Podcast
The Monopoly Report
Hosted by Alan Chapell · EN
In-depth coverage of big tech's antitrust woes from Marketecture.tv. We are covering the Google search and ad tech trials and everything else happening. Subscribe to our newsletter at https://monopoly.marketecture.tv
77episodes
Episodes
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Episode 76: John Battelle on AI, Data Ownership and the Future of the Open Internet
2d ago01:15:30Summary readyAlan Chapell sits down with journalist, entrepreneur, and Wired co-founder John Battelle for a deep discussion on AI, privacy, data ownership, publishing, and the future of the internet. They unpack the “inner monologue bloom,” OpenAI’s ambitious ad revenue projections, the economics behind content creation in the AI age, and why Battelle believes data portability could unlock an entirely new innovation economy. From programmatic advertising to platform control, this conversation explores who will ultimately control the next era of digital infrastructure. You may find John at https://battellemedia.com/ or https://www.linkedin.com/in/johnbattelle/. You may find the Chapell Regulatory Insider at https://chapellreport.substack.com/. Takeaways - AI chatbots are creating a new “inner monologue” data economy. - Data is non-rivalrous, but tech platforms treat it like a closed asset. - OpenAI’s $100B ad revenue target would require massive market disruption. - Publishers still lack a scalable AI monetization model. -Programmatic ad tech may be one of the most underutilized infrastructures online. - Battelle argues consumers should own portable, machine-readable versions of their data. - AI agents could reshape commerce, search and personalization. - Platform control battles are shifting from browsers to AI ecosystems. - Local journalism faces a growing sustainability crisis in the AI era. - The next phase of the internet may depend on user-controlled AI agents. Chapters 00:00 Alan introduces John Battelle and his background in tech and media. 03:00 The “inner monologue bloom” and AI-driven privacy concerns. 09:20 Why data is treated incorrectly as a rivalrous asset. 15:00 OpenAI’s $100B advertising ambition and whether it’s realistic. 19:30 The future of AI agents and user-controlled personal data. 27:15 Apple, platform gatekeeping and the fight for user agency. 35:00 The economics of AI infrastructure and compute costs. 39:55 How AI impacts publishers, local journalism and content monetization. 50:55 Retail media, first-party data and the future of advertising. 58:00 Journalism as a public good and the risks of centralized AI control. 01:01:00 Why programmatic ad tech remains massively underestimated. 01:11:30 Battelle’s proposed “Token Act” and machine-readable data portability. 01:16:45 Final thoughts and where to follow John Battelle. Guests: Alan Chapell Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 75: Brave's JP Schmetz: ‘Publishers Need to Get Their Act Together'
2w ago00:54:37Summary readyJP Schmetz, Chief of Search and Ads at Brave, joins Alan Chapell to debate the questions that most browser executives won't touch on the record. Should publishers stop outsourcing ad sales to Meta and Google? Is "first-party vs. third-party" a meaningful distinction to users — or a convenient line Brave draws to justify default blocking? Alan pushes back. JP pushes back harder. Featuring references to Jason Kint at DCN, GPC defaults, The Knight-Georgetown Institute (KGI) report covering data sharing pursuant to the DOJ Search remedies (among other items), and why rooting against the AI investment cycle is, by default, rooting for Google to win everything again. The KGI Report on data sharing is available at https://kgi.georgetown.edu/wp-content/uploads/2026/04/Designing_the_Technical_Committee_Report_KGI-FINAL-April-2026.pdf. Sumit Sharma’s Report on Data Sharing is available at https://insights.sumitsharma.consulting/p/google-search-remedies-implementation The Chapell Regulatory Insider is available at https://chapellreport.substack.com/ Takeaways - Brave believes browsers should prioritize users over advertisers. - JP argues Google’s monopoly power comes from distribution and monetization. - Brave blocks third-party requests by default for privacy reasons. - Alan and JP debate the merits of blocking ads in the name of privacy. - Brave Search now powers parts of the AI search ecosystem. - AI could redistribute traffic away from traditional search engines. - JP believes publishers became too dependent on programmatic ad tech. - Subscription-based AI models may create a healthier internet economy. Chapters 00:00 Introduction and meeting JP Schmetz 00:36 Can browsers still serve users first? 