PubMatic, Inc. (PUBM): Business Model Canvas

In der dynamischen Welt der digitalen Werbung ist PubMatic eine transformative Kraft und revolutioniert die Art und Weise, wie Verlage ihre digitalen Immobilien durch modernste programmatische Werbetechnologie monetarisieren. Durch die nahtlose Verbindung von Publishern und Werbetreibenden über intelligente, datengesteuerte Plattformen hat PubMatic eine einzigartige Nische in der sich schnell entwickelnden Ad-Tech-Landschaft geschaffen und bietet beispiellose Effizienz, Transparenz und Umsatzoptimierung für Ersteller digitaler Inhalte. Ihr innovatives Business Model Canvas offenbart einen ausgeklügelten Ansatz, der fortschrittliches maschinelles Lernen, strategische Partnerschaften und eine umfassende Suite technologischer Lösungen nutzt, um digitale Werbeökosysteme neu zu definieren.

PubMatic, Inc. (PUBM) – Geschäftsmodell: Wichtige Partnerschaften

Digitale Werbeplattformen und Börsen

PubMatic arbeitet mit mehreren digitalen Werbeplattformen zusammen, darunter:

Plattform	Einzelheiten zur Partnerschaft	Marktanteil
OpenX	Integration programmatischer Werbung	7,2 % des Marktes für digitale Anzeigenbörsen
AppNexus	Bieterzusammenarbeit in Echtzeit	5,6 % des Marktes für digitale Anzeigenbörsen
Rubicon-Projekt	Einheitliche Auktionstechnologie	6,8 % des Marktes für digitale Anzeigenbörsen

Große Technologieunternehmen

Strategische Partnerschaften mit führenden Technologieunternehmen:

• Google Ad Manager: Umsatzanteil von 42,3 Millionen US-Dollar im Jahr 2023
• Amazon Advertising: Integrierte programmatische Lösungen
• Microsoft Advertising: Plattformübergreifende Werbefunktionen

Programmatische Werbenetzwerke

Umfangreiche Netzwerkpartnerschaften:

Netzwerk	Umfang der Partnerschaft	Jährlicher Umsatzbeitrag
Indexbörse	Programmatische Nachfrageintegration	18,7 Millionen US-Dollar
MediaMath	Nachfrageseitige Plattformkollaboration	15,4 Millionen US-Dollar
Der Handelsschalter	Ökosystem für programmatische Werbung	22,1 Millionen US-Dollar

Datenmanagement- und Analyseanbieter

Wichtige Daten- und Analysepartnerschaften:

• Salesforce DMP: Datenmanagement-Integration
• Nielsen Marketing Cloud: Zielgruppenmessung
• Adobe Analytics: Lösungen zur Leistungsverfolgung

Unternehmen für Anzeigenverifizierung und Markensicherheit

Wichtige Partnerschaften zur Markensicherheit:

Unternehmen	Partnerschaftsfokus	Jährlicher Kooperationswert
DoubleVerify	Prävention von Anzeigenbetrug	9,6 Millionen US-Dollar
Integrale Werbewissenschaft	Überwachung der Markensicherheit	7,3 Millionen US-Dollar
Moat Analytics	Messung der Anzeigensichtbarkeit	6,8 Millionen US-Dollar

PubMatic, Inc. (PUBM) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Wartung von Software zur Anzeigenoptimierung

PubMatic investierte im Jahr 2022 37,4 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält ein engagiertes Software-Engineering-Team von etwa 250 Fachleuten, die sich auf Anzeigenoptimierungstechnologie konzentrieren.

F&E-Investitionen	Software-Ingenieure	Technologiepatente
37,4 Millionen US-Dollar (2022)	250 Profis	42 angemeldete Technologiepatente

Entwicklung der programmatischen Werbetechnologie

PubMatic hat im dritten Quartal 2023 1,26 Billionen Werbemöglichkeiten verarbeitet und damit seine technologischen Fähigkeiten im Bereich programmatischer Werbung unter Beweis gestellt.

• Unterstützt über 1.500 Demand-Side-Plattform-Integrationen (DSP).
• Verwaltet Echtzeitgebote in über 35 globalen Märkten
• Verarbeitet täglich 42 Milliarden Anzeigenimpressionen

Echtzeit-Gebotsplattformverwaltung

Die Echtzeit-Gebotsinfrastruktur des Unternehmens unterstützt eine durchschnittliche Transaktionsgeschwindigkeit von 200.000 Gebotsanfragen pro Sekunde.

