The advertising industry is evolving, with more and more ad dollars moving away from traditional broadcast and cable television and toward connected TV (CTV). Magnite (MGNI 1.05%) many not be a household name, but is the world's largest independent omnichannel sell-side advertising platform. The company specializes in the area of CTV. It's targeted advertising business is booming.

On this episode of Fool Live that aired on Nov. 20, "The Wrap" host Jason Hall and contributor Danny Vena discuss this mini advertising powerhouse and why it could be much bigger in the years to come.

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Jason Hall: All right. Danny, what you got for us?

Danny Vena: I've got a quick one. I've got the most upvoted question that we have right now. It's from Srini. I hope I'm pronouncing that correctly. "What are your thoughts on small cap Magnite (MGNI 1.05%) which is on the sell-side of ads, while The Trade Desk (TTD 0.76%) is on the buy side and has been killing it?"

I would say, I am a Magnite shareholder. For those of you who don't know, Magnite was the company that was formed from the merger between Telaria and the Rubicon Project. It became the Rubicon Project for a short time, and then they rebranded as Magnite. This is a company that I own and I have owned since it was Telaria.

One of the things that I really like about this is, I'm going to go ahead and share my screen here with you for just a moment. I know we're going to get to our Smarter, Happier, and Richer. So I want to be quick with this. But if you look at the results of their financials that they just released, leading connected TV publishers fueled interest from tech. That business was up 176% year-over-year, direct-to-consumer was up 159% year-over-year, and consumer packaged goods was up 86% year-over-year in their advertising verticals.

As a result of that, the company grew its revenue by 50% year-over-year. I'll also point out here that the set of number of advertisers that use its audience-targeting feature, that group has grown by 250% in the third quarter compared to the same period last year. So I am a fan of Magnite. I do hold it in my portfolio. I don't expect it to achieve the same type of results as The Trade Desk, but I do think it's a market beater from here.

Jason Hall: $188 billion of trailing 12-month revenues, market capitalization of $1.65 billion. It can get bigger.