The Trade Desk’s Triple Tailwind

Most companies are lucky to ride one tailwind.
The Trade Desk has three.

From 2020 to 2025, TTD has captured a triple-layer shift in U.S. TV advertising:
📺 CTV continues to grow meaningfully, climbing from just 13% of total TV ad spend in 2020 to 37% by 2025
🔁 RTB/PMP Programmatic is becoming the dominant transaction layer for CTV, now reaching 63% of CTV spend
🎯 TTD is gaining share within that channel, capturing ~30% of programmatic CTV

📊 Chart below breaks it down:
→ Left: how much of each shift has played out
→ Right: how those layers map to real dollars inside the U.S. TV market

And here's the important part:
U.S. Total TV ad spend isn’t growing. It’s holding steady around $87B.
That means all of this momentum is coming from share shift, not overall market expansion.

Linear budgets are shifting into CTV
More of CTV is flowing through programmatic pipes
TTD is winning within that stream

📈 CTV still has a lot of headroom. But every layer has a limit:
- CTV won’t be 100% of TV
- RTB/PMP won’t capture every CTV dollar
- TTD won’t win every bid

The triple tailwind is real. But it’s also maturing.

The next phase of growth won’t just come from the current flywheel spinning faster. It’ll come from unlocking new surfaces, new spend, or a new platform shift entirely.