Observed Signal · Feb 9, 2023 · Portfolio Update · Source: Quo Vadis News · Impact: 2/5 · Sentiment: Positive
Quo Vadis 3Q21 AdTech Portfolio Update
Quo Vadis reports on its AdTech portfolio performance through 3Q21. The equal-dollar portfolio, now consisting of 15 public adtech firms (including the six original holdings TradeDesk, Criteo, Liveramp, Magnite, Roku, and S4 Capital plus nine new entrants added in 2021), is highlighted by an overall gain of about 805% since January 2018. The update notes Outbrain was added in 3Q21 and is down roughly 4% from its debut. It emphasizes that Q3 revenues for Outbrain and Taboola rose about 30% year over year, reflecting continued demand for content discovery and arbitrage-driven supply. The piece discusses market dynamics such as the Google cookie drama, which preceded a dip in programmatic stocks, and reports high correlation between S4 Capital and the portfolio (93%) versus legacy agency groups (59%). The analysis frames a wild adtech ride ahead and invites engagement via Quo Vadis+.
Portfolio performance update; not a major industry-shifting event
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Key Takeaways & Evidence Grounding
- Portfolio up 805% since January 2018
- Outbrain added in 3Q21 and down ~4% since debut
- Portfolio includes 15 adtech companies; 6 original, 9 added in 2021
- S4 Capital is the 4th-best performer, behind Roku; 93% correlation with the rest of the portfolio
- Q3-21: Outbrain and Taboola revenues up ~30% year over year
Connected Companies & Entities
8 Entities mappedOntology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
German consumers prefer AI advice over AI advertising
A new study by Criteo, based on commerce data from hundreds of CPG brands and a survey of over 6,300 consumers across six markets, reveals that ChatGPT is increasingly driving traffic to product pages, with its share of entries averaging 60% higher than traditional search engines from January to July. In July, 86% of these clients recorded at least one transaction mediated by ChatGPT. However, German consumers are hesitant about automated reordering, with 39% rejecting AI assistants for this task, compared to a 32% average across markets. A separate survey by Censuswide for Verve among 2,000 German adults found that about two-thirds are open to purchasing based on AI chatbot recommendations, especially for travel, food, and fashion. Yet, reactions to AI-generated ads are polarized: 35% lose trust in the brand, while about 19% view such ads more positively. Younger consumers (18-24) are more critical, with 45% losing trust, but 30% responding positively.
Criteo SSP Recognized by Frost & Sullivan for Commerce Media Innovation
Criteo's SSP has been recognized by Frost & Sullivan for innovation in commerce media, as announced in a new press release dated October 5, 2026.
OpenAI Enhances ChatGPT Ads with Image Formats and Measurement
OpenAI is expanding its ChatGPT advertising offering with a new visual ad format that uses image carousels, initially appearing during image generation. The ads are clearly labeled and separate from content, and the rollout begins in October 2026 for US users and select advertisers, with plans to reach over 60 markets. ChatGPT now surpasses 1.2 billion weekly users, making it the largest AI-based consumer platform. Early results show strong performance, such as WeightWatchers' 15.3% lower cost per acquisition and high new-visitor rates for brands like Dose and Portland Leather. However, a TrafficGuard study reveals that ad clicks are 3.6 times more likely to come from datacenters or proxies compared to Google Ads, with invalid click rates ranging from 0.1% to 34%, indicating early ad fraud challenges. Advertisers are encouraged to verify performance independently.
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