UK PROGRAMMATIC ADVERTISING FORECAST - … PROGRAMMATIC ADVERTISING FORECAST Market Maturation Leads to Greater Confidence in Automated Trading SEPTEMBER 2016 Bill Fisher Contributors:

UK PROGRAMMATIC ADVERTISING FORECASTMarket Maturation Leads to Greater Confidence in Automated Trading

SEPTEMBER 2016

Bill Fisher

Contributors: Sean Creamer, Lauren Fisher, Jennifer Jhun, Shelleen Shum, Karin von Abrams,

Haixia Wang

Read this on eMarketer for iPad

https://itunes.apple.com/us/app/emarketer/id611556300



UK PROGRAMMATIC ADVERTISING FORECAST: MARKET MATURATION LEADS TO GREATER CONFIDENCE IN AUTOMATED TRADING ©2016 EMARKETER INC. ALL RIGHTS RESERVED 2

UK PROGRAMMATIC ADVERTISING FORECAST: MARKET MATURATION LEADS TO GREATER CONFIDENCE IN AUTOMATED TRADING

The UK remains a market leader when it comes to trading digital display ad inventory programmatically. Because

the market is relatively small and players on both the buy and sell sides are keen to experiment, the programmatic

landscape in the country has become sophisticated enough that many are now willing to play in this space.

■ The UK programmatic display ad market will be worth £2.67 billion ($4.08 billion) this year, up 44.0% from 2015.

■ This year, programmatic direct will reach parity with ad spending via real-time bidding (RTB), then surpass RTB for the rest of the forecast period.

■ Mobile has grown up in the programmatic era and, as a result, an even greater proportion of mobile ad inventory is traded programmatically than for the overall market—79% in 2016.

■ RTB’s influence is being more keenly felt in mobile, as the overall market is moving to mobile faster than social’s influence—and, hence, programmatic direct’s proportion of total spend is coming down slightly.

■ Programmatic video is seen as a big growth area, but given the relative lack of premium inventory currently available, it will remain a little behind the curve—just 51% of digital video inventory will be traded programmatically this year, vs. 70% for the overall display market.

WHAT’S IN THIS REPORT? This report features eMarketer’s updated estimates for programmatic digital display ad spending in the UK, with breakouts for mobile spend by transaction type and video. It also examines how and why the market has developed.

billions of £, % change and % of total digital display adspending*

UK Programmatic Digital Display Ad Spending,2014-2018

2014

£1.14

159.8%

47.0%

2015

£1.85

62.6%

61.0%

2016

£2.67

44.0%

70.0%

2017

£3.30

24.0%

76.0%

2018

£3.90

18.1%

80.0%

Programmatic digital display ad spending% change % of total digital display ad spending*

Note: digital display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesnative ads and ads on social networks like Facebook and Twitter; includesadvertising that appears on desktop/laptop computers as well as mobilephones, tablets and other internet-connected devices; *includes banners,rich media, sponsorship, video and otherSource: eMarketer, Sep 2016215838 www.eMarketer.com

KEY STAT: Growth in programmatic digital display ad spending will remain strong this year and reach £2.67 billion ($4.08 billion). This will represent 70.0% of all UK digital display ad spending, a proportion that will pass three-quarters next year.

CONTENTS2 UK Programmatic Advertising Forecast

3 UK Programmatic Advertising: eMarketer’s Estimates and Forecasts

7 Overall Trends: Programmatic Pros Outweigh the Cons

12 Mobile Trends: Programmatic Ad Spending Follows Eyeballs, but Growing Pains Persist

14 Video Trends: Big Potential, but Restricted Inventory

16 eMarketer Interviews

17 Related eMarketer Reports

17 Related Links

17 Editorial and Production Contributors


UK PROGRAMMATIC ADVERTISING: EMARKETER’S ESTIMATES AND FORECASTS

This year, advertisers in the UK are expected to spend

£2.67 billion ($4.08 billion) on programmatic digital

display advertising, further expanding automated

trading’s majority share of total UK digital display

ad spending. The programmatic transaction mix,

meanwhile, will tip ever more toward direct deals,

though open exchanges will remain resilient

throughout the forecast period and will account for

the largest share of auction-based trading.

TOTAL PROGRAMMATIC AD SPENDING UK programmatic digital display ad spending continues to exhibit impressive growth. eMarketer predicts that a 44.0% increase this year will see spending reach £2.67 billion ($4.08 billion), and double-digit growth will continue throughout the forecast period to 2018, when spending will touch £3.90 billion ($5.96 billion).

Such growth has seen programmatic account for the majority share of total digital display ad spending in the UK. Last year saw programmatic trading account for more than 50% of the total for the first time, and this year that proportion will reach 70.0%. By 2017, it will account for more than three-quarters of the total.

billions of £, % change and % of total digital display adspending*

UK Programmatic Digital Display Ad Spending,2014-2018

2014

£1.14

159.8%

47.0%

2015

£1.85

62.6%

61.0%

2016

£2.67

44.0%

70.0%

2017

£3.30

24.0%

76.0%

2018

£3.90

18.1%

80.0%

Programmatic digital display ad spending% change % of total digital display ad spending*

Note: digital display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesnative ads and ads on social networks like Facebook and Twitter; includesadvertising that appears on desktop/laptop computers as well as mobilephones, tablets and other internet-connected devices; *includes banners,rich media, sponsorship, video and otherSource: eMarketer, Sep 2016215838 www.eMarketer.com

BREAKDOWN BY TRANSACTION METHOD An auction-based model of trading digital display ad inventory (i.e., real-time bidding or RTB) has been most prominent in the UK. However, 2016 will see programmatic direct trading account for an equal proportion of programmatically traded inventory— £1.33 billion ($2.04 billion) for each, according to eMarketer.