04:05 Why browsers need search revenue to survive 05:49 The economics of search advertising 08:10 DOJ remedies, Chrome, and Google dominance 10:39 Brave’s evolution from privacy browser to search business 12:47 Why Brave blocks third-party ads and trackers 16:18 Publishers, ad tech, and selling ads directly 19:18 Ad tech circumvention and browser controls 22:02 Is Brave hurting publisher monetization? 25:05 Contextual advertising vs third-party tracking 28:47 Global Privacy Control and browser defaults 32:36 Brave Search, Google defaults, and monetization 34:56 Google data sharing and search competition 41:15 AI, search, and the future of the internet 46:30 Subscription models vs ad-funded AI 49:43 Why competition against Google still matters 51:25 Final thoughts and closing remarks Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 74: The Attribution Cartel: Why “Privacy-Safe” is NOT what it’s made up to be
Apr 2900:46:04Summary readyDon Marti joins Alan Chapell to unpack the hidden risks behind the push for industry standards for “privacy-safe” ad attribution, the myth of privacy-preserving tech, and how big platforms may be reshaping the future of digital advertising. The Chapell Regulatory Insider is at https://chapellreport.substack.com/ Don Marti may be found at: https://aloodo.com/ See Don Marti’s recent AdExchanger piece at https://www.adexchanger.com/data-driven-thinking/what-happens-when-the-attribution-cartel-meets-advertisings-halo-effect/ Additional discussion re: the problems with PETs for advertising https://privacy-daily.com/news/2025/06/10/PrivacyEnhancing-Technologies-Are-Not-a-Silver-Bullet-PEPR-Told-2506100010 https://rjionline.org/news/the-traffic-and-revenue-crisis-for-news-is-a-symptom-of-big-techs-economy-wide-trust-collapse/ https://rjionline.org/news/big-tech-is-squeezing-advertising-jobs-and-companies/ https://rjionline.org/news/big-techs-economic-takeover-can-be-beat/ https://rjionline.org/news/big-tech-runs-counter-to-journalism-values-so-why-is-the-news-industry-helping-tech-take-over/ Takeaways Privacy-focused users are often the most valuable customers, challenging traditional ad tech assumptions about measurability. Attribution is fundamentally about linking ad exposure to outcomes, but current models often prioritize simplicity over accuracy. “Privacy-preserving” systems frequently focus on mathematical guarantees that don’t align with real-world privacy harms like discrimination or deception. Proposed attribution standards may unintentionally increase surveillance incentives by enabling fraud and data laundering. Fraud in attribution systems can reward actors who intercept users right before purchase, distorting true performance signals. Big tech companies may benefit from attribution systems that reinforce their own ad recommendations, reducing competition. The “halo effect” shows ads perform better in trusted, premium environments, but current systems undervalue this dynamic. A shift toward cheap, commoditized ad placements weakens both brand equity and publisher sustainability. The so-called “attribution cartel” is defined by systems that avoid user consent and bypass opt-out mechanisms. Effective privacy regulation should focus on real-world harms rather than technical implementation details. Chapters 00:00 Intro & What Don Marti Has Been Working On 01:18 The “Marti Paradox” 02:52 What Attribution Really Means 03:35 The Broken State of Attribution Today 07:32 Complexity, Perception & Industry Behavior 08:21 The Problem with “Privacy-Preserving” Tech 11:54 Big Tech Incentives & Centralization 16:17 The Halo Effect & Ad Effectiveness 17:01 Commodification vs Sustainable Advertising 21:28 Attribution Fraud Explained 23:49 Data Laundering Through Attribution Systems 26:09 The “Attribution Cartel” Defined 29:17 W3C, Standards & Industry Power Dynamics 32:29 Alternative Approaches (AdMap) 37:03 What Good Privacy Regulation Looks Like 40:56 The Future of Attribution 43:20 What Industry Stakeholders Can Do 45:00 Rethinking Privacy Harms Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 73: Pubmatic isn’t messing around with Agentic Ads
