Automação e tecnologias digitais estão trazendo grandes saltos em eficácia e eficiência a muitos setores, estendendo o alcance, acelerando interações, transmitindo processos, e replicações. À medida que mais e mais gastos publicitários se moveram on -line nos últimos anos, o processamento automatizado ou programático de vendas de anúncios e execução de campanhas construiu uma parcela significativa do mercado digital. Em todo o mundo, essa tendência não mostra sinais de desaceleração. Os gastos programáticos atingiram US $ 25 bilhões em 2017 e devem exceder US $ 43 bilhões até 2020, quando a penetração programática do mercado de anúncios digitais será de 63%. (Veja o Anexo 1.)
Um driver de crescimento rápido desse crescimento é comumente conhecido como "garantida programática". Ele efetivamente substitui os processos manuais de execução envolvidos no segmento de inventário premium que é usado regularmente por campanhas de marca. Como em outros processos programáticos, a programática garantida é mais eficiente e mais eficaz que as abordagens manuais. De fato, nossa pesquisa recente descobriu que o processo programático garantido, em comparação com as reservas tradicionais baseadas em tags, era mais de 50% mais eficiente em termos de tempo economizado para os editores e quase 30% mais eficientes para as agências. (Veja o Anexo 2 e a barra lateral.) Os anunciantes, agências e editores que estão à frente da curva estão realizando grandes benefícios, mas a implementação completa da programação garantida requer uma repensação da organização e suas operações e sistemas.
Sobre este relatório
This report focuses on the differences in the digital advertising market between traditional direct reservations and the automated buying and selling process commonly known as “programmatic guaranteed.” By Reservas diretas tradicionais Queremos dizer o processo tradicional no qual o inventário é comprado a preços fixos diretamente dos proprietários de mídia usando ordens de inserção offline e métodos manuais para reservar e executar a campanha. Por Programa Garantido we refer to guaranteed inventory that is bought at fixed prices directly from media owners, but in a process that uses programmatic software to execute the transaction and deliver the campaign.
The capabilities, features, and costs of the various programmatic guaranteed platforms in operation today differ. But because the underlying methodologies of the various platforms are similar, these differences are not material to our study. We did not explicitly consider how programmatic guaranteed compares with other programmatic trading models; we focused on the comparison between automated and manual approaches.
We examined the direct reservation and programmatic guaranteed processes in detail to assess the efficiency and effectiveness that advertisers, agencies, and publishers can achieve with each. By efficiency, we mean achieving the same performance with less time and effort (think about a baker who makes the same pastry in half the time). Efficiency savings refer to the proportion of time saved to produce the same outcome. By effectiveness, we mean improved campaign performance using the same resources, such as the amount of media spending (how that baker makes a more delicious pastry using the same ingredients and the same amount of time).
The study included more than 40 participants from 12 countries (Australia, Brazil, China, France, Germany, India, Italy, Japan, Singapore, the UAE, the UK, and the US). The participants had various levels of experience with programmatic guaranteed.
Para estimar a economia de eficiência, usamos o método de gerenciamento magra do mapeamento de fluxo de valor para visualizar e medir processos com 22 de nossos participantes do estudo (12 agências e 10 editores). Consideramos todo o fluxo de trabalho, incluindo a configuração do negócio (solicitação de proposta, finalização de contratos e ordens de inserção e configuração de campanha) e gerenciamento contínuo de campanhas (otimizando, relatórios e cobrança). Excluímos o estágio de solicitação por proposta do cálculo da eficiência devido à dificuldade em comparar reservas programáticas garantidas e diretas de forma semelhante. A economia de eficiência é baseada em uma campanha padrão sem formatos personalizados. Os anunciantes e agências se beneficiam do acesso ao inventário garantido premium (como fazem com as reservas tradicionais) - e podem otimizar para várias campanhas, além de gerenciar a frequência no inventário de reserva programático e garantido. Os editores podem bloquear a receita por meio de reservas antecipadas, atualizar automaticamente suas previsões e aproveitar os relatórios, cobrança e coleções automatizadas (economizando tempo por não ter que emitir faturas e perseguir pagamentos, por exemplo). A participação das reservas diretas tradicionais do mercado total de exibição digital deve diminuir de 51% (US $ 26 bilhões) em 2017 para 37% (US $ 25 bilhões) em 2020.