Programmatic direct’s influence will then increase throughout the remainder of the forecast period, and by 2018 it will account for 52.0% of total programmatic digital display ad trading, worth nearly £2.03 billion ($3.10 billion).


millions of £, % change and % of total programmatic digitaldisplay ad spending

UK Programmatic Digital Display Ad Spending, by Transaction Method, 2014-2018

Real-time bidding (RTB)*

—% change

—% of total programmaticdigital display ad spending

Programmatic direct**

—% change


2014

£614.4

92.2%

54.0%

£523.4

342.6%

46.0%

2015

£962.1

56.6%

52.0%

£888.1

69.7%

48.0%

2016

£1,332.6

38.5%

50.0%

£1,332.6

50.1%

50.0%

2017

£1,618.8

21.5%

49.0%

£1,684.9

26.4%

51.0%

2018

£1,873.0

15.7%

48.0%

£2,029.1

20.4%

52.0%

Note: includes native ads and ads on social networks like Facebook andTwitter; includes advertising that appears on desktop/laptop computers,mobile phones, tablets and other internet-connected devices; *includesprogrammatic ads that are transacted in real time, at the impression level;**includes all programmatic ads that are transacted as blocks of inventoryusing a non-auction-based approach via an APISource: eMarketer, Sep 2016215840 www.eMarketer.com

Programmatic Advertising: Definition and Key Terms

eMarketer defines programmatic advertising as an automated, technology-driven method of buying digital display ad placements.

Real-time Bidding (RTB): Auction-based approach used to buy or sell impression-level inventory. Auctions can either be public or private.

Programmatic direct: Nonauction-based approach to buying or selling ad inventory, not at the impression level. Programmatic direct deals can be orchestrated via pre-existing RTB technology, through publisher-owned APIs such as on social sites or via self-service user interface or deal discovery tools. Programmatic direct deals specify a fixed price and may or may not guarantee fixed inventory amounts.

Open exchange: Public RTB auction open to all buyers and sellers; also called an open auction, open exchange or open marketplace.

Private marketplace (PMP): Auction owned by a single publisher or a small group of publishers and open only to a select number of buyers; also called a private exchange or private auction. These are typically executed via normal RTB technology and may include a deal ID, a tag that notifies the auction that a specific buyer has some sort of preferential treatment, whether in price or priority.

Programmatic guaranteed: Upfront commitment to both CPM price and inventory amount secured via programmatic pipes between one buyer and one seller; also called programmatic reserved, forward market or just “upfronts.”

Preferred deal: Upfront commitment to inventory price but not inventory amount between one buyer and one seller; also called private access or first right of refusal.

Within the RTB portion of the total, open exchanges have remained remarkably resilient. Although the proportion of RTB trading that is transacted this way is falling, it will still be the dominant way to trade via auction throughout the forecast period. eMarketer predicts that 63.5% of RTB display ad spending in the UK will be traded via open exchange in 2016, worth £846.2 million ($1.30 billion). By 2018, the open exchange share will slip to 55.5%, but rise in value to nearly £1.04 billion ($1.59 billion) nonetheless.

millions of £, % change and % of total RTB digital display adspending

UK Real-Time Bidding (RTB) Digital Display AdSpending, by Segment, 2014-2018

Open exchange*

—% change

—% of total RTB digital display ad spending

Private marketplace**

—% change


2014

£430.1

86.8%

70.0%

£184.3

105.9%

30.0%

2015

£635.0

47.6%

66.0%

£327.1

77.5%

34.0%

2016

£846.2

33.3%

63.5%

£486.4

48.7%

36.5%

2017

£963.2

13.8%

59.5%

£655.6

34.8%

40.5%

2018

£1,039.5

7.9%

55.5%

£833.5

27.1%

44.5%

Note: includes native ads and ads on social networks like Facebook andTwitter; includes advertising that appears on desktop/laptop computers,mobile phones, tablets and other internet-connected devices; *includesads transacted through a public RTB auction in which any buyer or sellercan participate, also known as open auction or open marketplace;**includes ads transacted through an invitation-only RTB auction whereone publisher or a select group of publishers invite a select number ofbuyers to bid on its inventorySource: eMarketer, Sep 2016215842 www.eMarketer.com

TOTAL PROGRAMMATIC MOBILE AD SPENDING Mobile dominates the programmatic advertising landscape in the UK, and the proportion of programmatic digital display ad spending devoted to mobile is rising at a rapid rate. eMarketer estimates that almost three-quarters (74.6%) of total UK programmatic display ad investment, worth almost £1.99 billion ($3.04 billion), will go toward mobile efforts. That proportion will reach a staggering 82.1%, and £3.20 billion ($4.89 billion), in 2018.



UK Programmatic Digital Display Ad Spending, by Device, 2014-2018

Mobile*

—% change


Desktop/laptop

—% change


2014

£623.5

295.2%

54.8%

£514.4

83.6%

45.2%

2015

£1,222.4

96.1%

66.1%

£627.7

22.0%

33.9%

2016

£1,988.0

62.6%

74.6%

£677.1

7.9%

25.4%

2017

£2,609.0

31.2%

79.0%

£694.8

2.6%

21.0%

2018

£3,203.0

22.8%

82.1%

£699.1

0.6%

17.9%

Note: digital display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesnative ads and ads on social networks like Facebook and Twitter; *includesad spending on tabletsSource: eMarketer, Sep 2016215843 www.eMarketer.com

Programmatic’s share of total UK mobile display ad spending is also striking. It is set to reach 79.0% in 2016, and rise to 86.4% by 2018.

millions of £, % change and % of total mobile display adspending

UK Mobile Programmatic Display Ad Spending,2014-2018

2014

£623.5

295.2%

2015

96.1%

2016

£1,988.0

2017

£2,609.0

2018

£3,203.0

Mobile programmatic display ad spending% change % of total mobile display ad spending

Note: mobile display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesnative ads and ads on social networks like Facebook and Twitter; includesad spending on tabletsSource: eMarketer, Sep 2016215846 www.eMarketer.com

£1,222.4

62.6%31.2% 22.8%

62.0%

69.0%

79.0% 83.5% 86.4%

MOBILE BREAKDOWN BY TRANSACTION METHOD Social media’s rapid move to mobile means the mobile programmatic balance has tipped in favor of programmatic direct—the vast majority of social media display ads are traded this way. The proportion of total programmatic mobile display ad spending being traded via auction will thus remain smaller than for programmatic direct throughout the forecast period. However, rather than this direct method of trading becoming ever more prominent, RTB-based trading will actually catch up. According to eMarketer, the 54.0%–46.0% split in favor of direct this year will reach a closer-to-parity 52.5%–47.5% division by 2018.

millions of £, % change and % of total mobile programmaticdigital display ad spending

UK Mobile Programmatic Digital Display Ad Spending,Programmatic Direct* vs. Real-Time Bidding (RTB)**,2014-2018

