Analysis: The Trade Desk OpenPath vs Open Market
An analysis by Vlad Chubakov compares The Trade Desk's OpenPath supply route to standard open-market programmatic. Across a portfolio, OpenPath impressions showed a 43% lower CPM versus named-SSP buys (with desktop -51% and below-the-fold -72%), but platform-level outcomes were worse: CPA was 31% higher and ROAS 28% lower on OpenPath. Attention and viewability metrics looked comparable between paths, suggesting price differences are not purely quality markdowns. The article highlights industry controversy over hidden fees and audits (Dentsu, WPP, Publicis, Omnicom), notes TTD's stock drop after the audit story, and flags identity/match-rate and attribution differences as plausible explanations that require further testing.
- •The Trade Desk launched OpenPath in February 2022 as a direct-to-publisher supply route.
- •OpenPath impressions were about 43% cheaper on CPM than the same inventory bought through named SSPs (portfolio-wide).
- •Desktop OpenPath CPM ran 51% below non-OpenPath desktop CPM; below-the-fold inventory showed a 72% discount; CTV OpenPath CPM was 9% higher.