Our source for the current and projected direct and programmatic market sizes is Magna Global.
This report was commissioned by Google, and the findings were discussed with Google executives, but BCG is solely responsible for the analysis and conclusions.
Programmatic guaranteed brings the power of automation to direct sales. Advertisers and agencies benefit from access to premium guaranteed inventory (as they do with traditional reservations)—and they can optimize for multiple campaigns, as well as manage frequency across programmatic and guaranteed reservation inventory. Publishers can lock in revenue through advance reservations, automatically update their forecasts, and take advantage of automated reporting, billing, and collections (saving time by not having to issue invoices and chase payments, for example).
In light of these benefits, we believe that the industry will adopt programmatic guaranteed more broadly, prompting a second wave of programmatic-driven transformation in digital ad selling. Traditional direct reservations’ share of the total digital display market is projected to shrink from 51% ($26 billion) in 2017 to 37% ($25 billion) in 2020.
BCG has conducted several examinations of the benefits and challenges of the programmatic market for both buyers and sellers of digital advertising and of the effectiveness with which this marketplace functions. (See O caminho programático para o lucro para os editores , BCG Focus, julho de 2015; Eficiência e eficácia na publicidade digital , BCG Focus, maio de 2013; e Melhorando o engajamento e o desempenho na publicidade digital , BCG Focus, setembro de 2014.) Este relatório examina o crescente mercado mundial de programação garantida. Embora o mercado ainda esteja aumentando, encontramos uma oportunidade significativa para a programação garantida para aumentar a eficiência e a eficácia para anunciantes, agências e editores. (Ver Anexo 3.) Essas ineficiências resultam em níveis significativos de resíduos operacionais - e, portanto, em valor deixado na tabela - para anunciantes, agências e editores. Três fontes principais de resíduos operacionais são processos manuais, reformulação de campanhas e superprocessamento. Também encontramos níveis significativos de desperdício de mídia - vítimas de combinações dos anúncios errados, espectadores não intencionais e tempo ruim.
The Sources of Inefficiency
Our study unearthed a number of pain points in the traditional reservation process, many of which are common in the negotiation, setup, and delivery of digital advertising campaigns (as well as in other business processes). (See Exhibit 3.) These inefficiencies result in significant levels of operational waste—and therefore in value left on the table—for advertisers, agencies, and publishers. Three primary sources of operational waste are manual processes, campaign reworking, and overprocessing. We also found significant levels of media waste—various combinations of the wrong ads, unintended viewers, and poor timing.
Processos manuais
Heavy reliance on manual processes leads to duplication of effort across systems and the potential for error during insertion order setup. Manual reentry of data from PDF scans or paper documents into multiple systems (often using different agency and publisher templates) is error-prone and chews up time. Once campaigns go live, publishers spend significant time manually generating confirmation report decks and screenshots. In one instance we found an agency mocking up screenshots for client reporting; the aim was not to deceive, it was simply faster to do mockups than to take real screenshots.
Campaign Reworking
Within both agencies and publishers, organizational silos with little cross-functional interaction lead to excessive work and rework, including costly handovers, long wait times, and fragmented decision making. Across the traditional reservations process, multiple handovers among organizations (advertiser, agency, and publisher) and among subteams (such as advertising operations and sales) cause significant wait times and potential for error. Long wait times increase the risk that advertiser plans or publisher inventory availability will change between the initiation of a deal and its completion, which leads to further rework. One publisher told us, “Sometimes our direct and programmatic sales teams will both create a response to the same brief, without talking to each other.”
Overprocessamento
Out-of-date systems that were designed to support manual processes almost inevitably lead to overprocessing (activities that are supposed to create value but do not) and time-wasting workarounds, such as consolidating and reformatting reports, campaign-by-campaign pricing negotiation, and multiple approvals. Reconciling data across agency and publisher reports can take significant time, even with high materiality thresholds (no action on discrepancies of less than 10%, for example). Additional time is consumed chasing invoices; one publisher had three full-time employees devoted to pursuing payment.
Media Waste
In the late 19th century, the US retailer and marketing pioneer John Wanamaker knew that half of his advertising dollars were wasted, and there is still waste in advertising today. Poor frequency management means some individuals see the same ad too many times (and possibly become annoyed), and others don’t see the ad at all. Advertisers can't take advantage of available data to improve the quality of targeting. And human error in campaign setup can lead to mistargeting or to impressions not being served.