Programmatic direct*

—% change

—% of total mobileprogrammatic digital display ad spending

Real-time bidding (RTB)**

—% change

—% of total mobile programmatic digital display ad spending

2014

£327.3

484.4%

52.5%

£296.1

191.0%

47.5%

2015

£684.6

109.1%

56.0%

£537.9

81.6%

44.0%

2016

£1,073.5

56.8%

54.0%

£914.5

70.0%

46.0%

2017

£1,382.8

28.8%

53.0%

£1,226.2

34.1%

47.0%

2018

£1,681.6

21.6%

52.5%

£1,521.4

24.1%

47.5%

Note: includes native ads and ads on social networks like Facebook andTwitter; includes ad spending on tablets; *includes all programmatic adsthat are transacted as blocks of inventory using a non-auction-basedapproach via an API; **includes programmatic ads that are transacted inreal time, at the impression levelSource: eMarketer, Sep 2016215848 www.eMarketer.com

The prominence of open exchanges in mobile, however, will be more distinct throughout the forecast period than for the market overall. eMarketer estimates that 69.6% of mobile programmatic inventory, or £636.2 million ($972.3 million), will be traded via RTB in 2016. And though this proportion will drop to 62.1% by 2018, it will be higher than the overall market, at 55.5%.


millions of £, % change and % of total RTB mobile display adspending

UK Real-Time Bidding (RTB) Mobile Display AdSpending, by Segment, 2014-2018

Open exchange*

—% change


Private marketplace**

—% change


2014

£246.3

162.3%

83.2%

£49.9

532.3%

16.8%

2015

£415.6

68.8%

77.3%

£122.2

145.1%

22.7%

2016

£636.2

53.1%

69.6%

£278.3

127.7%

30.4%

2017

£782.7

23.0%

63.8%

£443.5

59.4%

36.2%

2018

£944.9

20.7%

62.1%

£576.5

30.0%

37.9%

Note: includes native ads and ads on social networks like Facebook andTwitter; includes ad spending on tablets; *includes ads transacted througha public RTB auction in which any buyer or seller can participate, alsoknown as open auction or open marketplace; **includes ads transactedthrough an invitation-only RTB auction where one publisher or a selectgroup of publishers invite a select number of buyers to bid on its inventorySource: eMarketer, Sep 2016215850 www.eMarketer.com

TOTAL PROGRAMMATIC VIDEO AD SPENDING Digital video ad inventory is increasingly being traded programmatically. This year, in fact, the proportion of total digital video advertising traded this way in the UK will eclipse 50% for the first time, eMarketer estimates, to reach £553.4 million ($845.7 million). By 2018, that proportion will surpass 70%.

millions of £, % change and % of total digital video adspending

UK Programmatic Digital Video Ad Spending,2014-2018

2014

£92.8

121.8%

21.0%2015

£334.2

260.0%

47.0%

2016

£553.4

65.6%

51.0%

2017

£821.6

48.5%

63.0%

2018

£1,086.6

32.3%

71.4%

Programmatic digital video ad spending% change % of total digital video ad spending

Note: digital video ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesadvertising that appears on desktop/laptop computers, mobile phones,tablets and other internet-connected devices; includes advertising thatappears before, during or after digital video content in a video playerSource: eMarketer, Sep 2016215858 www.eMarketer.com

These shares, however, are lower than the proportions for programmatic trading overall—programmatic display will account for 70.0% of total display, for example, this year. When considered against other display formats, too, programmatic video comes in some way down. eMarketer predicts video will account for just over a fifth of total programmatic digital display ad spending this year, and that will rise to only 27.8% by 2018.


UK Programmatic Digital Display Ad Spending, by Format, 2014-2018

Video*

—% change


Other**

—% change


2014

£92.8

121.8%

8.2%

£1,045.1

163.8%

91.8%

2015

£334.2

260.0%

18.1%

£1,516.0

45.1%

81.9%

2016

£553.4

65.6%

20.8%

£2,111.7

39.3%

79.2%

2017

£821.6

48.5%

24.9%

£2,482.2

17.5%

75.1%

2018

£1,086.6

32.3%

27.8%

£2,815.5

13.4%

72.2%

Note: digital display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesadvertising that appears on desktop/laptop computers, mobile phones,tablets and other internet-connected devices; *includes advertising thatappears before, during or after digital video content in a video player;**includes banners, rich media, sponsorship and other; includes native adsand ads on social networks like Facebook and TwitterSource: eMarketer, Sep 2016215856 www.eMarketer.com

MOBILE PROGRAMMATIC VIDEO AD SPENDING As with overall programmatic digital display, for programmatic video, mobile is the driving force. eMarketer estimates mobile will account for 63.0% of all UK programmatic video ad spending this year, and that by 2018, the proportion will surge to 85.0%.


millions of £, % change and % of total programmatic digitalvideo ad spending

UK Programmatic Digital Video Ad Spending, by Device, 2014-2018

Mobile*

—% change

—% of total programmaticdigital video ad spending

Desktop/laptop

—% change

—% of total programmaticdigital video ad spending

2014

£31.6

346.2%

34.0%

£61.3

76.2%

66.0%

2015

£163.7

418.9%

49.0%

£170.4

178.2%

51.0%

2016

£348.6

112.9%

63.0%

£204.8

20.1%

37.0%

2017

£616.2

76.7%

75.0%

£205.4

0.3%

25.0%

2018

£923.6

49.9%

85.0%

£163.0

-20.6%

15.0%

Note: digital display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includesadvertising that appears before, during or after digital video content in avideo player; *includes ad spending on tabletsSource: eMarketer, Sep 2016215862 www.eMarketer.com

However, even in mobile, video is far less prevalent than other display formats. This year, eMarketer predicts mobile video will account for just 17.5% of total mobile programmatic digital display ad spending. The balance will pivot toward mobile, but it will account for only 28.8% of the total by 2018.

millions of £, % change and % of total mobile programmaticdisplay ad spending

UK Mobile Programmatic Display Ad Spending, by Format, 2014-2018

Video*

—% change

—% of total mobileprogrammatic display ad spending

Other**

—% change

—% of total mobileprogrammatic display ad spending

2014

£31.6

346.2%

5.1%

£591.9

292.8%

94.9%

2015

£163.7

418.9%

13.4%

£1,058.7

78.9%

86.6%

2016

£348.6

112.9%

17.5%

£1,639.4

54.8%

82.5%

2017

£616.2

76.7%

23.6%

£1,992.8

21.6%

76.4%

2018

£923.6

49.9%

28.8%

£2,279.4

14.4%

71.2%

Note: mobile display ads transacted via an API, including everything frompublisher-erected APIs to more standardized RTB technology; includes adspending on tablets; *includes advertising that appears before, during orafter digital video content in a video player; **includes banners, rich media,sponsorship and other; includes native ads and ads on social networks likeFacebook and TwitterSource: eMarketer, Sep 2016215860 www.eMarketer.com

OVERALL TRENDS: PROGRAMMATIC PROS OUTWEIGH THE CONS

Trading digital display inventory programmatically

in the UK is more common than ever. Fully 70% of

all digital display ad spending will flow through

programmatic pipes in 2016, eMarketer predicts, and

that proportion will approach 80% by 2018. Growth is

so strong because players all along the supply chain

are becoming more adept at trading this way, leading

to a maturing and more sophisticated marketplace.

