# Trade Desk Reframes Ventura as Multi-OS Ecosystem
> SVP Matthew Henick, who built the pitch, departed six weeks later; Rob Caruso makes his first call May 7.
- Publication: The State of Streaming
- Section: Advertising & Ad Tech
- Published: 2026-04-25T20:00:00.000Z
- Updated: 2026-04-26T00:00:00.000Z
- Byline: The State of Streaming Staff
- Canonical URL: https://thestateofstreaming.com/advertising-adtech/2026/04/trade-desk-ventura-ecosystem-pivot/
- Read time: 6 min
## Summary
The Trade Desk abandoned its push to own a CTV operating system and relaunched Ventura in February 2026 as an open collaboration layer — but its architect has already departed, earnings decelerated to 10 percent growth guidance, and May 7 is the first test of whether the pivot has substance.

## Key facts

- On Feb. 24, 2026, The Trade Desk launched the Ventura Ecosystem, repositioning its 2024 streaming TV operating system as a multi-OS collaboration framework open to any CTV OS. V (formerly VIDAA, Hisense's smart-TV OS) and Nexxen International (NASDAQ: NEXN) signed on as the first collaborators, gaining access to OpenPath, UID2/EUID, OpenAds, and OpenPass.
- The Trade Desk reported FY 2025 revenue of $2.896 billion, up 18 percent year-over-year — the company's slowest annual growth as a public company, down from 26 percent in 2024 — and issued Q1 2026 guidance of at least $678 million, implying roughly 10 percent growth. (The Trade Desk earnings release, Feb. 25, 2026.)
- MoffettNathanson cut its Trade Desk price target to $32 on Feb. 26, 2026, writing that the revenue deceleration represented 'a more fundamental shift in The Trade Desk's growth trajectory rather than a transitory slowdown.'
- Adweek reported exclusively on April 7, 2026 that SVP Matthew Henick — the on-record architect of the Feb. 24 Ventura Ecosystem launch — was departing along with CMO Ian Colley and VP of communications Melinda Zurich. Rob Caruso assumed oversight of the Ventura Ecosystem.
- Trade Desk CEO Jeff Green personally purchased roughly 6 million TTD shares for approximately $148 million between March 2 and March 4, 2026, at prices of $23.49 to $25.08 per share, per Motley Fool's coverage of the Form 4 disclosure.
- Roku OS held 28 percent of U.S. broadband-household share and Samsung Tizen held 23 percent, according to Parks Associates' Streaming Video Tracker, updated April 22, 2026 — the structural OS concentration the Ventura Ecosystem routes around rather than directly challenges.
- The Trade Desk's Q1 2026 earnings call is scheduled for after market close on May 7, 2026 — the first call where Ventura Ecosystem adoption metrics, if any are disclosed, can be evaluated against quantitative data.


## Why it matters

The Trade Desk has stopped trying to win the TV-OS war and is repositioning as the ad-tech layer beneath whichever OS wins. That strategy trades distribution-share ambition for supply-path leverage at a moment when MoffettNathanson is calling the growth deceleration structural, Publicis and Omnicom are auditing OpenPath fees, and SVP Matthew Henick — the executive who built and publicly pitched the new framing — has already left. For ad buyers, the May 7 Q1 earnings print is the first opportunity to test whether the Ventura Ecosystem produces measurable adoption or remains a positioning claim.


## What to watch

- May 7 Q1 2026 earnings call: whether Rob Caruso discloses any quantitative Ventura Ecosystem metrics — devices integrated, advertiser count, or revenue contribution. TTD has cited Ventura qualitatively on every prior call; the presence or absence of a number is the read.
- OpenPath revenue concentration: Cannonball Research estimated OpenPath at roughly 10 percent of TTD revenue in Q3 fiscal 2025. Watch whether that share holds or compresses as Publicis and Omnicom audits proceed through Q2 2026.
- Second-wave Ventura Ecosystem collaborators: the Feb. 24, 2026 release stated 'more partners are expected to join soon.' None have been announced publicly through April 25, 2026.
- DIRECTV custom Ventura TV OS status: announced October 2025, no consumer ship date confirmed through April 25, 2026. The May 7 call is the next opportunity for a deployment update.
- Jeff Green Form 4 filings: watch for any follow-on insider purchases at post-shakeup price levels following his $148 million buy in March 2026.