A promessa de programação garantida
Programmatic guaranteed enables users on both sides of the advertising transaction to reap the benefits of both traditional direct reservations and programmatic deals. Traditional reservations do a number of things well. They guarantee inventory and revenue, accommodate a wide range of formats, provide for better forecasting and spending allocation, reduce concerns over brand safety, and allow for a high level of creative review. Programmatic guaranteed offers all of the same benefits. It can also deliver greater campaign effectiveness with advanced targeting via audience lists, the ability to target and optimize across campaigns, better frequency management across spending types, and better tracking across a wide range of metrics. Programmatic guaranteed improves workflow efficiency, reduces human error, and saves time and money through centralized trading.
But how many of these potential benefits are actually realized by agencies and publishers, and what is the value achieved? We examined the direct reservation and programmatic guaranteed processes to assess the efficiencies and value achieved by advertisers, agencies, and publishers.
Overall, we found that all parties realize significant benefits from programmatic guaranteed in the planning, setup, and execution of campaigns. After the upfront work necessary to streamline and simplify workflows, programmatic guaranteed, on average, made deal transactions 57% more efficient (in terms of time saved) for the publishers and 29% more efficient for the agencies involved in our study. Publishers realized major efficiency improvements in campaign setup and management. As one publisher put it, “Programmatic guaranteed takes away a lot of operational execution load, including campaign administration and creative upload.” Another said, “With direct reservations, we spend a lot of time pulling reports and reformatting them into client templates. With programmatic guaranteed, the agency typically doesn’t even ask us for reports, they just pull their own.”
For agencies, campaign setup times were an average of 27% faster with programmatic guaranteed than with traditional direct. Most of the time saved came from the areas of insertion order setup and troubleshooting creative issues between agency and publisher. Agencies saved an average of more than 30% in campaign management, with the greatest savings coming from reporting and optimization activities. “The fact that I see everything live means it’s much easier to figure out what’s going wrong,” said one agency executive. Wavemaker, a global media buying agency, realizes efficiencies and savings by buying programmatic guaranteed inventory in bulk each quarter and dividing it among brands’ portfolios and campaigns.
For many agencies, the transition to programmatic guaranteed is relatively easy because they already use demand-side platforms, and the programmatic guaranteed process is similar to nonguaranteed deal types in areas such as order management, targeting, and reporting. One test of time, however, will be whether the programmatic guaranteed teams, as they grow in size, maintain their close coordination and agility or succumb to the tendency to separate into silos, as was the case with the much larger traditional reservation teams in our study.
No geral, usuários sofisticados de programática garantida alcançam resultados significativos, mas o editor ou agência média não pode alcançar imediatamente as eficiências mostradas pelos participantes do nosso estudo. Os usuários de garantia programática alcançam economia precoce, mas os ganhos do tamanho observados em nosso estudo vêm apenas com um número significativo de campanhas e fazendo uma transição relativamente completa de sistemas e processos legados. Essas áreas incluem benefícios importantes para os anunciantes. Os melhores anunciantes e agências da classe em nosso estudo mostraram melhora nas categorias a seguir, entre outras:
Our study highlighted a number of areas in which programmatic guaranteed can reduce media waste and enhance the effectiveness of a campaign. These areas include important benefits to advertisers. The best-in-class advertisers and agencies in our study showed improvement in the following categories, among others:
- correspondência de público. Uma agência viu um aumento de 67% nas taxas de cliques e um aumento de 20% nas taxas de visão-em comparação com o tradicional direto-ao usar a programação garantida e camadas em dados de anunciantes de primeira parte. "Com a garantia programática, podemos controlar a frequência em todas as impressões programáticas e reduzidas de desperdício sobre os espectadores não interessados", disse um executivo da agência. "Ter todos os nossos gastos em uma plataforma significa que podemos relatar e otimizar entre campanhas. Isso nos permite melhorar o desempenho geral", disse outro. With programmatic guaranteed, buyers can securely match inventory against first-party advertiser data and execute precise and operationally effective targeting strategies, while maintaining control of their data. One agency saw a 67% increase in click-through rates and a 20% rise in view-through rates—compared with traditional direct—when using programmatic guaranteed and layering in first-party advertiser data.