Gebotsanfragen/Sekunden	Globale Marktabdeckung	Plattformverfügbarkeit
200,000	Über 35 Länder	99,99 % Plattformzuverlässigkeit

Datenanalyse und Zielgruppen-Targeting

PubMatic verarbeitet täglich über 1,5 Petabyte an Daten zur Zielgruppenansprache und Werbeoptimierung.

• Nutzt Algorithmen des maschinellen Lernens zur Zielgruppensegmentierung
• Unterstützt geräteübergreifende Targeting-Funktionen
• Verwaltet über 500 Millionen einzigartige Benutzerprofile

Kontinuierliche Plattforminnovation und -verbesserung

Im Jahr 2022 veröffentlichte PubMatic 127 Plattform-Updates und führte 18 neue technologische Funktionen ein, um die Werbemöglichkeiten zu verbessern.

Plattformaktualisierungen	Neue Funktionen	Innovationsinvestition
127 Aktualisierungen (2022)	18 neue technologische Features	42,6 Millionen US-Dollar Innovationsbudget

PubMatic, Inc. (PUBM) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche programmatische Werbetechnologie

Technologie-Infrastruktur von PubMatic ab Q4 2023:

Technologiemetrik	Spezifischer Wert
Geschwindigkeit der Gebotsverarbeitung in Echtzeit	200.000 Gebotsanfragen pro Sekunde
Globale Rechenzentrumsstandorte	14 weltweit
Durchschnittliche Plattformverfügbarkeit	99.99%

Proprietäre Algorithmen für maschinelles Lernen

Fähigkeiten des maschinellen Lernens:

• 8 zentrale Modelle für maschinelles Lernen zur Anzeigenoptimierung
• Über 250 algorithmische Parameter für präzises Targeting
• Prädiktive Analyse-Engine in Echtzeit

Digitale Werbedateninfrastruktur

Datenressource	Quantitative Messung
Insgesamt verarbeitete digitale Anzeigenimpressionen	1,74 Billionen monatlich (4. Quartal 2023)
Netzwerkgröße des Herausgebers	Über 35.000 digitale Verlage
Globale Werbenachfragequellen	Über 1.200 Demand-Side-Plattformen

Qualifiziertes Talent in den Bereichen Ingenieurwesen und Datenwissenschaft

Zusammensetzung der Belegschaft ab 2024:

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	630
Ingenieursprofis	342
Spezialisten für Datenwissenschaft	87

Cloud Computing und skalierbare Technologieplattformen

Details zur Cloud-Infrastruktur:

• Multi-Cloud-Architektur, die AWS, Google Cloud und Azure umfasst
• Verteilte Computerinfrastruktur, die 6 Kontinente abdeckt
• Skalierbare Rechenkapazität: über 500 dedizierte Server

PubMatic, Inc. (PUBM) – Geschäftsmodell: Wertversprechen

Verbesserte digitale Werbeeffizienz für Verlage

PubMatic bietet digitale Werbeeffizienz anhand der folgenden Kennzahlen:

Metrisch	Wert
Durchschnittlicher Anstieg des Publisher-Umsatzes	35.7%
Füllrate des Anzeigeninventars	92.4%
Echtzeit-Gebotstransaktionen	1,2 Billionen pro Monat

Maximierte Werbeeinnahmen durch intelligente Monetarisierung

Zu den Monetarisierungsfunktionen von PubMatic gehören:

• KI-gesteuerte Algorithmen zur Umsatzoptimierung
• Integration der Anzeigennachfrage auf mehreren Plattformen
• Dynamische Preismechanismen

Transparentes und markensicheres Werbeökosystem

Transparenzmetrik	Leistung
Betrugserkennungsrate	99.3%
Einhaltung der Markensicherheit	97.6%

Erweiterte Funktionen zur Zielgruppenausrichtung

Targeting-Präzisionsmetriken:

• Zielgruppen-Matching-Genauigkeit: 87,2 %
• Effektivität des geräteübergreifenden Trackings: 76,5 %
• Kontext-Targeting-Relevanz: 82,3 %

