. That is a real challenge from a publisher perspective and a very clever design feature from a platform perspective." [21:40]

6. Ozone’s Expansion and Internationalization

• US Market Entry:
  Ozone’s strategic, consultative US launch—tailoring for local publisher needs and culture.
  • "In those two markets [US and UK], around a quarter of a billion adults available to brands and buyers." [25:40]
• Multi-Market Offering:
  Introduction of “Premium World” removing friction for brands executing in many markets.

7. Supply Path Optimization (SPO) Realities

• Beyond the Buzzwords:
  A truly beneficial SPO for publishers means direct, transparent transactions, but with necessary flexibility to accommodate buyer workflows.
  • "A direct transaction is best... but buyers have their own workflow and needs, so we have to be flexible." [27:31]
• Notable Moment:
  Allison’s dog barks at the mention of SPO, adding levity:
  "Oliver the dog has strong opinions about supply path optimization." [28:49]

8. Attention Metrics: Aspirational or Actionable?

• Ozone’s Investment in Attention:
  Ozone Attention Index provides buyers with granular attention measurement and benchmarking.
• Skepticism about Market Adoption:
  "That’s a really important input... premium publishers should be rewarded for their superior attention... but historically, that is not how the programmatic market has recognized value." [31:17]

9. Technology Development and Ozone Labs

• Foundational Focus vs. Flashy AI:
  Ozone deliberately rebuilt its data infrastructure before launching its tech innovation arm, Ozone Labs.
• AI Strategy:
  • Not “Ozone AI” just for the sake of it; real R&D and operational enhancement.
  • "We’ve been very deliberately focused on the groundwork... to ensure that we’ve got the foundations to thrive in an AI-geared world." [33:09]
• AI’s Organizational Impact:
  Accelerates innovation but challenges traditional roadmaps and internal processes.

10. AI, Editorial Integrity, and Vibe Monetization

• Balancing Efficiency and Value:
  A complex tension exists between using AI for efficiency and preserving human editorial/journalistic value.
  • "The opportunity is to accelerate the rate of innovation, accelerate prototyping and product delivery. But then it raises some really fundamental questions about the roadmap, the annual roadmap... that concept feels like, you know, dinosaur." [40:03]

11. Advice for Overwhelmed Publishers: “Distribution Control”

• Danny’s Post-It Note Wisdom:
  "Distribution control. All value is derived, starts with assets... In this digital world that’s platform dominated, the demand from partners is hand over all your assets and we’ll do the rest. And that always risks the publisher being rendered to the position of raw ingredient supplier, losing all agency." [44:14]
• Allison’s Endorsement:
  "Forget writing 'distribution control' on a post-it, like frame it, dip it in Lucite. That is good advice for all time." [45:52]

Notable Quotes & Memorable Moments

• "Those businesses have been built upon stolen publisher assets." – Danny Spears [07:38]
• "The publishing industry's ability to respond to challenges... is quite remarkable. But I think there's something unique about this moment." – Danny Spears [10:01]
• "The platforms and their methodologies are fueled by premium publisher inventory and premium publisher data... but those attribution mechanisms are geared to attribute that to the platform product." – Danny Spears [21:40]
• "Oliver the dog has strong opinions about supply path optimization." – Allison Schiff [28:49]
• "Distribution control... In this digital world that’s platform dominated, the demand from partners is hand over all your assets and we’ll do the rest." – Danny Spears [44:14]
• "That is good advice for all time. It was good advice 15 to 18 years ago, and similar challenges are cropping up now. Just the players are a little different." – Allison Schiff [45:52]

Timestamps for Important Segments

• [02:11] Ballet background & buy-side insights at The Guardian
• [04:21] How value is extracted from the supply chain
• [07:38] “Corrosive intermediaries” and the asset battle
• [10:01] The “perfect storm” for publishers today
• [16:30] Ozone’s formation and mission
• [21:40] Measurement/attribution bias and platform dominance
• [25:40] Ozone’s US expansion and multi-market reach
• [27:31] What real supply path optimization looks like
• [31:17] Reality check on attention metrics
• [33:09] Tech development strategy and Ozone Labs
• [40:03] AI’s impact on processes and organizations
• [44:14] “Distribution control” as strategic advice

Tone & Language

The conversation is candid, insightful, and laced with industry realism—as well as humor and resiliency. Both host and guest speak with a sense of purpose and urgency for publishers while recognizing the complexity (and some absurdities) of the ad tech world.

In Summary

This episode paints a clear (and at times stark) picture of the challenges facing publishers—platform dominance, intermediary value theft, AI disruption—but also highlights collaborative innovation and adaptability as paths forward. Danny Spears’ core message: Publishers must protect, value, and control their assets to ensure their own sustainability—and, by extension, the sustainability of quality journalism itself.