Across the advertising industry, a quiet reckoning is underway — not over budgets, but over what those budgets actually buy. Graham Webster of Enth Degree, drawing on a provocation from former Mastercard CMO Raja Rajamannar, argues that the machinery of modern media buying has drifted so far from its purpose that the majority of spending may generate little more than the appearance of reach. The deeper question is not how much advertising costs, but how thoroughly the industry has allowed sellers to define the terms by which buyers measure value — and whether agencies still possess the will to
bandt.com.au
· Sep 03, 2026
· economy
· 6 min read
High
Sourcing: Characterized
Media Buying's Hidden Waste: Why Agencies Must Reclaim Control From Sellers
◉
Business
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Geopolitical Impact
🌎
This article discusses advertising industry inefficiencies, not geopolitical matters; no international implications exist.
Escalation Risk
low
Confidence
HIGH
Bias & Framing
⚖
Article presents industry critique of media buying waste with selective focus on advertiser complaints, while underrepresenting media sellers' perspectives and efficiency gains.
Bias Direction
center-left
Confidence
MED
Problem-solution framing that positions advertisers as victims of exploitative media seller practices. Uses provocative quotes to establish credibility of waste claims while acknowledging hyperbole, creating appearance of balance while maintaining critical stance toward sellers.
hidden waste
like idiots, are accepting
extract money
avoidable waste
uncomfortable truth
clickbait worked
Media sellers' justification for current metrics and pricing models
Evidence of efficiency improvements in media buying over time
Counterarguments from YouTube or other platforms regarding viewability standards
Advertiser responsibility in campaign design and objective-setting
Benefits consumers receive from ad-supported free content models
Alternative viewpoints on what constitutes 'genuine value' in impressions
Economic Lens
📈
Media buying industry faces significant efficiency losses due to advertiser acceptance of low-value metrics set by media sellers, with potential for substantial cost optimization through better agency control.
Market Signal
bearish
Confidence
MED
Advertising and Marketing Services
Digital Media and Publishing
Television and Broadcast Media
Marketing Technology
Consumer Goods and Retail
Consumers may experience more irrelevant or poorly-targeted advertising due to inefficient media buying practices; however, improved efficiency could eventually lead to better-targeted ads and potentially lower prices for advertiser-funded content.
Potential regulatory scrutiny of media measurement standards and transparency requirements; industry self-regulation initiatives to establish clearer viewability and engagement metrics; possible antitrust considerations regarding media platforms' unilateral standard-setting power.