雅虎广告重回牌桌？

蓝鲸财经01-14

文｜刀客doc在广告行业，CES似乎已经变成仅次于戛纳广告节的行业盛会。我发现，很多大厂平台会把一些重要的产品更新放在拉斯维加斯：一边开闭门会见大客户，一边在台上宣布下一轮广告技术方向。今年有个小变化是，除了亚马逊等巨头外，雅虎广告的DSP又被频繁提起了。DSP是广告主用来管理预算、出价、定向和投放的核心工具。Digiday的报道指出，广告主开始重新评估雅虎DSP的使用价值。原因在于雅虎在产品层面...

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href=\"https://www.lanjinger.com/d/1768288713353856268\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1861558580.USD","symbol_name":"日兴方舟颠覆性创新基金B","start_time":0,"source_url":"https://www.lanjinger.com/d/1768288713353856268","article_id":"2603665718","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2603665718","pubTimestamp":1768363659,"columns":[],"sourceInfo":{"source_id":"lanjinger_stock","name":"蓝鲸财经"},"weMediaInfo":null,"summary":"今年有个小变化是，除了亚马逊等巨头外，雅虎广告的DSP又被频繁提起了。Digiday的报道指出，广告主开始重新评估雅虎DSP的使用价值。即便在产品层面大幅优化，雅虎广告距离主力平台的位置还有明显距离。不过，对这家已经被用户侧遗忘多年的公司来说，这些变化至少意味着在广告业务上，它开始重新坐回行业的牌桌上了。雅虎的做法，是把入口打开，让这些广告主自己大脑能参与出价、定向和频控。","collect":0,"end_time":0,"defaultTopTitle":"lanjinger.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) 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Table?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AABA":1.96,"USAW.SI":0.6},"content_text":"文｜刀客doc在广告行业，CES似乎已经变成仅次于戛纳广告节的行业盛会。我发现，很多大厂平台会把一些重要的产品更新放在拉斯维加斯：一边开闭门会见大客户，一边在台上宣布下一轮广告技术方向。今年有个小变化是，除了亚马逊等巨头外，雅虎广告的DSP又被频繁提起了。DSP是广告主用来管理预算、出价、定向和投放的核心工具。Digiday的报道指出，广告主开始重新评估雅虎DSP的使用价值。原因在于雅虎在产品层面得到了明显改进。过去一年，雅虎完成了DSP的底层架构重建，优化了用户界面和操作流程，强化了身份识别ConnectID的整合，并扩展了电商媒体的覆盖范围。当然，这并不意味着雅虎的王者归来，他早就不是王了。交易量、生态联动、广告主认知，这些都不是短期能补回的短板。即便在产品层面大幅优化，雅虎广告距离主力平台的位置还有明显距离。不过，对这家已经被用户侧遗忘多年的公司来说，这些变化至少意味着在广告业务上，它开始重新坐回行业的牌桌上了。一步步收缩的广告业务2017年，雅虎广告被Verizon收购，组建为Verizon Media后，它一度试图走一条平台闭环的路线。如果把时间往回拉十年，那时的雅虎广告并不是今天这个轻量DSP模样。Verizon Media时代，它讲的是一套典型的闭环叙事：靠雅虎首页、Yahoo Finance这些自有媒体做入口，自己同时做SSP和DSP，想把内容、交易、变现都留在自家体系里。逻辑说得通，但市场不等人。