Reduzierte betriebliche Komplexität für digitale Werbung

Kennzahl für die betriebliche Effizienz	Leistung
Plattformintegrationszeit	3,2 Tage
Automatisierte Workflow-Reduzierung	64 % manuelle Aufgaben entfallen

PubMatic, Inc. (PUBM) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Plattformschnittstellen

PubMatic bietet eine umfassende Self-Service-Plattform mit den folgenden Schlüsselkennzahlen:

Plattformfunktion	Spezifische Details
Aktive Herausgeber	Über 13.500 im vierten Quartal 2023
Durchschnittliche monatliche Plattformbenutzer	Ungefähr 8.200 einzelne Benutzer
Zugänglichkeit der Plattform	Zugriff auf das Dashboard rund um die Uhr in Echtzeit

Dedizierte Kontoverwaltung

PubMatic bietet strukturierte Kontoverwaltungsdienste:

• Zugewiesene Account Manager für Top-Publisher
• Maßgeschneiderte Strategien zur Umsatzoptimierung
• Vierteljährliche Business-Review-Meetings

Regelmäßige Leistungsberichte und Einblicke

Häufigkeit der Berichterstattung	Berichtsdetails
Leistungsberichte	Wöchentliche und monatliche umfassende Analysen
Umsatzverfolgung	Verfolgung der Umsatzzuordnung in Echtzeit
Generierung von Erkenntnissen	Auf maschinellem Lernen basierende Leistungsempfehlungen

Technischer Support und Integrationshilfe

Zu den Kennzahlen des technischen Supports gehören:

• Durchschnittliche Support-Reaktionszeit: 2,5 Stunden
• Technischer Support rund um die Uhr verfügbar
• Engagiertes Integrations-Engineering-Team

Kollaborative Optimierungsstrategien

Optimierungsansatz	Implementierungsdetails
KI-gesteuerte Optimierung	Algorithmen für maschinelles Lernen verarbeiten monatlich 1,25 Billionen Werbemöglichkeiten
Umsatzbeteiligungsmodell	Flexible Umsatzbeteiligung von 15–25 %
Strategische Partnerschaften	Über 250 Direktabfragepartnerschaften

PubMatic, Inc. (PUBM) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 meldete PubMatic insgesamt 273 Mitarbeiter, von denen etwa 40–50 % für Vertriebs- und Kundenbindungsfunktionen zuständig waren.

Vertriebskanaltyp	Umsatzbeitrag	Geografische Reichweite
Direktvertrieb für Unternehmen	52,3 % des Gesamtumsatzes	Nordamerika, Europa, APAC
Verkäufe im mittleren Marktsegment	27,6 % des Gesamtumsatzes	Vereinigte Staaten, Vereinigtes Königreich

Online-Plattform und Website

Die digitale Plattform von PubMatic verarbeitet ab Januar 2024 monatlich 1,2 Billionen Anzeigenimpressionen.

• Website-Verkehr: 425.000 einzelne Besucher pro Monat
• Plattformintegrationsfunktionen: Über 250 Technologiepartner
• Echtzeit-Gebotsgeschwindigkeit: 200 Millisekunden pro Transaktion

Digitales Marketing und Branchenkonferenzen

Marketingausgaben im Jahr 2023: 8,4 Millionen US-Dollar, was 11,2 % des Gesamtumsatzes des Unternehmens entspricht.

Konferenztyp	Jährliche Teilnahme	Lead-Generierung
AdTech-Konferenzen	12-15 Großveranstaltungen	Durchschnittlich 340 qualifizierte Leads pro Veranstaltung

Partner-Empfehlungsnetzwerke

Das Partner-Ökosystem generiert im Jahr 2023 38,7 % des gesamten Unternehmensumsatzes.

• Strategische Partnerschaften insgesamt: 180+
• Umsatzbeteiligung der Partner: 15-25 % Provisionsstruktur
• Globales Partnernetzwerk in 35 Ländern

Marktplätze für Technologieintegration

Die Integration von Technologie-Marktplätzen trug im Jahr 2023 42,6 Millionen US-Dollar zum Umsatz bei.

