01 / Coal
A tonne of coal.
A physical material. A common unit. A defined grade makes prices easier to compare.
The unit Per tonne
A common measure. A new market.
The reference rate
for attention.
Advertising has a market.
We’re building its common reference.
First, a unit. Then, a market.
01 / From commodities to attentionFirst, a unit. Then, a reference.
02 / Oil
A barrel of oil.
Different grades and delivery terms. A recognisable unit gives the market a starting point for comparison.
The unit Per barrel
03 / Compute
An hour of compute.
A newer kind of capacity. GPU-hours give it a unit; the hardware and terms still define what that unit buys.
The unit Per GPU-hour
04 / Attention
A reference for attention.
Advertising already trades. Thalo is developing APX for a precisely defined grade of connected-TV advertising, quoted per 1,000 impressions.
The unit Per 1,000 impressions
02 / The problemA price means little without a definition.
Different definitions.
Different prices.
Ask what a video ad costs and you’ll get a range of answers. They can all be right—and still describe different things.
Format, geography, audience and supply path change what you’re buying. Before a market can share a reference price, it needs a common grade.
DEFINE THE UNITCOMPARE THE MARKET
Video advertising / quoted CPMIllustrative
Mobile video$12.00
15 seconds · skippable
Different formatUS connected TV$28.40
30 seconds · standard · non-skippable
Matches the shown criteriaPremium CTV$45.00
30 seconds · premium sports
Different tierEuropean CTV$20.00
30 seconds · non-skippable
Different geographyApply one common definition
Keep the proposed US, standard-tier, 30-second non-skippable CTV grade. The complete specification also defines audience, supply path and measurement requirements.
Explore the proposed gradeSynthetic examples, USD per 1,000 impressions. This illustrates eligibility, not measured market dispersion or the calculation of APX.
The wider opportunity
One reference. More possibilities.
Thalo’s role is to publish the reference. What others build around it is the wider opportunity.
Thalo publishes APX. Referenced products would be developed and offered by others.
- Compare
A common basis for comparing eligible advertising prices.
- Plan
A consistent reference for budgets, revenues and market analysis.
- Build
Other organisations could reference APX in data products, agreements or future financial instruments.
03 / From transactions to a referenceThe idea behind APX
One defined grade.
One shared reference.
- 01
Start with cleared transactions.
Actual transaction prices and independently verified impression volumes form the proposed inputs—not a collection of rate-card quotes.
- 02
Compare like with like.
Apply the grade: US connected TV, a defined format and audience, and consistent supply-path and measurement requirements.
- 03
Publish a volume-weighted median.
Eligible transactions feed the proposed volume-weighted median calculation. The result: a daily reference in USD per 1,000 impressions.
From observations to publicationIllustrative
Illustrative data
See the illustrative calculation
Eligible volume totals 10 million impressions. Half is 5 million. Ordered by price, cumulative volume rises from 3 million to 8 million at $28.40, crossing the halfway point. The volume-weighted median is therefore $28.40.
| Price / 1,000 | Impressions |
|---|---|
| $20.00 | 1 million |
| $24.00 | 1 million |
| $26.00 | 1 million |
| $28.40 | 5 million |
| $36.00 | 2 million |
This simplified example explains the calculation; the proposed methodology also defines eligibility and partitions.
CLEARED TRANSACTIONS → COMMON GRADE → DAILY FIXAPX
04 / The indexPrecision starts with a definition.
A clear definition.
A common reference.
A price is only useful when you know what it measures. APX begins with one precisely specified grade of connected-TV advertising.
APX / CTV30Illustrative
$28.40
USD / 1,000 impressions
Example level for illustration.
APX is in development and formal consultation.
The proposed launch gradeConnected television.
Connected television.
A consistent measure.
- Format
- 30-second, non-skippable
- Market
- United States
- Basis
- Cleared transactions
- Publication
- Daily, T+1 · 16:00 ET
Explore the proposed grade specification
A working specification for consultation. Definitions and publication arrangements may change as the methodology develops.
- Format
- 30-second, non-skippable, in-stream
- Geography
- United States, national delivery
- Audience
- Adults 18–49
- Supply path
- Direct only, ads.txt verified
- Tier
- Standard
- Measurement
- Independent volume verification
- Transaction
- Programmatic, cleared
- Currency
- USD per 1,000 impressions
- Publication
- Proposed: 16:00 ET, daily, T+1
What a forward curve could make possible
A shared reference creates a foundation for pricing future delivery. This curve is an illustrative scenario, with no live or executable market prices. A benchmark alone does not determine forward prices; those require market expectations and willing counterparties.
06 / The methodologyA transparent process.
Built from evidence.
Made to be shared.
A benchmark earns its place through the quality of its inputs, the clarity of its rules and the openness of its process.
Help shape the methodology- 01The inputs
Contribute
Transaction records and independently verified impression counts, supplied by publishers, SSPs and verification vendors.
- 02The methodology
Calculate
Eligibility rules define the grade. Thalo applies the exclusions and calculates the volume-weighted median per partition.
- 03The reference
Publish
A daily reference, with its methodology available to the market. The proposed APX fix is published at 16:00 ET, T+1.
- 04The possibilities
Build
A common foundation for data feeds, contracts and market infrastructure. One reference, available to an entire ecosystem.
07 / Shape the standardThe next chapter starts here.
Help define
the number.
We’re bringing together the contributors and participants who will shape attention’s common reference. Be part of the consultation.