库存规模拼不过Google，确定性拼不过Meta，广告主也没给它太多耐心。2021年，私募股权基金Apollo以50亿美元收购了Verizon Media的90%股权，交易完成后将其重新命名为Yahoo，Verizon保留10%股权。随后，这家公司就进入了业务收缩阶段，落到广告业务上，最大的动作发生在2022—2023年。2022年底，雅虎与Taboola签下30年合作协议，让Taboola成为其原生广告合作方，并换取Taboola近25%的股权。2023年2月，雅虎宣布裁员约1600人，接近总员工的20%，裁员主要集中在广告技术相关团队；同一时间，CEO Jim Lanzone对外确认将关闭雅虎的SSP，并收缩原生广告平台Gemini（和谷歌的大模型Gemini是两回事），把广告技术业务收口到DSP。从公司内部视角看，这更像一次把姿势放低的调整：不再全攻全守，集中优势兵力，主攻DSP。到2024年，这个方向基本定型：雅虎已经很少再强调流量平台，广告业务也不再既当媒体又当交易平台。雅虎的广告业务开始聚焦一件事：服务买方，把DSP做成一块能单独讲清楚、也能单独估值的资产。为什么要做DSP?要理解雅虎为什么还在DSP上往前顶一顶，视角需要切回Apollo。私募股权接手一家公司，操作逻辑通常很简单：先把账看轻，把看不清前景、又占资源的业务砍掉或卖掉；再把还能讲故事、现金流不算差的那条线，抽出来重点改。所以，把广告技术里面最像资产的部分——DSP单独拎出来，当成新的增长引擎。对Apollo来说，继续砸DSP不是为了事业，不是要再造一个Google，也不是一定要把雅虎送回行业中心。作为资本，他们想得更务实：把一块原本难以定价的老业务，打磨成一块好出手的资产。从资产思维来看，一套有真实交易深度、有相对稳定收入、技术栈又足够干净的DSP，在下一轮行业整合里，是可以单独贴标签的东西：可以被大型平台买走，补一个能力短板；也可以和其他广告技术资产一起打包，卖给下一家想切入这个市场的玩家。反过来，如果雅虎彻底放弃DSP，只留下零散的流量和工具，它在并购市场里会变得非常尴尬：既不像平台，也不像纯技术服务商，最后落到账面价值上，更多来自过去品牌和资产堆积，很难讲成一个面向未来的业务故事。DSP做得越清晰，买方关系越稳定，技术路线越干净，将来在任何一种退出路径里，雅虎和Apollo的选择空间就越大。更纯粹的DSP？之前雅虎广告系统d问题，行业心里都有数：响应慢，报表延迟，跨渠道配置不一致，同一个账号下权限和视图还割裂。另外，自动优化很多，但逻辑不透明，想人工干预，要翻好几层菜单。雅虎在广告系统上的做法，其实就把那些用不到的东西全砍掉，只留下对广告主有用的那部分。它重新写了一整套底层系统，让出价、控频率、看报表这些操作，都跑在同一个系统里，不会像以前那样，要在不同的模块、不同的界面之间来回跳。过去系统里还有很多重复的规则、自动优化逻辑，经常搞不清楚是谁在背后动了手。现在雅虎把这些逻辑清掉了，让广告主知道每一步是谁在控制出价、定向和投放节奏，也更容易手动干预。在界面上，原来一些功能分散在好几个产品或子系统里，要跳来跳去才能完成一次投放。现在雅虎把它们都整合到一个统一的界面里，你在同一个地方就能完成建计划、投放、监测和调整。总结一下，就是：少跳转、少黑箱、少重复逻辑，一屏搞定。在广告系统里，判断一个人是谁这件事非常关键。雅虎现在用的身份体系叫ConnectID，它的作用就是把用户在不同平台上的行为和数据串联起来，让系统能更准确地知道——这个看到广告的人，其实是同一个人，不是被识别成多个不同的用户。比如你在雅虎邮箱上登录过账号，又在某个合作网站上看过商品，过去这两块数据可能被分开处理，当成两个用户；现在用ConnectID就能把它们对上号。对广告投放来说，变化是系统不会重复向用户展示同一条广告，也不会因为误判而浪费预算。人群更稳定，频率更容易控制，投放结果也更可预期。当然，这背后也跟第三方Cookie快要退出有关。以前广告系统很多识别是靠Cookie做的，但Cookie逐渐不能用了，就得靠像ConnectID这样更稳的身份系统来接替。Agentic AI，让渡部分控制权在今年的CES上，雅虎给DSP加了一整套agentic AI结构，就是把一组智能代理嵌进投放工作流里，从建计划到后期优化，都有代理参与，雅虎给它起了一个相对容易理解的框架名字：“Yours,Mine,andOurs”。