## Article
The Trade Desk (NASDAQ: TTD) has stopped trying to build a TV operating system that competes with Roku (NASDAQ: ROKU), [Samsung Electronics](/companies/samsung-electronics/), and Walmart (NYSE: WMT)-owned Vizio at the device layer, and is repositioning as the ad-tech layer underneath whichever ones win. The reframe arrived in the [Ventura Ecosystem the company announced Feb. 24](https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators), with [V (formerly VIDAA)](https://omdia.tech.informa.com/pr/2026/apr/vidaa-set-to-overtake-lgs-webos-in-europe-as-chinese-tv-brands-gain-ground), Hisense's smart-TV OS with more than 50 million devices worldwide, and [Nexxen International](/companies/nexxen-international/) (NASDAQ: NEXN) as the first collaborators. Joining the Ecosystem grants access to [OpenPath](/products/openpath/), Unified ID 2.0 (UID2)/EUID, OpenAds, and OpenPass: the supply-path, identity, and single-sign-on stack TTD has spent two years assembling around its DSP. The first quarter where any of this can be tested against numbers is Q1 2026, [reported after market close on May 7](https://investors.thetradedesk.com/news-and-events/events/event-details/2026/Q1-2026-The-Trade-Desk-Earnings-Conference-Call/default.aspx).

The framing matters because The Trade Desk's growth thesis is under audit on three fronts at once. The [Q4 2025 print](https://www.thetradedesk.com/press-room/the-trade-desk-reports-fourth-quarter-and-fiscal-year-2025-financial-results), released the day after the Ventura Ecosystem announcement, showed FY 2025 revenue of $2.896 billion, up 18 percent, the slowest annual growth as a public company and a step-down from 26 percent in 2024. Q1 2026 guidance of at least $678 million implies roughly 10 percent growth. A day later, [MoffettNathanson cut its price target to $32](https://www.investing.com/news/analyst-ratings/moffettnathanson-cuts-trade-desk-stock-price-target-on-slowing-growth-93CH-4527347) and called the deceleration "a more fundamental shift in The Trade Desk's growth trajectory rather than a transitory slowdown." Three weeks later, [Adweek reported](https://www.adweek.com/programmatic/publicis-tells-clients-dont-use-trade-desk/) that [Publicis Groupe](/companies/publicis-groupe/) had sent clients a memo recommending they avoid TTD, citing a third-party audit of fees. [Omnicom Group](/companies/omnicom-group/) (NYSE: OMC) [opened its own audit shortly after](https://adage.com/technology/ad-tech/aa-the-trade-desk-omnicom-audit/), and per Adweek's reporting, [Dentsu](/companies/dentsu/) and [WPP](/companies/wpp/) had already exited OpenPath. The Adweek scoop on the Publicis memo is exclusive and stays attributed to Adweek; the audit pressure on top of MoffettNathanson's "fundamental shift" diagnosis is the operating context the Ecosystem reframe answers.

The answer carried a specific argument from a specific executive. SVP Matthew Henick was the on-record voice of the launch, [telling StreamTV Insider](https://www.streamtvinsider.com/advertising/v-nexxen-first-sign-trade-desks-ventura-ecosystem) the new framework was "an evolution, not a pivot," and writing in [the press release](https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators) that "Most TV operating systems today are owned by companies that are focused on their own agendas, rather than strengthening the broader marketplace." Henick had been arguing the underlying thesis publicly for months. He told AdExchanger in October that "we will never have our own content service and we will never own any ad inventory," establishing the agnostic-platform posture, [per AdExchanger's reporting](https://www.adexchanger.com/tv/why-the-svp-of-the-trade-desks-ventura-os-is-betting-on-transparent-tv-ecosystems/). Six weeks after the Ecosystem launch, [Adweek reported exclusively](https://www.adweek.com/media/exclusive-ian-colley-three-executives-depart-trade-desk/) that Henick was leaving along with CMO Ian Colley and VP of communications Melinda Zurich; Rob Caruso assumed Ventura. [TTD shares fell roughly 3.4 percent](https://www.investing.com/news/stock-market-news/the-trade-desk-stock-falls-on-executive-departure-reports-93CH-4601232) the session reports of the departures surfaced, per Investing.com. The architect of the framing is gone before the first earnings call where it is supposed to be substantiated, and the May 7 call is where the read either holds or doesn't.