Apr 2200:51:06Summary readyAndrew Woods, GC of SSP Pubmatic, joins Alan Chapell to discuss Pubmatic’s approach to agentic ads — and how AI has irrevocably changed the legal profession. Pubmatic’s recent agentic test campaign results were a hit at Marketecture Live, and Andrew goes deep into what he believes will need to happen in order for agentic to live up to its promise. The Chapell Regulatory Insider is available at https://chapellreport.substack.com/. Takeaways Agentic AI does not create new liability; it accelerates existing frameworks Accountability sits with whoever deploys the agent Logging and decision provenance will be critical for compliance Privacy compliance is less about difficulty, more about fragmentation Hope is not a plan when it comes to regulatory scrutiny Data minimization is becoming a real engineering constraint AI will eliminate routine legal work but elevate strategic problem-solving Agentic systems can become powerful compliance tools if built correctly Chapters 00:10 Introduction to the episode and Andrew Woods 02:01 Andrew’s background and journey into ad tech 04:20 Lessons from Twitter on privacy and user safety 06:29 What a General Counsel does in modern ad tech 08:43 Biggest lesson from global privacy enforcement 11:04 Building trust between legal and business teams 13:21 Who is liable in agentic AI advertising 16:29 Why logging and data provenance matter 18:27 The role of compliance signals and guardrails 20:57 Why agentic compliance frameworks are not built yet 22:57 Regulation versus fragmentation challenges 24:55 How PubMatic approaches privacy by design 27:10 Data minimization in practice 28:16 Non-negotiables for agentic compliance frameworks 31:57 Where industry discussions are happening 33:50 The future of agentic AI in advertising 36:42 How PubMatic’s legal team uses AI today 40:26 Why traditional legal work is disappearing 45:09 Final thoughts and closing Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryAlan Chapell’s Fireside chat with FTC Commissioner Meador
Apr 1500:29:37Summary readyThe Monopoly Report’s Alan Chapell sits down with FTC Commissioner Mark Meador at Marketecture Live to discuss industry privacy self-regulation, the future of the cookie opt-outs, the use of privacy as an anticompetitive pretext, and some ideas for better protecting kids online. Takeaways Self-regulation still matters, but must be effective and avoid collusion risks. Privacy and competition often exist in tension and require balance. Cookie-based systems are imperfect and depend on better alternatives emerging. Risks around using privacy as a pretext to lock up the browser market or access to critical data. Transparency is key for both consumer protection and fair competition. Age verification is advancing rapidly with privacy-conscious innovation. “Free” platforms still involve economic transactions and consumer trade-offs. Antitrust enforcement is shifting toward tackling dominant players’ conduct. Chapters 00:00 Introduction and role of self-regulation in advertising 00:41 Why self-regulation still matters and how it should work 02:27 What makes self-reg effective in the eyes of the FTC 04:12 The limitations of cookie-based privacy tools 06:03 Global privacy controls and market-driven solutions 08:38 Balancing privacy and competition in digital markets 10:33 Protecting children online and age verification innovation 14:29 Solving privacy concerns in age verification systems 15:38 Why universal identity checks are not the goal 18:06 Measuring harm in “free” digital platforms 20:25 Current state of antitrust enforcement 23:07 Addressing monopolies after consolidation has occurred 25:28 Rethinking antitrust and the risks of concentrated power Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 72: Can Mozilla succeed by doing right by its User base?
