Home AdExchanger Talks Is Programmatic a Bubble? With Tim Hwang, Author Of ‘Subprime Attention Crisis’

Is Programmatic a Bubble? With Tim Hwang, Author Of ‘Subprime Attention Crisis’

SHARE:

Subscribe to AdExchanger Talks on iTunes, Google Play, Spotify, Stitcher, SoundCloud or wherever you listen to podcasts.

Tim Hwang’s 2020 book “Subprime Attention Crisis” argues that targeted advertising is a bubble set to burst. He contends that the intricacies of ad tech and the perverse incentives of agencies and ad tech platforms to maintain a steady flow of ad dollars have created a persistent opacity in programmatic markets. From his point of view, it’s only a matter of time before the bubble bursts and advertisers pick up their toys and go home. The result will be an implosion of programmatic ad spending and a partial collapse of the free internet.

The metaphor at the heart of the book is the 2007-2008 financial crisis, when the system failed to detect a huge vulnerability in the massive mortgage-backed securities market.

In the case of the 2008 implosion, he says in this lively and slightly combative podcast interview, “You had a global market that was considered rock solid and growing at incredible speed and in many ways dwarfed the programmatic ecosystem in economic importance, and yet there was a time bomb at the heart of it. One reason to use the metaphor is that it calls attention to the idea that sometimes $80 billion can be wrong.”

Must Read

Jamie Seltzer, global chief data and technology officer, Havas Media Network, speaks to AdExchanger at CES 2026.

CES 2026: What’s Real – And What’s BS – When It Comes To AI

Ad industry experts call out trends to watch in 2026 and separate the real AI use cases having an impact today from the AI hype they heard at CES.

New Startup Pinch AI Tackles The Growing Problem Of Ecommerce Return Scams

Fraud is eating into retail profits. A new startup called Pinch AI just launched with $5 million in funding to fight back.

Comic: Shopper Marketing Data

CPG Data Seller SPINS Moves Into Media With MikMak Acquisition

On Wednesday, retail and CPG data company SPINS added a new piece with its acquisition of MikMak, a click-to-buy ad tech and analytics startup that helps optimize their commerce media.

Privacy! Commerce! Connected TV! Read all about it. Subscribe to AdExchanger Newsletters

How Valvoline Shifted Marketing Gears When It Became A Pure-Play Retail Brand

Believe it or not, car oil change service company Valvoline is in the midst of a fascinating retail marketing transformation.

AdExchanger's Big Story podcast with journalistic insights on advertising, marketing and ad tech

The Big Story: Live From CES 2026

Agents, streamers and robots, oh my! Live from the C-Space campus at the Aria Casino in Las Vegas, our team breaks down the most interesting ad tech trends we saw at CES this year.

Monopoly Man looks on at the DOJ vs. Google ad tech antitrust trial (comic).

2025: The Year Google Lost In Court And Won Anyway

From afar, it looks like Google had a rough year in antitrust court. But zoom in a bit and it becomes clear that the past year went about as well as Google could have hoped for.