The structural argument behind the reframe holds independent of the framing label Henick or his successor uses. Look at where TV-OS distribution actually sits. [Parks Associates' April 22 tracker](https://www.prnewswire.com/news-releases/parks-associates-roku-28-and-samsung-23-dominate-connected-tv-platforms-controlling-access-to-streaming-audiences-in-the-us-market-302749732.html) put Roku OS at 28 percent of U.S. broadband households and Samsung Tizen at 23 percent. In programmatic CTV ad revenue, [the concentration is sharper](https://www.pixalate.com/blog/q1-2025-connected-tv-ctv-device-market-share-report): Roku alone took 38 percent in Q1 2025, per Pixalate. Roku already adopted UID2 [in August 2024](https://newsroom.roku.com/news/2024/08/roku-enhances-benefits-for-advertisers-with-adoption-of-unified-id/w0bp8lav-1722528950), accepting TTD's identity layer without giving up its OS. [Walmart's $2.3 billion Vizio close](https://corporate.walmart.com/news/2024/12/03/walmart-completes-acquisition-of-vizio) folded SmartCast into a retail-media flywheel TTD cannot reach. The original 2024 Ventura announcement carried Disney (NYSE: DIS), Paramount (NASDAQ: PARA), [Tubi](/companies/tubi/), and Sonos (NASDAQ: SONO) as supporters; Sonos [canceled its hardware plans in March 2025](https://videoweek.com/2025/03/13/the-trade-desks-first-ctv-os-client-sonos-abandons-its-hardware-plans/), and the others have not been named as Ecosystem partners since. The DIRECTV custom Ventura TV OS [announced last October](https://www.streamtvinsider.com/technology/trade-desk-builds-custom-ventura-tvos-directv-ux-integrated) has no public consumer ship date through April 25. The single OEM-class win is V's installed base, which Omdia [forecasts will overtake LG webOS](https://omdia.tech.informa.com/pr/2026/apr/vidaa-set-to-overtake-lgs-webos-in-europe-as-chinese-tv-brands-gain-ground) in European TV shipments in 2026. Picking V picks the fastest non-incumbent OS and concedes that owning the OEM relationship was never going to be how the U.S. share got reorganized.

The economic prize, as the company has argued for two years, sits in the supply path rather than the device. [Cannonball Research estimated](https://www.investing.com/news/analyst-ratings/the-trade-desk-stock-gains-traction-as-openpath-adoption-accelerates-93CH-4441634) that OpenPath was about 10 percent of TTD revenue in Q3 fiscal 2025, with [Fox](/companies/fox-corporation/), Disney, [Warner Bros. Discovery](/business-deals/2026/04/wbd-paramount-shareholder-vote/), Spotify, and Fubo as named CTV adopters. The firm models a 1.5 percent publisher fee that, layered onto TTD's existing take rate, gets to a blended 20.5 percent. Ventura Ecosystem extends that pipe to TV-OS supply for the first time, with Nexxen CEO [Ofer Druker](/people/ofer-druker/) [framing the agreement](https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators) as a step where "we are intentionally and broadly opening the opportunity." Management has paid for the thesis with conviction. Co-founder and CEO Jeff Green personally bought roughly 6 million TTD shares for about $148 million between March 2 and March 4, at $23.49 to $25.08 per share, [per Motley Fool's coverage of the disclosure](https://www.fool.com/investing/2026/03/05/jeff-green-loads-up-on-the-trade-desks-beaten-down/). The size and timing — six business days after the print and three after MoffettNathanson's note — anchor the read. Whatever Wall Street is saying about a fundamental shift, the founder's personal balance sheet has voted on the supply-path-and-identity thesis at the lows.

