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  "documentTitle": "Magnite, Inc. (MGNI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-01-07 00:00:00",
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  "notes": "The slide uses a Q&A format to undermine the 'bullish' narrative surrounding Magnite.",
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      "text": "The insights we gathered are not as \"bullish\" as the promotional sell-side analysts would have you believe.",
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      "text": "In early January 2021, Spruce Point interviewed a Magnite customer with 14+ years of media industry experience that does in the range of $10 - $20m of annual advertising spending with Magnite. The insights we gathered are not as \"bullish\" as the promotional sell-side analysts would have you believe.",
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      "text": "\"No, that’s an incredibly robust prediction. TTD has been doing it longer with deeper client ties.\" — Anonymous Magnite Customer; \"Definitely, they are not as robust in analytics as say a ROKU. I need more analytics and insights into who is watching the campaign, how often, etc. It’s a major shortcoming of CTV at the moment, as compared to say YouTube, for example.\" — Anonymous Magnite Customer; \"CTV is growing, and we’re having a hard time finding inventory at Magnite. That is a big challenge. When inventory is tight it does make it more difficult for Magnite to make money.\" — Anonymous Magnite Customer; \"Yeah.. Listen.. these are not big deals. If they are selling me or you that this is the growth engine of Magnite, they’d be in a lot of trouble. It’s just a re-brand, it product that kind of already exists.\" — Anonymous Magnite Customer",
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      "text": "Note: Quotes paraphrased for brevity, but so not to lose meaning",
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      "text": "Q&A table showing Spruce Point questions and customer responses regarding Magnite's market position, analytics, inventory, and growth products.",
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