- Optimization and Reporting Across Campaigns. Agencies can improve frequency management—and thereby reduce wasted impressions and improve campaign reach—by linking open auction activity to guaranteed campaigns. “With programmatic guaranteed, we can control frequency across all of programmatic, reducing wasted impressions on noninterested viewers,” said one agency executive. “Having all of our spend on one platform means we’re able to report and optimize across campaigns. This enables us to improve overall performance,” said another.
- A capacidade de garantir o inventário programaticamente. "Estamos usando a programação garantida para garantir o acesso a editores com um pequeno pool de inventário premium que quase sempre está esgotado", disse um executivo da agência. Uma editora disse: “Nosso inventário de vídeo se vende com um ano de antecedência; não subestimamos o benefício da receita garantida nos livros, principalmente por programação, o que nos permite rastrear tudo com mais transparência.” This benefit will increase in importance as programmatic budgets grow, particularly for scarce segments such as video. “We’re using programmatic guaranteed to guarantee access to publishers with a small pool of premium inventory that is nearly always sold out,” said one agency executive. A publisher said, “Our video inventory sells out a year in advance; we don’t underestimate the benefit of guaranteed revenue on the books, particularly via programmatic, which allows us to track everything with more transparency.”
- Greater Transparency Across Campaigns. Agencies and advertisers can see the details of the campaign setup and track a greater range of live metrics, although this benefit comes with some loss of flexibility for publishers, especially when optimizing campaigns.
To achieve such improvements, however, participants must address the underlying issues that inhibit broader programmatic usage. Challenges include the significant variation in setup and campaign management times among advertisers, agencies, and publishers that adhere to legacy systems and manual processes. “We have to enter the programmatic guaranteed deal data into three different tools to get it into our order management system,” said one publisher. Lack of programmatic expertise is another limiting factor, as is decision making that takes place in organizational silos, which make it difficult to plan across direct and programmatic channels. Programmatic and traditional sales teams often find themselves in competition, and the siloed operating model used by many agencies hides the benefits of programmatic guaranteed from senior management and clients.
Format limitations are another current barrier to adoption of programmatic guaranteed. Rich media, for example, are not widely supported on today’s standard programmatic guaranteed platforms. As usage grows, we expect the range of formats that can be fully integrated to increase. Some platforms are developing features that accommodate partial integration of nonstandard or custom creative formats. The benefits to agencies from such platforms include consolidated reporting and real-time tracking. “Our strategy is to run more and more custom formats, and programmatic guaranteed allows us to make this process more efficient,” one publisher said.
Big differences in market dynamics from region to region also affect programmatic guaranteed’s global penetration. Countries with high programmatic penetration (such as the US, the UK, and Australia, where rates are all above 50%) typically have high programmatic guaranteed penetration as well. At the same time, programmatic guaranteed is growing more rapidly in emerging markets (such as India) that rely less on legacy systems and thus have the potential to leapfrog traditional direct reservations. (See “
A ascensão da publicidade programática garantida na Ásia-Pacífico=
,” BCG Article, February 2018.)
Four Levers That Agencies and Publishers Can Pull
The benefits of programmatic guaranteed to both publishers and agencies (and to agencies’ advertiser clients) are large enough that we expect this technique’s replacement of traditional reservations and other forms of programmatic to accelerate. We see four things that agencies and publishers can do to position themselves Para aproveitar. Posições). Como disse uma editora: “Quando adotamos a garantia programática pela primeira vez, foi um pesadelo que dificultava justificar os custos técnicos, mas investimos tempo para redesenhar o fluxo de trabalho e agora ele funciona bem.”
Get the Basics Right
Both agencies and publishers need to remove the legacy complexity from their processes and invest in programmatic expertise (in both sales and execution positions). For example, these companies can eliminate legacy IT systems where possible and create positions and teams that work across traditional reservations, programmatic guaranteed, and other programmatic channels. They can also reinvest the time saved from the new process efficiencies into activities that create value for clients, such as improving targeting strategy, analyzing campaign performance, and optimizing across campaigns. As one publisher said, “When we first adopted programmatic guaranteed, it was a nightmare that made it hard to justify the tech costs, but then we invested time into redesigning the workflow, and now it runs pretty smoothly.”
