I can’t be more agree with Frederic’s statement as usual. Except for once I think Frederic is mistaking two things ; the value of the content and the value of the audience. I truly think that publishers do need to be much more aware about how to manage there own datas. It is necessary to povide to the audience the better content on the best plateforme at the right time. I do believe on the future of the Data Content, buzzfeed is the best example to me. Try to imagine what the same ingenering capacity as buzzfeed could bring to a great content from a legacy publisher. Great content provide great loyal audience. And programmatic is the best way for publishers to get great value from this great audience. Advertisers are ready to pay a high cpm for a loyal audience because this loyal audience pay attention to the content and attention is very valuable for adverstisers, it brings a great efficiency. But adverstisers need to do it in a simple way. That exactly what does provide programmatic a capacity to link automatically a great audience in the great content in real time at scale. But for now we are still using programmatic in the wrong way selling poor “unsold” inventory, no value for publisher there.