Whether the vote pays off turns on what TTD says May 7. The Feb. 24 release supplied no Ventura adoption metrics: no device count, no advertiser count, no revenue contribution. Q1 will be the first earnings call where Caruso is responsible for the framing, and the absence of any number again would tell ad buyers Ecosystem is a positioning claim. A number, even a directional one — devices integrated, advertisers transacting through V or Nexxen on Ecosystem terms, share of OpenPath spend touching TV-OS supply — would put the framing on a measured footing. So would a second-wave collaborator beyond V and Nexxen; the Feb. 24 release said "more partners are expected to join soon," and none have been named publicly through April 25. Watch the May 7 call after market close, [per The Trade Desk's IR calendar](https://investors.thetradedesk.com/news-and-events/events/event-details/2026/Q1-2026-The-Trade-Desk-Earnings-Conference-Call/default.aspx), and the post-call commentary on whether the DIRECTV custom Ventura TV OS has moved from "in conversations with OEMs" to a deployment. If those reads come back blank, the structural pressure MoffettNathanson named in February defines the next quarter, and Ecosystem stands as the framing that arrived six weeks before the framer left.

## Entities

- Companies: The Trade Desk, Hisense, Nexxen International, DIRECTV, Sonos, Roku, Samsung Electronics, Walmart, Vizio, Publicis Groupe, Omnicom Group, MoffettNathanson, Cannonball Research, Parks Associates, Omdia
- People: Jeff Green, Matthew Henick, Rob Caruso, Ian Colley, Melinda Zurich, Guy Edri, Ofer Druker
- Products: Ventura Ecosystem, Ventura OS, OpenPath, OpenAds, OpenPass, Unified ID 2.0, EUID, V


## Tags

- Trade Desk
- Ventura Ecosystem
- OpenPath
- TTD Q1-2026
- supply-path optimization
- Nexxen
- MoffettNathanson
- CTV advertising