Existem muitos benefícios imediatos. Por exemplo, a MightyHive, um parceiro de publicidade digital global, descobriu que os processos de relatórios da Programatic Garantia eliminaram a necessidade de reconciliar o editor e os relatórios da plataforma de tecnologia. O Mightyhive tem reinvestido o tempo economizado em atividades de valor agregado, como análises de otimização de campainha e público. Em um mercado que é cada vez mais transparente e orientado a dados, é importante para agências e editores para garantir uma abordagem coordenada da estratégia e planejamento em equipes programáticas e tradicionais. A flexibilidade na alocação de recursos para os vários canais ajuda.
Rethink the Organization and Go-to-Market Approaches
Agencies and publishers should reexamine their approaches to organization, capabilities, and pricing.
Organization and Capabilities. In a market that is increasingly transparent and data-driven, it is important for agencies and publishers alike to ensure a coordinated approach to strategy and planning across programmatic and traditional teams. Flexibility in the allocation of resources to the various channels helps.
Para aprimorar a tomada de decisão, agências e editores devem trazer experiência programática ao processo de campanha desde o início. Isso significa envolver conhecimentos programáticos no planejamento de todos os canais e fazer as mudanças estruturais necessárias nos processos de configuração de campanha. As equipes de planejamento de agências e anunciantes devem estar cientes de quais formatos são possíveis nos vários modelos programáticos. Da mesma forma, os editores devem deixar claro quais formatos estão disponíveis através dos modelos programáticos em seus sites.
Ambas as agências e editores precisam repensar sua estrutura organizacional para garantir que eles obtenham o maior valor de cada canal. No momento, por exemplo, a priorização do editor de ofertas tradicionais sobre acordos programáticos pode gerar atrito com as agências e levar à subutilização da garantia programática. No mínimo, ambos os lados devem garantir que os incentivos estejam alinhados para que as equipes de vendas dos editores e as equipes de planejamento de agências sejam recompensadas de forma consistente em toda a garantia direta e programática. A Netbooster, uma agência digital global, fundiu suas equipes tradicionais e programáticas para garantir que as decisões sejam tomadas com base em qual canal é o mais apropriado. Todos os membros da equipe são treinados em vendas, estratégia, operações e relatórios, para que uma pessoa possa apoiar todo o fluxo de trabalho para campanhas de exibição e vídeo. As equipes simplificadas poderão concentrar muito mais tempo e recursos em atividades de alto valor agregado. Para muitas organizações hoje, essas são grandes mudanças da maneira como operam atualmente e, como essas mudanças, elas não acontecem da noite para o dia, mas a implementação deve ser uma prioridade. À medida que o preço das campanhas programáticas se torna mais transparente, ambos os lados precisam ter uma visão abrangente do que constitui uma estratégia inteligente e unificada de preços de canais cruzados. Os editores, em particular, precisam conceber uma estratégia que considere as compensações de inventário nos canais e as oportunidades para monetizar os recursos de valor agregado da programação garantida, como a correspondência de público-alvo.
Times Internet, part of The Times of India Group, has coordinated programmatic and direct sales team incentives to ensure that both teams get credit for successful deals. NetBooster, a global digital agency, merged its traditional and programmatic teams to ensure that decisions are made based on which channel is the most appropriate. All team members are trained in sales, strategy, operations, and reporting, so one person is able to support the entire workflow for display and video campaigns.
Once programmatic capabilities are in place, organizations can rethink how they sell, create, and deliver digital advertising; the streamlined teams will be able to focus much more of their time and resources on high-value-added activities. For many organizations today, these are big shifts from the way they currently operate, and, like any such changes, they won’t happen overnight, but implementation should be a priority.
Pricing. Many organizations still spend too much time on repetitive, low-value price negotiations, not unlike a travel agency that negotiates with each airline for every individual customer. As the pricing of programmatic campaigns becomes more transparent, both sides need to take a comprehensive view of what constitutes a smart, unified cross-channel pricing strategy. Publishers, in particular, need to devise a strategy that considers the inventory tradeoffs across channels and the opportunities for monetizing the added-value features of programmatic guaranteed, such as audience matching.