GREATER CONFIDENCE COMING TO PROGRAMMATIC TRADING Growth in programmatic trading has been strong for the past few years, but with the digital ad industry under a great deal of pressure from many angles—from ad blocking to ad fraud to poor viewability rates—it’s a wonder that programmatic has remained so resilient. After all, much of the blame for digital advertising’s woes is often placed at the feet of programmatic.

Speaking to trade journal Campaign in July 2016, Anant Joshi, director of international business at ad measurement firm Meetrics, made the link quite plainly. “The surge in ads bought programmatically contributed to the decline in viewability [in the UK],” he said.

Joshi was speaking about Meetrics’ latest research, which indicated that in Q2 2016, digital display ad viewability rates in the UK dropped to 47%, lower than in other select countries in Western Europe tracked by the firm—countries, incidentally, where programmatic uptake is less pronounced.


among impressions measured by Meetrics

Digital Display Ad Benchmarks in Select Countries inWestern Europe: Viewability Rate, Q2 2016

Austria 69%

France 62%

Germany 60%

UK 47%

Note: represents activity on the Meetrics platform, broader industrymetrics may vary; includes mobile web; *defined as the percent ofimpressions where at least 50% of an ad was actively in-view for at least 1continuous secondSource: Meetrics, "Viewability Benchmarks," July 14, 2016215187 www.eMarketer.com

Ian Gibbs, head of commercial insight at publisher Guardian News and Media, meanwhile, suggested that a degree of industry “short sightedness” was driving growth in programmatic, with the result fueling the rise in ad blocking behavior. “The problem is we’ve built an entire ad ecosystem around clicks,” he said. “The knock-on effect is that we are getting irritating, intrusive ads whose objective is just to galvanize more response, which is forcing people to ad block. This total preoccupation with the click is what’s driving the growth in programmatic.”

However, links between programmatic trading and ad industry travails are difficult to prove. For example, writing for MediaTel in August 2016, Barbara Agus, director of global programmatic and yield at The Weather Company, suggested a contrary view. She argued that ad blocking wasn’t new and that programmatic was merely a tool—bad ads would exist regardless.

“While it may be true that programmatic has made some advertisers and content creators lazy, programmatic itself cannot be said to have changed the internet advertising landscape overnight,” Argus wrote. “The errors lie with the craftsman, not in his tools. It is not the spanner’s fault if it is used as a hammer.”

Q1 2016 data from Integral Ad Science, meanwhile, indicates that trading ads programmatically had a negligible impact on rates of viewability and ad fraud. For example, the study found that viewability rates for UK digital display ads traded directly with publishers were only slightly better than for those traded programmatically—while 42.2% of publisher-direct-traded ads were viewed for longer than 5 seconds, a not-insignificant 39.9% of programmatically traded ads were viewed for the same duration.

among impressions analyzed by Integral Ad Science

UK Digital Display Ad Benchmarks: Viewability Rate, by Purchase Method and Time, Q1 2016

Publisher direct59.8%

42.2%

24.3%

Programmatic56.7%

39.9%

24.1%

Total57.0%

40.1%

24.1%

1+ second(s) 5+ seconds 15+ seconds

Note: represents activity on the Integral Ad Science platform, broaderindustry metrics may vary; in-view as per MRC standard; excludes mobilein-app and video; read as 56.7% of display ads bought programmaticallyare viewable for 1+ second(s)Source: Integral Ad Science, "Q1 2016: United Kingdom Media QualityReport," May 11, 2016210967 www.eMarketer.com

Fraudulent ad impressions, too, were affected only slightly by programmatic buying, according to the research. Of publisher-direct-traded ads, 4.7% of impressions were deemed to be fraudulent. However, that proportion for programmatically traded ads was only marginally higher, at 5.1%

% of impressions in each group

UK Digital Display Ads that Are Fraudulent*, byPurchase Method, Q1 2016

Programmatic 5.1%

Publisher direct 4.7%

Total 5.0%

Note: represents activity on the Integral Ad Science platform, broaderindustry metrics may vary; excludes mobile in-app and video; *inventorywith no possibility of being viewed by a human, including bot traffic andinvisible placementsSource: Integral Ad Science, "Q1 2016: United Kingdom Media QualityReport," May 11, 2016210966 www.eMarketer.com

Broad consensus among contributors to this report, from publishers to buyers to ad tech platform providers, was that a greater degree of maturity in the UK’s programmatic marketplace was leading to greater confidence among all the actors, and thus the strong growth in spending.


This was certainly the take of Emily Palmer, head of programmatic for Europe, the Middle East and Africa (EMEA) at Thomson Reuters. “All sides of the table are having more control and say in what’s going on, which will of course lead to even more robust growth,” she said. “A lot of publishers weren’t comfortable about selling programmatically a few years ago. They were worried about built-in conflict. But the more tools that we have at our disposal, and the more we get around to fixing different issues in the industry, like ad fraud and ad blocking, the more comfortable everyone will get, and then we can really start to thrive.”

Mark Syal, head of media and joint managing director for EMEA at agency Essence Digital, was in broad agreement, though he also noted a change in dynamic as to who was the driving force. “The wheels of programmatic adoption in the UK have been greased by parties all along the demand/supply chain, as buyers and publishers both saw the opportunity to gain efficiencies,” he suggested. “That being said, the center of gravity has moved, with the driving force now coming more from the demand side, with publishers making inventory available according to the methods that the buyers are asking and willing to pay for.”

The influence of the buy side was also highlighted by Andy Morley, UK managing director for Tremor Video. “Growth in programmatic advertising is very much driven from the demand side,” he said. “Agencies want to be fully programmatic and sellers have probably had to adapt to this demand from the agency side.”