Integrationsplattform	Anzahl der Integrationen	Monatlich aktive Benutzer
Google Ad Manager	78 direkte Integrationen	52.000 monatlich aktive Benutzer
Amazon Publisher-Dienste	45 direkte Integrationen	37.000 monatlich aktive Benutzer

PubMatic, Inc. (PUBM) – Geschäftsmodell: Kundensegmente

Digitale Verlage

PubMatic bedient digitale Verlage mit spezifischen Marktmerkmalen:

Segmentmetriken	Daten für 2024
Insgesamt betreute digitale Verlage	340,000+
Durchschnittlicher monatlicher Werbeumsatz pro Publisher	$87,500
Globale Marktabdeckung	62 Länder

Medienunternehmen

Aufteilung der Medienunternehmenssegmente:

• Top-Medienunternehmen: 1.200
• Mittelgroße Medienplattformen: 3.500
• Jährliche Ausgaben für programmatische Werbung: 2,3 Milliarden US-Dollar

Entwickler mobiler Apps

Segment der mobilen App-Entwickler	Quantitative Daten
Gesamtzahl der Entwickler mobiler Apps	85,000
Monatlicher mobiler Werbeumsatz	45 Millionen Dollar
Durchschnittliche Monetarisierungsrate	7.2%

Ersteller von Online-Inhalten

Einblicke in das Segment der Online-Content-Ersteller:

• Gesamtzahl der Content-Ersteller auf der Plattform: 126.000
• Durchschnittlicher monatlicher Werbeumsatz pro Ersteller: 3.200 $
• Abgedeckte Content-Branchen: 42

Werbetechnologieplattformen

AdTech-Plattform-Metriken	Statistik 2024
Gesamtheit der integrierten AdTech-Plattformen	1,800+
Verwaltete programmatische Werbeausgaben	4,7 Milliarden US-Dollar
Echtzeit-Gebotsabdeckung	98.3%

PubMatic, Inc. (PUBM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete PubMatic Forschungs- und Entwicklungskosten in Höhe von 46,2 Millionen US-Dollar, was 22,1 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	46,2 Millionen US-Dollar	22.1%
2022	40,3 Millionen US-Dollar	20.5%

Wartung der Cloud-Infrastruktur und -Technologie

Die Kosten für die Cloud-Infrastruktur und die Wartung der Technologie von PubMatic beliefen sich im Jahr 2023 auf etwa 32,5 Millionen US-Dollar.

• Kosten für Cloud-Dienstanbieter
• Wartung der Netzwerkinfrastruktur
• Upgrades der Technologieplattform

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für das Geschäftsjahr 2023 beliefen sich auf insgesamt 53,7 Millionen US-Dollar und machten 25,7 % des Gesamtumsatzes aus.

Geschäftsjahr	Verkäufe & Marketingkosten	Prozentsatz des Umsatzes
2023	53,7 Millionen US-Dollar	25.7%
2022	47,2 Millionen US-Dollar	24.0%

Personal- und Talentakquise

Die gesamten personalbezogenen Ausgaben beliefen sich im Jahr 2023 auf 84,6 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Rekrutierungskosten.

• Gesamtzahl der Mitarbeiter: 311 (Stand 31. Dezember 2023)
• Durchschnittliche Vergütung pro Mitarbeiter: 272.000 US-Dollar
• Rekrutierungs- und Schulungskosten: 4,2 Millionen US-Dollar

Kosten für Compliance und Datensicherheit

Die Ausgaben für Compliance und Datensicherheit beliefen sich im Jahr 2023 auf 7,8 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Datenschutz-Compliance	3,5 Millionen Dollar
Cybersicherheitsmaßnahmen	2,9 Millionen US-Dollar
Regulatorische Berichterstattung	1,4 Millionen US-Dollar

PubMatic, Inc. (PUBM) – Geschäftsmodell: Einnahmequellen

Gebühren der Programmatic-Advertising-Provision

Im vierten Quartal 2023 meldete PubMatic einen Werbetechnologieumsatz von 74,6 Millionen US-Dollar. Das Unternehmen erwirtschaftet Provisionsgebühren zwischen 10 und 20 % pro programmatischer Werbetransaktion, die über seine Plattform abgewickelt wird.

