’Tis the season—publicly traded companies are telling everyone how much money they made, and analysts are reading investor transcripts like tea leaves, hoping to map the economic future of the industry.

While the US economy is, like, really weird right now, so far earnings have found open internet ad-tech executives touting a win they can hold over their walled-garden rivals: growth in connected television.

  • PubMatic, Magnite, and The Trade Desk each credited their CTV businesses with strengthening their bottom lines during more turbulent times in the advertising economy.
  • Though The Trade Desk doesn’t disclose CTV figures, Magnite said CTV represented 42% of its revenue in Q2, excluding traffic acquisition costs, growing 52% year over year to $52.1 million. PubMatic’s CTV business grew 150% YOY.

“I don’t know that we’ve ever experienced a secular tailwind like this before. CTV is evolving faster than anyone predicted,” said Jeff Green, CEO of The Trade Desk, during the company’s earnings call. Though none of the three broke out specifically how much CTV inventory was sold in Q2, it’s an emerging sector that isn’t dominated by walled gardens, Green explained.

Despite their scale, “no one in CTV is big enough to be as dominant in TV as Google has been with search or with Chrome or DoubleClick,” he said. “As a result, the marketplace for premium CTV is fair, especially in relative terms and extremely competitive.”