A Europewide study from the Interactive Advertising Bureau Europe (IAB Europe) in May 2016 gave credence to this argument, with 60% of publishers polled indicating that client demand was one of the main reasons they were investing in programmatic.

BEYOND REMNANT INVENTORY: THE PROGRAMMATIC MARKET MATURES The transactional mix of programmatic trading in the UK hints at the move toward greater control that many want to see with this method of buying and selling digital display advertising. Programmatic direct deals, for example, whereby the relationship is one-to-one, will account for half of total UK programmatic trading this year, eMarketer predicts.

Despite social media display ad inventory accounting for the vast majority of this programmatic direct proportion, the signs are that such deals will become more prevalent in the wider market. And PMPs are also growing in importance.

“You’ll see the adoption of things like programmatic direct and private marketplace deals continue to grow as marketers are basically tightening their belts on the executional efficiency side of things,” said Michael Baumgaertner, vice president of media and trading for EMEA at Accordant Media. “There’s just no doubt that when you can take the same deal that you had done via paper insertion order and a telephone and all of a sudden fire it over an API to 75 different publishers, there are unquestionably gains to be had there.”

However, many people still equate programmatic with open exchanges. These have often been synonymous with driving cost efficiency at scale. Understanding within the industry is changing, though. “It’s almost like there was the notion that a discount is implied through the word programmatic or through automated trading,” said Ben Walmsley, digital commercial director at national newspaper group News UK. “Actually, what we really should be looking to achieve is the best elements of direct buying, which is just boosted by the capabilities of overlaying really valuable meaningful data sets on top of it.”

Accordant Media’s Baumgaertner suggested that the market was some way along this path to maturity. “There has been a big wake-up call in the advertiser space whereby marketers are increasingly aware that programmatic, which may have been relegated in the past as a way to buy cheap impressions at large scale, is actually something significantly more than that,” he said. “The way that programmatic has begun to evolve is side by side with a better understanding among advertisers of how data can work for them and on their behalf.”

Meanwhile, whatever the weight of evidence behind the rise in programmatic and a subsequent drop in viewability rates or increase in ad fraud, such concerns are certainly driving the popularity of programmatic methods of trading beyond open exchanges.


“Something we’re starting to see is a move into increasing amounts of private marketplace buys, which is almost a reaction to some of the challenges that are being seen in the open marketplaces around viewability and fraud,” said Toby Benjamin, vice president of platform partnerships, UK, at ad tech company Viant. “Naturally, buyers want more safety and assurances around content environments, which [private] RTB enables as opposed to mass open RTB.”

Beyond transaction methods, though, two important sell-side considerations have been instrumental in the growing confidence being placed in programmatic trading: the quality of inventory being made available and the amount of that inventory.

May 2016 data from the IAB Europe showed that publishers in the region were thinking hard about making premium inventory available at scale. Although larger proportions noted other reasons for investing in programmatic, 44% said a desire to make such inventory available at scale was important.

% of respondents

Top 5 Reasons for Investing in ProgrammaticAccording to Advertisers, Agencies and Publishers in Europe, May 2016

Advertisers

Targetingefficiencies

Lower cost ofmedia

Delivery ofbrand advertisingcampaigns atscale to targetaudience

Reachingaudiences viaprogrammaticmobile

Change indata strategy toincrease dataquality

1.

2.

3.

4.

5.

78%

53%

49%

30%

30%

Agencies

Targeting efficiencies

Trading/operationalefficiencies

Change in data strategy to increase data quality

Delivery of brand advertising campaigns at scale to target audience

Gain competitiveadvantage

78%

55%

52%

45%

45%

Publishers

Client demand

Maximizing media value

Trading/operationalefficiencies

Gain competitiveadvantage

Making premiuminventory available at scale

60%

55%

49%

44%

44%

Source: Interactive Advertising Bureau Europe (IAB Europe), "Attitudestowards Programmatic Advertising," June 21, 2016212558 www.eMarketer.com

“When programmatic started out it was mainly remnant inventory that was available,” said Antoine de Kermel, managing director for EMEA at moment marketing platform TVTY. “If you wanted a high-quality, premium inventory, you had to deal direct in the old way. That’s not true anymore. So you can run a proper campaign with all of the inventory that you want through programmatic.”

The quality of inventory has continued to improve. “The availability of high-quality inventory and the adoption of private marketplaces is what’s made it more attractive to advertisers to carry out advertising programmatically,” said Tim Webster, co-founder and chief strategy officer at The Exchange Lab.

In the UK, the size of available inventory is small and manageable enough that the market has been able to develop and advance to an even greater degree than the US, which leads worldwide in terms of most programmatic trends.

“The UK has always been very quick to adopt technologies that have driven greater performance because there’s a smaller amount of inventory available and a smaller digital population to reach,” said Will Bishop, UK country manager at data-driven creative ad server ADventori. “We’re seeing a huge appetite [in the UK] among both clients and agencies about taking those programmatic principles and data and then using them in their creative strategy to drive performance.”

But while Webster, and others, as noted earlier, opined about the benefits offered by PMPs and programmatic direct trading, open exchanges have remained remarkably resilient, and they will continue to account for the largest proportion of RTB-traded inventory in the UK this year and throughout eMarketer’s forecast period.

One reason for the continued relevance of open exchanges, beyond the cost efficiencies that they offer, is the advancements and maturation of such trading methods.

Andrew Buckman, managing director for EMEA at advertising exchange OpenX, explained how the use of whitelists and blacklists within open exchanges was breeding greater confidence in trading this way. “When you have a private marketplace, you have the perception of more control because, as a publisher, you get to choose which advertisers are allowed to buyers, and as an advertiser, you can get to choose which publishers you appear on,” he said. “In reality, they’re much more manual than promised, and they’re frustrating. Open auctions actually give you the control to be able to do that as well. Publishers in the UK have experimented a bit more and have been able to play around with whitelists and blacklists, and different controls which can go right down to an ad unit level so you can have different controls on each page.”


Edward Thomas, head of audience at content monetization platform Skimlinks, also brought up the benefits that whitelists and blacklists can bring to open exchanges. “You can get lost in the noise of the open marketplace,” he said. “There are two ways you can handle that. You can either go very aggressive with a whitelisting strategy, which I would say about a quarter of the market actually uses, or you can use a blacklisting strategy, which the majority of the market uses. So you get these ring-fenced areas of the open marketplace that some of the trading desks are starting to operate within.”