Apr 800:45:16Summary readyHost Alan Chapell is joined by Ajit Varma and Kush Amlani from Mozilla, where they talk about the intersection of privacy and competition, the weaponization of privacy, and how Mozilla is placing a bet that staying true to their core privacy principles will enable Firefox to succeed over the long term. The Chapell Regulatory Insider may be found at - https://chapellreport.substack.com/ Kush Amlani is Director, Global Competition & Regulation at Mozilla, leading the work to create a level playing field in digital markets internationally. Prior to joining Mozilla, Kush was a Senior Competition & Regulatory Lawyer at the BBC for five years, based in London. He joined the BBC from SJ Berwin LLP (later Kings & Wood Mallesons), where he worked on antitrust cases across the UK and EU, spanning sectors such as energy, media, telecoms, and pharmaceuticals. In his role as Head of Firefox, Ajit Varma leads the development of the Firefox strategy, ensuring it’s a delightful experience for current users, as well as those of the future. Ajit has years of product management experience from Square, Google, and, immediately prior to joining Mozilla, Meta, where he was responsible for monetization of WhatsApp and overseeing Meta’s business messaging platform. Earlier in his career, he was a co-founder and CEO of Adku, a venture-funded machine learning platform that was acquired by Groupon. Ajit has a BS from the University of Texas at Austin. He is based in the Bay Area. Takeaways Product and policy are now deeply intertwined in modern tech decisions Some browsers are increasingly evolving into AI-powered agents Mozilla prioritizes user choice, transparency, and choice-driven AI experiences Privacy and competition should work together, not against each other Open source and browser diversity are critical hedges against Big Tech dominance Mozilla intentionally sacrifices revenue to stay aligned with its core privacy and trust principles The future of AI depends on interoperability and low barriers to entry Chapters 00:00 Intro to Mozilla’s role in privacy and competition 00:41 Why product and policy are now inseparable 03:03 Kush’s path into law and regulation 04:49 How browsers evolved into user agents 08:26 New AI browsers and distribution strategies 09:40 Mozilla’s approach to monetization without selling data 12:14 Why privacy matters more than ever 15:15 Privacy vs competition in regulation 24:08 Mozilla’s AI strategy and avoiding dependency 27:42 What trustworthy AI actually means 31:36 Privacy-enhancing technologies and their limits 34:11 The trade-offs of privacy-first business models 40:23 Why competition and browser diversity matter 41:32 The importance of Mozilla’s Gecko engine Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 71. The Revisionist History of Privacy Self-Reg in the Ads Space
Apr 100:44:10Summary readyHost Alan Chapell is joined by Mark Naples of WIT Strategy, where they discuss the history of self-reg in the ads space, the NAI's origins in 2000, the DAA's launch a decade later, and the rise of the cookie opt-out mechanism. They also get into AI and whether that will change the path of innovation in adtech. Find Mark Naples here https://www.witstrategy.com/mark-naples. The Chapell Regulatory Insider may be found here - https://chapellreport.substack.com/ Takeaways The DAA’s core goal was to delay, if not prevent, government regulation—and it worked Transparency was helpful, but didn’t meaningfully protect users Over the years, the focus was on regulating smaller players while Big Tech scaled unchecked Cookie-based opt-outs were flawed but persisted because they “worked” (kind of, sort of) AI is degrading critical thinking and originality in communications Innovation in ad tech has slowed significantly - will the rush to agentic speed it back up? Engagement matters more than clicks, but most marketers still don’t get it Chapters 00:00 Intro & Welcome to the Monopoly Report 02:20 Setting the Stage: Privacy, Regulation & Ad Tech 03:30 The NAI Origins & Early Industry Tensions 08:30 DoubleClick vs. Open AdStream Models 12:00 Privacy vs. Transparency: What Actually Mattered 16:30 The Birth of the DAA & Self-Regulation 22:00 Was the DAA Really a Success? 27:00 Big Tech’s Rise & Missed Warning Signs 32:00 Cookie Opt-Outs & Technical Reality 36:30 Power, Regulation & the Role of Government 41:00 AI’s Impact on PR & Media Quality 45:00 The Decline of Innovation in Ad Tech 49:00 What the Industry Should Be Talking About: Engagement 52:00 Where to Find Mark & Closing Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 70: Ad Tech at a Turning Point with Allison Schiff of AdExchanger