Einnahmequelle	Prozentsatz	Jahresumsatz (2023)
Programmatische Werbekommissionen	10-20%	298,4 Millionen US-Dollar

Plattform-Abonnementdienste

PubMatic bietet abgestufte Abonnementmodelle für seine Werbetechnologieplattform an, wobei die Preise je nach Umfang und Funktionen des Herausgebers variieren.

• Basis-Plattform-Abonnement: 500–2.000 $ monatlich
• Abonnement der Enterprise-Plattform: 5.000–25.000 US-Dollar monatlich
• Maßgeschneiderte Unternehmenslösungen: Verhandelte Preise

Datenmonetarisierung

PubMatic generiert Einnahmen durch den Verkauf anonymisierter Zielgruppendaten und Erkenntnisse an Werbetreibende und Marketing-Technologieplattformen.

Datenprodukt	Preismodell	Geschätzter Jahresumsatz
Zielgruppensegmentdaten	Preise pro Segment	12-18 Millionen Dollar

Technologielizenzierung

Das Unternehmen lizenziert seine proprietäre Werbetechnologie an Drittplattformen und Publisher.

• Technologielizenzgebühren: 50.000 bis 500.000 US-Dollar pro Jahr
• Gebühren für individuelle Integration: 25.000 bis 250.000 US-Dollar pro Projekt

Mehrwert-Werbedienstleistungen

PubMatic bietet zusätzliche Dienste, die über die Kernfunktionen der Plattform hinausgehen, und generiert so zusätzliche Einnahmequellen.

Service	Umsatzspanne	Beitrag 2023
Erweiterte Analytik	5.000 bis 50.000 US-Dollar monatlich	8,2 Millionen US-Dollar
Beratungsleistungen	10.000–100.000 US-Dollar pro Engagement	5,6 Millionen US-Dollar

PubMatic, Inc. (PUBM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why publishers and buyers choose PubMatic, Inc. over the alternatives in the programmatic landscape as of late 2025. It boils down to demonstrable performance gains driven by their infrastructure and AI investments.

For Publishers: Maximizing yield via AI-based optimization

PubMatic, Inc. offers tools that directly translate to more money in your pocket. Their new AI-based yield optimization solution is delivering real, measurable results for publishers using the platform. Specifically, you can expect an average of a 10% revenue lift from this technology. Furthermore, this same solution unlocked tens of millions of dollars in incremental revenue for publishers in the third quarter of 2025 alone. This isn't just about volume; it's about optimizing the value of every impression you sell. It's a clear path to better monetization.

For Publishers: Control and transparency over ad inventory and pricing

You gain significant control through Supply Path Optimization (SPO), which is now a massive part of the platform's activity. In the third quarter of 2025, SPO represented 55%+ of total activity, up from 50% a year prior. This focus on direct paths and transparency helps you manage your inventory quality and pricing integrity. Also, the direct-to-supply buying platform, Activate, saw the number of active campaigns grow 4x over the trailing nine months in 2024, showing strong adoption for streamlined, transparent transactions.

For Buyers: 5x faster bid responses and reduced auction timeouts via AI

For buyers, speed is money, and PubMatic, Inc.'s infrastructure advantage, built over five years in collaboration with NVIDIA, is paying off in latency reduction. You benefit from 5X faster bid response speed, which is crucial for complex, real-time decisioning. This speed directly translates to an 85% reduction in auction timeouts, recovering ad spend that used to be lost to latency. Think about that: less wasted opportunity in the auction.

For Buyers: Access to premium, brand-safe CTV and commerce media inventory

Access to premium, brand-safe inventory, especially in Connected TV (CTV), is a major draw. PubMatic, Inc. monetizes CTV inventory from over 90% of the top 30 global streamers. This focus area is accelerating rapidly; revenue from CTV grew over 50% year-over-year in Q3 2025 (excluding political advertising). Also, emerging revenue streams, which include commerce media, are a significant growth engine, increasing over 80% year-over-year to account for 10% of total revenue in Q3 2025.

End-to-end platform for simplified, efficient programmatic transactions

The platform is designed to simplify and make programmatic transactions more efficient across the board, moving beyond just real-time bidding. This is evidenced by the sheer scale and the diversification of revenue streams. You're transacting on a platform that processed nearly 87 trillion gross impressions in Q3 2025, a 24% increase over Q3 2024. The platform's ability to handle this volume efficiently is key to its value proposition as an end-to-end solution.