HEADER BIDDING BRINGS EFFICIENCIES FOR PUBLISHERS One particularly hot topic in the programmatic marketplace is header bidding. Historically, the ad server has been the primary decision-maker for whether a programmatic ad gets served or goes to auction. But through the use of header bidding, publishers are enabling programmatic to supersede the ad server in the decision-making process, sending impressions directly to programmatic sources. Putting the impression out to potential buyers before the ad server is called gives the publisher the ability to assess the true market value of that impression.

According to an August 2016 press release from AOL, 89% of UK publishers were either using or planned to use header bidding in the next year. Even Facebook is getting on board, according to a recent article on technology industry news site The Information.

The benefits for publishers are becoming better and better understood. “From a publisher’s point of view, the ability to integrate header bidding technology that allows you to optimize across the exchanges and find the best value where it is available is obviously a compelling and interesting argument,” said David Nelson, vice president of products and operations for Europe at Rocket Fuel.

James Brown, managing director of the UK and Nordics at Rubicon Project, further explained the efficiencies that header bidding offered publishers. “The best way for sellers to maximize the value of the advertising inventory in their portfolio is to ensure that each individual impression is allocated to whichever demand source will either pay the most for it or which drives the most value for their businesses [that is, a holistic auction],” he said. “This is completely different to a waterfall approach where inventory is allocated via a legacy ‘priority’ based structure. This setup inhibits sellers’ ability to maximize the full value of the strong yields available in the programmatic ecosystem.”

Two high-profile UK-based publishers were equally profuse in their praise of header bidding. “It just drives fairer competition to the marketplace,” said News UK’s Walmsley. “We’re working hard to get all our auctions competing in the header, even more complex executions, which we think offers a fairer and more transparent marketplace for everybody.”

“I think it’s really good from a publisher perspective, because it allows us better management of our yield,” said Guardian News and Media’s Gibbs. He also spoke of the ramifications of header bidding on the transactional side of things. “I think that it’s going to be interesting for open marketplaces because it could potentially uncover inefficiencies which we’re going to have to look to address.”

The transactional mix was something that Syal felt would certainly be affected by header bidding. “As header bidding continues to gain traction, and publishers start selling their data as segments rather than through PMPs, we will perhaps see more and more of the high-quality, traditionally directly sold inventory accessible through the open exchange,” he said.

But while this trend is clearly something of a boon for publishers, the benefits can also extend to buyers. “I think there might be some fear that it might drive up the cost of media horrendously,” said Baumgaertner. “But if you’re a savvy marketer, and you know your target audience really well and you know who you’re buying and how much you want to pay for them, then this gives [buyers] better access to better inventory, which is great.”


MOBILE TRENDS: PROGRAMMATIC AD SPENDING FOLLOWS EYEBALLS, BUT GROWING PAINS PERSIST

Mobile ad spending has grown at a fantastic rate in

the UK. eMarketer predicts it will account for almost

30% of all UK media ad spending in 2016, with a value

of £5.24 billion ($8.01 billion), up 45.0% from 2015.

Mobile ad spend stood at less than half that in 2014,

and just 14.8% of total media ad spend. That mobile

programmatic growth has been equally impressive is

no coincidence.

MOBILE GROWS UP IN THE PROGRAMMATIC ERA Mobile’s hold on the UK programmatic display ad market is formidable. eMarketer expects it will account for close to three-quarters of programmatic digital display ad spending this year.

ADventori’s Bishop gave one explanation for that dominance. “Mobile was born in the age of programmatic,” he said. “We do see higher figures for that across our mobile activity.” Rich Astley, managing director of UK and Ireland at TV and video advertising software firm Videology, also suggested that mobile and programmatic went hand in hand. “I think mobile will go very close to fully programmatic eventually. It’s already predominantly programmatic,” he said.

As ad spending has transitioned to mobile, it stands to reason that programmatic ad spending would see a similar trend. Ad investment tends to follow eyeballs, and mobile’s where they’re at. “We will continue to see the scale of mobile inventory growing in the programmatic portion of our business because the scale of inventory full stop in mobile is growing,” said Katie Field, UK managing director at Viant.

Bill Swanson, vice president of EMEA at programmatic advertising platform provider PubMatic, noted that some of the extra complexities (and opportunities) that mobile brings may actually be driving some of the growth in the mobile portion of programmatic trading. “[Mobile] deals that we have in place are really just about improving and enriching the ad call and the decisioning that is made to help the buyers to identify the right people, at the right time, at the right location,” he said. “The more we can do that, the more chance there is that the buy side will spend more to try and get that particular person at that particular point in time.”

MOBILE CHALLENGES ARE SHAPING THE TRANSACTION MIX The complexities of trading mobile ad inventory programmatically are an important consideration. After all, as with the wider mobile ad market, there’s a broad understanding that many more people want to advertise there, but that nobody’s really cracked it yet—getting to grips with mobile is hard. And this extends to mobile programmatic trading, too.

December 2015 data from the Internet Advertising Bureau UK (IAB UK) showed that large proportions of mobile marketers polled in the UK still had little to no knowledge about programmatic advertising on smartphones. Only 12% felt they were subject matter experts, and while a sizable 44% felt they had good knowledge, the remaining 44% were clearly on unsteady ground when it came to mobile programmatic.

% of respondents

Level of Knowledge About Programmatic Advertisingon Smartphones According to UK Mobile Marketers,Dec 2015

Expert12%

Good knowledge44%

Little knowledge32%

Noknowledge

12%

Note: n=301 who advertise on smartphonesSource: Internet Advertising Bureau UK (IAB UK), "Mobile AdvertiserSnapshot Study 2015" conducted by Circle Research as cited in MarketingWeek, Jan 13, 2016203337 www.eMarketer.com


Field alluded to the fact that any lack of understanding of mobile programmatic wasn’t necessarily holding the market back. Rather, mobile was being seen as something that must be done—even if the execution was ill-thought-out. “There’s a generic problem with creative and getting the appropriate creative to actually use mobile effectively,” she said, “rather than just doing the most basic version of mobile delivery, just so you’re clicking a box in mobile.”

“One of the obstacles [to mobile programmatic] is we don’t yet have the tools in the industry to really give the buyer a good picture of what they’re buying,” said Nathan Mekuz, chief technology officer and vice president of ad operations at programmatic marketing platform AcuityAds. “We’re not there yet on mobile compared to where we are with display, and I think that’s driving prices lower. That’s making things like private marketplace impossible, at least in the deals we see, though that will change.”