As equipes de agência e editores também precisam criar um entendimento comum e linguagem para preços e questões relacionadas, como métricas de desempenho e taxas de tecnologia. As taxas programáticas garantidas cobradas pelas plataformas tecnológicas variam, assim como os recursos e os recursos das plataformas. Todos os jogadores-projetistas, agências e editores-devem investir o tempo adiantado para garantir que compartilhem uma compreensão dos problemas e terminologia relacionados a preços e compensação. As empresas de ambos os lados da transação de publicidade precisam equilibrar a complexidade técnica com o acesso à demanda e à oferta. Ao decidir qual tecnologia usar, os editores devem ter uma visão abrangente dos custos e valor derivados de uma abordagem integrada versus uma abordagem não integrada. Em outras palavras, eles devem decidir qual tecnologia empregar com base no valor das transações que ele permite. As agências também precisam considerar os benefícios da escala da consolidação de tecnologia (como otimização entre as campanhas) ao determinar quais plataformas usar. Atualmente, a Programmatic Garantia funciona bem quando o comprador e o vendedor estão usando a mesma plataforma de tecnologia. Vemos algum movimento nessa direção, à medida que as trocas adotam a programação garantida e nos conectam com plataformas do lado da demanda, mas a tendência é nascente. processos. A Vox Media, por exemplo, colocou sua equipe de vendas diretas no treinamento "PG 101" para facilitar as conversas com os clientes e garantir que todos os membros da equipe de vendas entendam os benefícios da programação garantida. A empresa investiu no treinamento de seu departamento de finanças sobre os detalhes do fluxo de trabalho garantido programático e como tratar a programação garantida na função de cobrança. Um resultado: o tempo gasto em faturamento garantido programático é agora apenas um décimo tanto quanto o tempo gasto no faturamento direto. Os anunciantes, agências e editores podem trabalhar entre si (agências de treinamento de agências, por exemplo, ou agências de treinamento de editores), bem como em suas próprias organizações, para expandir o conhecimento e o uso da programação garantida. A programação garantida retira o desperdício do relacionamento anunciante-agência-público, reduz o atrito entre as partes e melhora os resultados, o que deve levar a uma mudança nos gastos das transações tradicionais para a programação garantida e talvez ao aumento dos gastos em geral. Essa mudança tem o potencial de ser transformador: os anunciantes recebem o inventário e atingem o público que desejam, e editores e agências podem entregá -los com maior eficiência. Empresas que se apegam aos processos e tecnologias de reserva direta legados podem em breve se encontrarem lutando para escalar outra curva digital em rápido aumento. Jacob Rosenzweig
Address Inefficiencies in Technology
Lack of integration across tech platforms, or with third-party tools, was a common pain point in our study. Companies on both sides of the advertising transaction need to balance technical complexity with access to demand and supply. When deciding which technology to use, publishers should take a comprehensive view of the costs of, and value derived from, an integrated approach versus a nonintegrated approach. Put another way, they should decide which technology to employ based on the value of the transactions it enables. Agencies also need to consider the scale benefits of technology consolidation (such as optimization across campaigns) when determining which platforms to use.
Toward a longer-term solution, both publishers and agencies should push tech suppliers to provide a more integrated tech experience. Programmatic guaranteed currently works well when the buyer and the seller are using the same tech platform. We see some movement in this direction as exchanges adopt programmatic guaranteed and connect with demand-side platforms, but the trend is nascent.
Bring Others Along
Agencies and publishers can help deliver smoother workflows and richer relationships by investing time in educating the staff of key functions in their organizations (such as finance and direct sales), as well as their external partners, in programmatic processes. Vox Media, for example, put its direct-sales team through “PG 101” training to facilitate conversations with clients and ensure that all sales team members understand the benefits of programmatic guaranteed. The company invested in training its finance department on the details of programmatic guaranteed workflow and how to treat programmatic guaranteed in the billing function. One result: the time spent on programmatic guaranteed billing is now only one-tenth as much as the time spent on direct billing. Advertisers, agencies, and publishers can work with one another (agencies training advertisers, for example, or publishers training agencies), as well as within their own organizations, to expand knowledge and use of programmatic guaranteed.
One clear lesson from the short history of digital advertising is that innovations that improve campaign effectiveness for advertisers, increase the efficiency of agencies, or boost revenue opportunities for publishers catch on quickly. Programmatic guaranteed takes waste out of the advertiser-agency-publisher relationship, reduces friction among the parties, and improves results, which should lead to a shift in spending from traditional deals to programmatic guaranteed, and perhaps to increased spending overall. This shift has the potential to be transformative: advertisers get the inventory and reach the audiences they want, and publishers and agencies are able to deliver them with greater efficiency. Companies that cling to legacy direct reservation processes and technologies may soon find themselves struggling to climb another fast-rising digital curve.