## Sourced claims

- On Feb. 24, 2026, The Trade Desk announced the Ventura Ecosystem, with V (formerly VIDAA) and Nexxen as the first collaborators. — source: https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators
- V powers more than 50 million connected devices worldwide. — source: https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators
- Joining the Ventura Ecosystem grants access to OpenPath, UID2/EUID, OpenAds, and OpenPass. — source: https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators
- Matthew Henick, SVP of Consumer Products at The Trade Desk, said: 'Most TV operating systems today are owned by companies that are focused on their own agendas, rather than strengthening the broader marketplace and creating winning opportunities for everyone.' — source: https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators
- Nexxen CEO Ofer Druker said: 'In aligning with The Trade Desk's Ventura, we are intentionally and broadly opening the opportunity.' — source: https://www.thetradedesk.com/press-room/the-trade-desk-introduces-the-ventura-ecosystem-to-advance-the-future-of-ctv-advertising-v-and-nexxen-join-as-the-first-collaborators
- Henick described the launch as 'an evolution, not a pivot' from the original Ventura OS strategy. — source: https://www.streamtvinsider.com/advertising/v-nexxen-first-sign-trade-desks-ventura-ecosystem
- The Trade Desk reported Q4 2025 revenue of $847 million (+14 percent YoY) and FY 2025 revenue of $2.896 billion (+18 percent), with Q1 2026 guidance of at least $678 million. — source: https://www.thetradedesk.com/press-room/the-trade-desk-reports-fourth-quarter-and-fiscal-year-2025-financial-results
- Ventura was originally announced on Nov. 20, 2024 as a streaming TV operating system, with Disney, Paramount, Tubi, and Sonos named as supporters. — source: https://www.thetradedesk.com/press-room/the-trade-desk-announces-ventura
- Sonos abandoned its CTV hardware plans in March 2025, removing Ventura's first OEM partner. — source: https://videoweek.com/2025/03/13/the-trade-desks-first-ctv-os-client-sonos-abandons-its-hardware-plans/
- DIRECTV and The Trade Desk announced a custom Ventura TV OS with DIRECTV's UI in October 2025; no consumer ship date has been confirmed. — source: https://www.streamtvinsider.com/technology/trade-desk-builds-custom-ventura-tvos-directv-ux-integrated
- Henick told AdExchanger in October 2025: 'We will never have our own content service and we will never own any ad inventory.' — source: https://www.adexchanger.com/tv/why-the-svp-of-the-trade-desks-ventura-os-is-betting-on-transparent-tv-ecosystems/
- MoffettNathanson cut TTD's price target to $32 on Feb. 26, 2026, calling the slowdown 'a more fundamental shift in The Trade Desk's growth trajectory rather than a transitory slowdown.' — source: https://www.investing.com/news/analyst-ratings/moffettnathanson-cuts-trade-desk-stock-price-target-on-slowing-growth-93CH-4527347
- Cannonball Research estimated OpenPath represented about 10 percent of TTD revenue in Q3 fiscal 2025, with major CTV adopters including Fox, Disney, Warner Bros. Discovery, Spotify, and Fubo. — source: https://www.investing.com/news/analyst-ratings/the-trade-desk-stock-gains-traction-as-openpath-adoption-accelerates-93CH-4441634
- Adweek reported exclusively on April 7, 2026 that CMO Ian Colley, VP of communications Melinda Zurich, and SVP Matthew Henick were departing The Trade Desk; Rob Caruso took charge of Ventura. — source: https://www.adweek.com/media/exclusive-ian-colley-three-executives-depart-trade-desk/
- Adweek reported in March 2026 that Publicis Groupe sent a memo to clients recommending they avoid The Trade Desk, citing a third-party audit. — source: https://www.adweek.com/programmatic/publicis-tells-clients-dont-use-trade-desk/
- Omnicom opened a formal audit of The Trade Desk's fees following the Publicis memo. — source: https://adage.com/technology/ad-tech/aa-the-trade-desk-omnicom-audit/
- Jeff Green personally purchased roughly 6 million TTD shares for about $148 million between March 2 and March 4, 2026, at $23.49 to $25.08 per share. — source: https://www.fool.com/investing/2026/03/05/jeff-green-loads-up-on-the-trade-desks-beaten-down/
- Roku OS held 28 percent and Samsung Tizen 23 percent of U.S. broadband-household share in Parks Associates' April 22, 2026 Streaming Video Tracker. — source: https://www.prnewswire.com/news-releases/parks-associates-roku-28-and-samsung-23-dominate-connected-tv-platforms-controlling-access-to-streaming-audiences-in-the-us-market-302749732.html
- Omdia forecast in April 2026 that V (formerly VIDAA) would overtake LG webOS in European TV shipments in 2026. — source: https://omdia.tech.informa.com/pr/2026/apr/vidaa-set-to-overtake-lgs-webos-in-europe-as-chinese-tv-brands-gain-ground
- Roku OS devices accounted for 38 percent of CTV programmatic ad sales in Q1 2025, per Pixalate. — source: https://www.pixalate.com/blog/q1-2025-connected-tv-ctv-device-market-share-report
- Walmart closed its $2.3 billion acquisition of Vizio on Dec. 3, 2024. — source: https://corporate.walmart.com/news/2024/12/03/walmart-completes-acquisition-of-vizio
- Roku adopted Unified ID 2.0 across the Roku Exchange in August 2024. — source: https://newsroom.roku.com/news/2024/08/roku-enhances-benefits-for-advertisers-with-adoption-of-unified-id/w0bp8lav-1722528950
- The Trade Desk's Q1 2026 earnings call is scheduled for May 7, 2026, after market close. — source: https://investors.thetradedesk.com/news-and-events/events/event-details/2026/Q1-2026-The-Trade-Desk-Earnings-Conference-Call/default.aspx

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