This comment on the transaction mix for mobile is reflected in eMarketer’s estimates, with PMP trading accounting for a smaller proportion of mobile programmatic trading than for the overall market. And while programmatic direct has risen to prominence in mobile, this has been on the back of social media ad spend heading to mobile platforms at a rapid rate.

However, as the wider industry moves to mobile at an even faster clip, eMarketer expects RTB-based trading to actually gain some ground on programmatic direct, with much of that gap being made up by open exchanges. There’s less of an issue with market maturity in mobile—lots of people coming to mobile programmatic don’t have a huge legacy in “mobile nonprogrammatic,” so they’re more open to open exchanges. Cost efficiency, meanwhile, is paramount.

“Lots of people buying static banners on mobile will tend to buy in the open exchange, not in the private marketplace, because they’re just looking for performance,” said Todd Tran, global senior vice president for programmatic at native video ad company Teads. “They’re looking for cost per install, and the most economical way for them to do that is to buy in the open exchange.”

Mekuz agreed: “I see it mostly being open RTB because of pricing. I think that most mobile campaigns that we see are very price sensitive, and that precludes private marketplaces.”

Despite all the potential issues with mobile, though, money—and particularly programmatic money—still flows in its direction. And so the industry is working to overcome some of the sticking points, with some limited success already, at least according to OpenX’s Buckman. “We’ve gone beyond the tipping point for mobile in terms of usage and volume, and we’re now at this stage where monetization is a little bit more difficult,” he said. “But we are seeing CPMs creep up as we see more and more engagement from users and more and more innovative advertising formats.”


VIDEO TRENDS: BIG POTENTIAL, BUT RESTRICTED INVENTORY

In terms of ad formats being traded programmatically,

video is becoming increasingly important. However,

the proportions for video trail the overall market for

programmatic. The main reason for this is the relative

lack of video inventory in the UK. But as the format’s

importance gains ever-greater prominence, releasing

more inventory onto programmatic platforms will

become more common.

PROGRAMMATIC VIDEO TAKING ATTENTION AND AD BUDGETS April 2016 polling from The Drum, in partnership with The Trade Desk, indicated that trading video inventory programmatically was becoming an important consideration in the UK. The research found that 63.5% of UK agency professionals surveyed were shifting budget from various other channels in order to focus on programmatic video advertising.

% of respondents

Channels from Which UK Agency Professionals AreShifting Budget to Focus on Programmatic VideoAdvertising, April 2016

Display advertising 30.2%

Linear TV 20.8%

Print 17.7%

Paid social 11.5%

OOH/billboard 9.4%

Paid search 8.3%

Radio 6.3%

Mobile 6.3%

None of these 36.5%

Source: The Drum, "Market Insight Report: Programmatic Video Edition" inpartnership with The Trade Desk, Aug 9, 2016215042 www.eMarketer.com

September 2015 research from IHS (now IHS Markit), commissioned by SpotX, meanwhile, highlighted how advanced the UK was in this respect. The study found that the UK led the rest of select countries in Western Europe by some distance when it came to programmatic digital video net ad revenues, with the figure for 2016 more than twice that of its closest competitor, France.

millions of € and % of total digital video net ad revenues

Programmatic Digital Video Net Ad Revenues in Select Countries in Western Europe, 2014-2020

UK

—% of total digitalvideo net ad revenues

France


Italy


Germany


Spain


2014

€86

18.5%

€47

15.2%

€24

9.1%

€14

5.0%

€10

9.3%

2015

€135

22.8%

€67

18.6%

€38

12.3%

€31

9.3%

€15

11.5%

2016

€222

32.2%

€109

26.1%

€64

17.7%

€49

13.1%

€41

28.1%

2017

€280

37.2%

€154

32.5%

€109

27.1%

€74

17.4%

€57

34.1%

2018

€385

46.3%

€215

39.7%

€163

36.6%

€131

27.9%

€69

37.5%

2019

€492

53.8%

€297

49.3%

€209

42.9%

€186

35.8%

€82

41.8%

2020

€602

60.1%

€358

54.1%

€245

46.6%

€254

44.9%

€98

46.5%

Source: IHS, "Video advertising in Europe: The Road to Programmatic Ubiquity" commissioned by SpotX, Sep 9, 2015196683 www.eMarketer.com

“From a format point of view, video is heading further and further up the programmatic path and is reaching scalability,” said Buckman. But for now, at least, programmatic video makes up only a small proportion of the total programmatic display ad spend total in the UK—roughly one-fifth this year, according to eMarketer estimates. As a proportion of total digital video ad spending, too, programmatic video is a little lower down the chain than per the trends in other areas of programmatic. For example, while eMarketer estimates that programmatic digital video will account for 51.0% of total UK digital video ad spending this year, that’s some way down from the 70.0% of overall UK display advertising that programmatic display will account for in 2016.

ABSENCE OF PREMIUM INVENTORY, BUT TIMES ARE CHANGING Despite video’s growing importance, then, it remains the case that the amount of video inventory being traded programmatically lags the overall market. The Drum/Trade Desk study put this into context, finding that 53.8% of UK agency professionals queried didn’t serve digital video ads programmatically for their clients.


% of respondents

UK Agency Professionals Who Currently Serve DigitalVideo Ads Programmatically for Their Clients, April 2016

Yes46.2%No

53.8%

Source: The Drum, "Market Insight Report: Programmatic Video Edition" inpartnership with The Trade Desk, Aug 9, 2016215040 www.eMarketer.com

The reason why a majority of agencies don’t serve such ads this way is that there isn’t the required inventory available to do so. Even where inventory is available, it tends to be in confined areas such as YouTube and social media.