他主要是是解决一个问题：让广告主的自有模型，可以接进媒体投放系统里参与投放。所谓“Yours”，就是广告主自己的模型。很多品牌和代理这两年都在搭内部能力——做MMM、建增量模型、在私域环境里跑LLM。这些模型过去更多是策略层用，离实际投放链路还远。雅虎的做法，是把入口打开，让这些广告主自己大脑能参与出价、定向和频控。“Mine”是雅虎平台原生那套能力，用来建campaign、给基础建议、发现投放问题，也能自动做一些微调和优化。“Ours”是这两者之间的接口层，靠API和模型上下文协议（MCP）来跑。数据权限、指令优先级、可解释性——都在这一层里设边界。可以简单理解成：过去的DSP更像一个黑箱，广告主交进去预算和目标，等着系统帮你算出结果。而现在雅虎的做法，是让广告主可以把自己的策略模型接进来参与决策，至少知道算法怎么动手，也能让它动得更像你希望的样子当然，这件事的意义，我觉得主更多在姿态上。对雅虎来说，这是一种向买方让渡控制权的做法。它已经不是巨头了，不具备重新定义广告算法的资源优势，也没有足够的交易量来跑出一套能压过巨头的优化系统。在一个已经高度集中的DSP市场里，它不太可能再靠算法更聪明来抢预算，只能放低姿态，开门迎客。可以预见的是，DSP是否愿意开放到让外部模型参与投放决策，可能会成为下一轮平台分化的方向之一。在这一点上，雅虎的站位往前站了一步。电商媒体与CTV电商零售媒体上，亚马逊必然是一哥。亚马逊的DSP的目标是做第一DSP。它的优势是庞大的购物数据、Prime会员体系、Prime Video和一系列独家库存，再叠加自家测量和归因。对很多广告主来说，只要预算够大、对亚马逊依赖够深，把一整块预算直接放进Amazon DSP，是最省心、也最容易在公司内部解释的一种选择。问题在于，广告主的世界不只有亚马逊。零售媒体和电商媒体这块市场，从一开始就不只是在亚马逊上买广告，而是把零售端的交易信号、会员数据、线下票据，一起拉进营销决策里。随着更多零售商、商超、连锁会员体系开放自己的媒体网络，单一平台已经很难吃下全部预算了。买方开始需要一个更中性的入口，去整合非亚马逊的那一部分电商场景。这是TTD等第三方DSP的存在理由，也是雅虎DSP这两年的发力点。一端是ConnectID叠加零售/商超/会员数据，可以在亚马逊之外，把带购买意图的人找出来，做一轮更精细的电商媒体投放。另一端是和CTV/流媒体平台的合作。在智能电视和流媒体广告这块，雅虎更多扮演的是“做连接”的角色，而不是自己控住播放器和内容。比如和Roku这类平台的合作是把CTV的库存、定向能力、曝光数据，接进雅虎DSP，让品牌可以在一个面板上同时看电商媒体、人群投放和大屏曝光。这两块拼在一起，让雅虎广告有了一个相对明确的生态位：补位者。雅虎不去抢，也竞争不过亚马逊的闭环，也不试图自己做一个超级零售平台。它做的是，把分散在各家零售媒体和CTV平台里的信号，整合成一套可以买、能衡量的计划，提供一个相对独立的，连接其他零售媒体与大屏渠道的操作空间。它没打算重回C位，只想留在牌桌上过去几年，DSP市场的趋势已经非常清楚。预算正在集中到亚马逊、Google、The Trade Desk等几家主导平台手里。在大多数品牌和代理眼中，把钱交给这几家，意味着流程更顺、风险更低，也更容易给CFO、CEO交代。在这样的前提下，哪怕雅虎的产品变得更好用、更透明，也很难动摇核心预算的归属。它更多出现的，或许是两个场景：一是当广告主需要审视路径透明度、想做一轮去中间化的对照测试时，雅虎可以作为一个更干净的工具被拿出来用一用。二是当品牌不想把所有零售媒体和大屏预算都交给亚马逊时，雅虎DSP刚好能接得住那一小块预算。在广告市场，这样一个由平台体量、数据封闭性和交易惯性共同塑造的市场格局中，产品和功能性进步只是敲门砖，远远称不上护城河。对今天的雅虎来说，做一个好用的备胎，可能已经是它最现实的结局。在广告这个牌桌上，不被淘汰，本身就是一种胜利。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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