Mar 2500:52:34Summary readyAllison Schiff, Managing Editor at AdExchanger and host Alan Chapell, break down the growing tension between business incentives and ethical responsibility in the ad tech industry. The background context is the recent RFI from the U.S. Department of Homeland Security. Who within the larger ad space is willing to admit - WE are part of the problem. Check out the Chapell Regulatory Insider at https://chapellreport.substack.com/. Takeaway In the ad space, Incentives sometimes drive behavior more than ethics. Regulation has adjusted core practices, but hasn’t changed the mindset. Data use has a real human impact. Data flows continue to lack transparency. Reform will require multiple forces. Chapter 00:00 Introduction & Guest Background 04:09 ICE RFI & Industry Silence 08:06 Ethics & Industry Responsibility 13:34 Public Positions & Industry Response 18:13 Surveillance Advertising & Data Use 23:42 Regulation & State Laws 29:09 Privacy Challenges & Vulnerable Populations 36:48 Data Practices & Transparency 43:18 Drivers of Privacy Reform 48:06 Industry & Regulatory Challenges Ahead 52:14 Closing Thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 69: Anthony Katsur, CEO at IAB Tech Lab: Navigating AI, Privacy, and Adtech’s Agentic Future
Mar 1800:52:10Summary readyTony Katsur, CEO of IAB Tech Lab, joins Alan Chapell to unpack the rise of agentic AI and its impact on privacy and data governance. They explore why current approaches fall short and how the industry risks repeating past mistakes. The discussion breaks down vector embeddings and how they enable data matching without exposing raw user information. They also examine ongoing challenges around compliance, consent, and data deletion in AI-driven systems. Finally, the episode covers AI content marketplaces and how frameworks like COMP aim to bring structure, transparency, and fair compensation to publishers. The Chapell Regulatory Insider may be found here: https://chapellreport.substack.com/ Takeaways Agentic AI brings powerful automation but risks repeating past privacy failures without strong governance frameworks in place. Existing privacy standards like TCF and GPP can be embedded into agentic systems but need further evolution and enforcement. Vector embeddings enable privacy-conscious data matching by comparing similarity rather than sharing raw data. Data deletion and compliance remain unresolved challenges when user data is embedded into AI models or vectors. Audit, attestation, and accountability mechanisms are critical to prevent misuse and misrepresentation in agentic ecosystems. AI content marketplaces require structured licensing frameworks like COMP to support fair compensation and transparency. Tokenization of content could improve tracking, attribution, and source-of-truth verification for publishers and brands. The industry is still early in agentic development and must slow down to build privacy-first foundations. Chapters 00:00 Intro and discussion on agentic AI hype vs reality 01:12 Why privacy is missing from the agentic AI conversation 03:34 Challenges with DSARs and scaling privacy compliance 05:08 Existing privacy frameworks and how they apply to agentic systems 07:44 The role of privacy taxonomy and data classification 12:38 Explaining vector embeddings and privacy-safe data matching 18:30 Compliance challenges with embeddings and data transparency 24:26 Agent registry and identity verification in agentic systems 30:54 AI content marketplaces and the COMP framework 35:24 COMP vs RSL and licensing models 38:15 Content tracking, tokenization, and transparency challenges 42:48 The future of AI content marketplaces 44:38 Why industry participation in Tech Lab is critical Learn more about your ad choices. Visit megaphone.fm/adchoices
SummaryEpisode 68: How to Build a Privacy Program with Charm & Gravitas
Mar 1100:48:24Summary readySheila Colclasure joins host Alan Chapell to discuss some key lessons learned in a career that included significant privacy, AI and data governance roles at Acxiom and IPG. Sheila shares what inspired her to coin the term “March Fairness” as well as a few secrets on how to influence senior decision-makers on privacy and data governance issues. You can find the Chapell Regulatory Insider at https://chapellreport.substack.com/ Takeaways Sheila's journey into privacy began in 1997 at Axiom. Building a culture of privacy is essential for success. Documentation is crucial for privacy and AI governance. Words matter in privacy and AI governance discussions.. Data brokers play a vital role in the information services industry. Regulatory scrutiny on data brokers has evolved over the years. March Fairness highlights the importance of fairness in data usage. AI presents new challenges and opportunities for privacy. Understanding corporate strategy is key for privacy professionals. Sensitive data should generally be avoided in advertising use cases. Chapters 00:00 Introduction to Sheila Colclasure and the evolution of privacy governance. 02:00 Sheila’s privacy origin story and early work building Acxiom’s governance program. 04:20 Lessons from auditing data sources and creating ethical data sourcing standards. 09:20 Why documentation and governance discipline matter in privacy programs. 11:00 Building a digital responsibility framework across dozens of agencies at IPG. 17:30 The evolving debate around data brokers and regulatory scrutiny. 26:00 The concept of “March Fairness” and applying fairness to data governance. 30:30 AI, governance challenges, and the coming impact of quantum computing. 41:30 Career advice for privacy professionals Learn more about your ad choices. Visit megaphone.fm/adchoices
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