Madison and Wall Podcast
Madison and Wall
Madison and Wall's Brian Wieser and Luke Stillman digs into how the advertising business really works. Subscribe for analysis, insight and more about advertising, media and technology trends.
Access more M&W research summaries and analysis by subscribing to our complimentary Saturday newsletter at https://madisonandwall.substack.com/.
To learn about becoming a paid subscriber or advertising with us, reach out to Brian at brian@madisonandwall.com.
Access more M&W research summaries and analysis by subscribing to our complimentary Saturday newsletter at https://madisonandwall.substack.com/.
To learn about becoming a paid subscriber or advertising with us, reach out to Brian at brian@madisonandwall.com.
Episodes
Mentioned books
Apr 3, 2026 • 10min
Ep. 78: Economic Update, Publicis’ Sports Marketing Investment and More
We review our latest work of the week, which featured a discussion of current economic data, Omnicom’s history vs. peers, sports marketing and more
Mar 27, 2026 • 12min
Ep. 77: OpenAI Ad Revenue Sizing, Nielsen’s Gauge Changes, In-App Advertising and More
A lively discussion sizing OpenAI’s potential ad business and the comparisons to early social platforms. They explore the operational challenges of building ad sales and the investments needed to scale. The growing role of in-app advertising and emerging app monetization models gets attention. Changes at Nielsen around measurement and trade-offs between accuracy and consistency are also covered.
Mar 20, 2026 • 13min
Ep. 76: The Trade Desk and Publicis, How Agencies Adapt to AI, Principal Trading News and More
Discussion of inflation signals, oil prices, and what they mean for market expectations. A raised advertising forecast with lingering stagflation worries. How AI is changing agency workflows while people remain central. Debate over agency payment models and growing principal trading activity. The Publicis and Trade Desk dispute and agencies building DSP-like capabilities.
12 snips
Mar 13, 2026 • 11min
Ep. 75: New Ad Forecasts!
They discuss a raised ad forecast for 2026 and the tension between upside spending and downside risks. Oil price swings and inflationary effects on gas prices come up. Conversations about AI being treated as its own ad category and shifts in ad tech consolidation keep the focus on industry change.
Mar 6, 2026 • 11min
Ep. 74: Uncertainty and Advertising, The DHS Boost to the Ad Market And More
They dig into how uncertainty reshapes advertiser decision-making and budget flexibility. The conversation covers how conflict duration can prolong ad-market weakness. There is a look at cord cutting, shifts in video spending, and rising barter activity in media deals. They also discuss government ad spending and recent moves by platforms affecting travel bookings.
Feb 27, 2026 • 12min
Ep. 73: Ad Tech M&A, Tariffs, WPP Large Client Data and More
Discussion of how tariffs can unexpectedly hit everyday purchases and what that reveals about trade policy. A look at ad-market earnings, agency restructuring, and the commerce-focused value of proprietary data. Analysis of a major ad-tech acquisition and newly revealed large-client spend details from a court filing. Brief takes on AI, layoffs, and areas for further research.
Feb 20, 2026 • 11min
Ep. 72: Omnicom and Walmart results, CAGNY commentary + News on The Trade Desk and Google
Conversation covers Omnicom's earnings and what limited disclosure says about media strength and layoffs. They dig into Walmart's commerce media growth and rising ad performance. Discussion highlights CAGNY themes like K-shaped consumer trends and brands using AI for creative. Coverage includes The Trade Desk, platform tensions around OpenPath, and shifting commerce fulfilment challenges for TikTok versus Amazon.
9 snips
Feb 13, 2026 • 13min
Ep. 71: AI, AI Owe: AI Ad Revenue, AI Capital Expenditures and Agentic Commerce Analysis; Changes at Dentsu, WPP and Omnicom; Analysis of Pinterest, Roku, AppLovin Earnings and More
Conversation covers three AI angles: advertising spend and creative risk, agentic commerce and where purchases may shift, and the debate around massive AI capital expenditures. Discussion of recent agency consolidation and leadership moves at major agency groups. Review of earnings trends at platforms like Pinterest, Roku and the rise of AI creative tools across ad and media firms.
Feb 6, 2026 • 12min
Ep. 70: Saving Journalism (Or Not), New Businesses Formation = Ad Spend, Google, Amazon and Publicis Earnings, Marketer Commentary and More
A fast take on whether advertising can rescue modern journalism and why subscriptions may matter more. A look at earnings from major tech and ad firms and how AI is reshaping search, creators, and production quality. Discussion of a surge in new business formation and how digital-first startups plan ad spending and hires.
Jan 30, 2026 • 13min
Ep. 69: Meta's Growth, YouTube vs Barb, M&W Category Data and Much More
They dig into Meta's robust ad growth and how AI and targeting shifts are reshaping advertiser strategy. They unpack YouTube's clash with UK measurement and what measurement fragmentation means for media. They highlight TV operator trends, content costs and Charter's push into performance TV. They also announce new proprietary category advertising data and note turnover across major ad companies.