Weighing In on the UK’s Premium Programmatic Video Inventory Problem

“In the UK, we’ve got such a supply shortage. It’s very constrained for video and there are relatively few trading points.” —Rich Astley, Managing Director, UK and Ireland, Videology

“The amount of video supply is in short order, especially in the UK, so you will see the UK be slightly below the US in terms of video.” —Mike Caprio, General Manager, Programmatic and Senior Vice President, Global Partnerships, Sizmek

“The biggest hurdle for most publishers is that they just don’t have enough pre-roll inventory. Right now, most of our pre-roll inventory is booked ahead of time, and there’s not enough to play with. [Publishers] need to start talking about growth and challenges with selling it, because availability and scale are the biggest hurdles. They have so many buyers that want quality pre-roll, and most publishers wish they had much more of it to sell.” —Emily Palmer, Head of Programmatic, EMEA, Thomson Reuters

“More and more money is moving into video, but then a lot of the video spend that we’re seeing is going into the Googles, the Facebooks—these walled gardens—and not to some of the other publishers.” —Bill Swanson, Vice President, EMEA, PubMatic

However, as video’s importance comes increasingly into focus, growth will follow. The 51.0% of total video advertising that will trade programmatically in the UK this year will become 71.4% by 2018, eMarketer expects. Branding activity may drive much of this growth.

“Looking at the advertising market in a broader sense, video is the dominant format, especially for branding activity,” said Syal. “So as the industry catches up, we’ll see a lot more opportunities to take advantage of this.”

The Exchange Lab’s Webster was equally bullish about programmatic video’s future, despite current issues. “Quality video inventory is quite sparse in most markets, but I do think that will continue to change,” he said. “That will drive the growth of brand dollars flowing into video.”

Video is set to play a big part in the future evolution of programmatic trading. Just as demand is currently driving the overall market, so demand for video inventory will lead to publishers releasing more—and more premium—inventory into the market for programmatic trading.


EMARKETER INTERVIEWS

Rich Astley Managing Director, UK and Ireland

Videology Interview conducted on July 21, 2016

Michael Baumgaertner Vice President, Media and Trading, EMEA

Accordant Media Interview conducted on July 16, 2016

Toby Benjamin Vice President, Platform Partnerships, UK

Viant Interview conducted on August 3, 2016

James Brown Managing Director, UK and Nordics

Rubicon Project Interview conducted on August 23, 2016

Andrew Buckman Managing Director, EMEA

OpenX Interview conducted on July 29, 2016

Mike Caprio General Manager, Programmatic and Senior Vice President, Global Partnerships

Sizmek

Interview conducted on July 18, 2016

Antoine de Kermel Managing Director, EMEA

TVTY Interview conducted on July 18, 2016

Massimo de Magistris General Manager, EMEA

StickyADS.tv Interview conducted on September 1, 2016

Sean Downey Vice President, Media Platforms

Google Interview conducted on July 26, 2016

Katie Field Managing Director, UK

Viant Interview conducted on August 3, 2016

Ian Gibbs Head of Commercial Insight

Guardian News and Media Interview conducted on July 19, 2016

Nina Harvey Head of Seller UK, Ireland, Nordics and South Africa

Rubicon Project

Interview conducted on August 23, 2016

Nathan Mekuz Chief Technology Officer and Vice President, Ad Operations

AcuityAds


Andy Morley UK Managing Director

Tremor Video Interview conducted on July 21, 2016

David Nelson Vice President, Products and Operations, Europe

Rocket Fuel Interview conducted on July 20, 2016

Emily Palmer Head of Programmatic, EMEA

Thomson Reuters Interview conducted on August 4, 2016

Taylor Schreiner Vice President, Research

TubeMogul Interview conducted on July 14, 2016

Bill Swanson Vice President, EMEA

PubMatic Interview conducted on July 26, 2016

Mark Syal Head of Media and Joint Managing Director, EMEA

Essence Digital


Ed Thomas Head of Audience

Skimlinks Interview conducted on July 27, 2016


Todd Tran Global Senior Vice President, Programmatic

Teads Interview conducted on July 26, 2016

Ben Walmsley Digital Commercial Director

News UK Interview conducted on July 21, 2016

Tim Webster Co-Founder and Chief Strategy Officer

The Exchange Lab Interview conducted on July 14, 2016

Will Bishop UK Country Manager

ADventori Interview conducted on July 25, 2016

Léon Siotis Managing Director, UK and Southern Europe

SpotX Interview conducted on July 21, 2016

RELATED EMARKETER REPORTS

Programmatic Advertising in France: Publishers Help Spur Transformation of Digital Ad Landscape

Programmatic Advertising in Germany: Efficiencies of Automation Begin to Persuade Brands, Agencies and Publishers

The New Display Ad Tech Stack: A Simple Guide to a Complex Topic

RELATED LINKS

AOL

IHS Markit

Integral Ad Science

Interactive Advertising Bureau Europe (IAB Europe)

Internet Advertising Bureau UK (IAB UK)

Meetrics

SpotX

The Drum

The Trade Desk

EDITORIAL AND PRODUCTION CONTRIBUTORS

Cliff Annicelli Managing Editor, ReportsMichael Balletti Copy EditorJoanne DiCamillo Senior Production ArtistDana Hill Director of ProductionStephanie Meyer Senior Production ArtistKris Oser Deputy Editorial DirectorHeather Price Senior Copy EditorJohn Rambow Executive Editor, ReportsAllie Smith Director of Charts

http://totalaccess.emarketer.com/Reports/Viewer.aspx?R=2001865







http://www.aol.com/

http://www.ihsmarkit.com

http://www.integralads.com

http://www.iabeurope.eu

http://www.iabuk.net

http://www.meetrics.com

http://www.spotxchange.com

http://www.thedrum.com

http://www.thetradedesk.com

Coverage of a Digital WorldeMarketer data and insights address how consumers spend time and money, and what marketers are doing to reach them in today’s digital world. Get a deeper look at eMarketer coverage, including our reports, benchmarks and forecasts, and charts.

Confidence in the NumbersOur unique approach of analyzing data from multiple research sources provides our customers with the most definitive answers available about the marketplace. Learn why.

Customer StoriesThe world’s top companies across every industry look to eMarketer first for information on digital marketing, media and commerce. Read more about how our clients use eMarketer to make smarter decisions.

Your account team is here to help:Email [email protected] to submit a request for research support, or contact [email protected] or 866-345-3864 to discuss any details related to your account.

The leading research firm for marketing in a digital world.

http://www.emarketer.com/Corporate/Coverage

http://www.emarketer.com/Corporate/Coverage

http://www.emarketer.com/Corporate/Why-emarketer

http://www.emarketer.com/Corporate/Clients

mailto:[email protected]

Documents

UK PROGRAMMATIC ADVERTISING FORECAST - … PROGRAMMATIC ADVERTISING FORECAST Market Maturation Leads to Greater Confidence in Automated Trading SEPTEMBER 2016 Bill Fisher Contributors: