Have a question? Send us a text!In this episode of the State of Streaming podcast, host Tim Rowe welcomes Nick Carrabbia, EVP at OAREX, a firm that provides on-demand liquidity for the digital ad ecosystem. Their conversation explores the critical mechanics of how money moves through the advertising supply chain from advertiser to agency to publisher and the growing challenge of late payments. They discuss the macroeconomic factors tightening credit, the red flags hidden behind high CPMs, and how publishers can unlock cash flow to compound growth.Here are three key takeaways from their conversation that illuminate the financial state of the streaming and publishing industry:The State of Pay: Record Late Payments and Supply Chain FrictionNick Carrabbia reveals unexpected data from the first half of 2025, noting that late payments have hit a record high. He breaks down the macroeconomic "vacuum" created by COVID-19 and inflation, and explains how the multiple "hops" between DSPs, SSPs, and publishers exacerbate payment delays.03:10 - Record high: Why 58% of all tracked payments were late in H1 202504:16 - The economic vacuum: How COVID liquidity and inflation shaped current credit terms05:15 - The "hops" effect: How money moves from Advertiser to DSP to SSP to PublisherThe Solution: Converting Invoices into Growth and LiquidityNick explains how OAREX solves liquidity issues by allowing publishers to trade invoices for immediate capital, and defines critical financial metrics like DSO (Daily Sales Outstanding) and DPO (Daily Payables Outstanding) that every publisher should track.09:24 - How OAREX provides non-dilutive liquidity to the ecosystem10:39 - Opportunity costs: The hidden price of waiting 60+ days for payment16:01 - Defining DSOs (Daily Sales Outstanding) and DPOs (Daily Payables Outstanding)The Risk: Red Flags, High CPMs, and Top PayersNick warns against chasing revenue without considering credit risk. He highlights specific "red flags", such as abnormally low CPMs coupled with late payments, that indicate a partner may be in trouble. He highlights the "Top Payers" are who consistently pay within three days.11:03 - The "Top Payers" report: Who is paying on time and why it matters12:28 - The shrinking list of consistent payers13:30 - The "Red Flag" warning: When low CPMs are actually a sign of distressConnect with Nick Carrabbia on LinkedIn hereLearn more about OAREX at OAREX.com And get the report discussed in today's episode here

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