> Incidentally, if you want to know if a publisher is going to survive the next five years, a decent proxy is the number of intermediaries involved in their ad

> Incidentally, if you want to know if a publisher is going to survive the next five years, a decent proxy is the number of intermediaries involved in their ad supply chain. indeed. rule of thumb: every intermediary is a potential disintermediary (see Google, Apple etc) bright side: or acquirer!