"The only way to make the arrows balance at this point will be to divert more of each consumer dollar into advertising (raise the ad tax), or persuade people to

"The only way to make the arrows balance at this point will be to divert more of each consumer dollar into advertising (raise the ad tax), or persuade people to buy more stuff" You could also raise the price (CPM) of digital advertising. Remember all these adtech companies deal in digital display. They take (for the most part) from traditional tv, print, classified, search (basically Google's monopoly), billboards etc. These decisions driven by ROI (cost benefit analysis based on price) Sure, its competitive. And I agree that investors get excited about 'revenue traction' that isn't real traction. But in 2015 the winners have already separated from the losers in my opinion. There's maybe 5 to 10 companies on the Luma chart that are winners (outside of FB, Google etc). And to be a winner you need revenue growth, real profits and real cashflow (I'm talking net income, not adjusted EBITDA).