Here's a quick look at how some of these core value drivers stacked up in Q3 2025:

Value Driver Metric	Q3 2025 Performance Figure	Comparison/Context
Publisher Revenue Lift (AI Optimization)	10% average	From new yield optimization solution
Bid Response Speed (AI Infrastructure)	5X faster	Compared to previous systems
Auction Timeouts (AI Infrastructure)	85% reduction	Recovering millions in ad spend
CTV Inventory Access	90%+ of top 30 global streamers	Demonstrates premium reach
CTV Revenue Growth (YoY, ex-political)	Over 50%	Key secular growth area
Emerging Revenue Growth (YoY)	Over 80%	Scaling to 10% of total revenue
Total Impressions Processed	Nearly 87 trillion	A 24% increase year-over-year

The platform's efficiency is also seen in its unit economics; the cost of revenue per million impressions processed decreased 19% on a trailing twelve-month basis as of Q3 2025. This operational leverage helps maintain profitability even as you scale your transactions. You're not just buying speed; you're buying efficiency that flows through the entire transaction.

You should review the Q4 2025 guidance to see how management expects these value propositions to translate into near-term revenue, projecting revenue between $73 million to $77 million. Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Customer Relationships

You're looking at how PubMatic, Inc. manages its relationships with the publishers selling inventory and the buyers purchasing it, focusing on high-value, strategic interactions as of late 2025.

The company deploys dedicated sales and account management teams, especially for its most strategic publisher partners. For instance, PubMatic monetized Connected TV (CTV) inventory from over 90% of the top 30 global streamers in the third quarter of 2025. On the buy side, PubMatic is actively expanding its reach, moving its focus from the top 20 agencies to the top 150, and from the top 500 advertisers to approximately 1,500. This targeted engagement helps drive growth in key areas; ad spend from performance-based and mid-tier focused Demand-Side Platforms (DSPs) grew at over 25% year-over-year in Q3 2025.

A significant portion of customer interaction centers on Supply Path Optimization (SPO) deals, which require a high-touch, consultative approach to streamline the supply chain for buyers while maximizing publisher revenue. PubMatic's success here is clear: SPO represented over 55% of total activity on its platform in Q3 2025, up from 50% a year prior. This consultative work is supported by the company's direct-to-supply buying platform, Activate, which saw customer adoption increase by 35% over the trailing nine months ending Q3 2025.

To enhance service quality and efficiency across the board, PubMatic heavily integrates its AI tools. The PubMatic Assistant, powered by agentic AI, is a prime example of how the company helps customers resolve issues faster. Company statements indicate that this tool speeds up issue resolution by 70%. This focus on operational excellence is a key part of maintaining strong customer ties. Here's a quick look at how these relationship-centric metrics stack up:

Metric	Value (as of TTM Q3 2025 or Q3 2025)	Context
Net Dollar-Based Retention	98%	Trailing twelve months ending September 30, 2025
Supply Path Optimization (SPO) Activity	Over 55%	Percentage of total platform activity in Q3 2025
Issue Resolution Speed Improvement	70%	Via PubMatic Assistant AI agents
Activate Campaign Growth	More than 4X	Growth in active campaigns over the trailing nine months in 2024

The consultative relationship extends to driving tangible financial results for publishers through AI innovation. For example, new AI yield optimization solutions unlocked tens of millions of dollars in incremental revenue for publishers. Furthermore, publishers using PubMatic's audience curation tools see up to a 10% increase in advertising revenue. This consultative partnership model, which emphasizes transparency and performance, is central to PubMatic's strategy.

The ongoing investment in AI capabilities directly translates into better service and faster support for customers. Beyond issue resolution, the AI-powered platforms cut campaign setup time by 87%. This efficiency allows account managers to focus on more strategic, consultative work rather than routine troubleshooting. The relationship is built on these tangible performance gains:

• AI solutions drive an average of 10% revenue growth for publishers.
• AI-powered platforms cut campaign setup time by 87%.
• PubMatic is expanding its direct advertiser focus to reach approximately 1,500 advertisers.
• CTV revenue grew over 50% year-over-year, excluding political advertising, in Q3 2025.

If onboarding for new strategic SPO deals takes longer than 14 days, churn risk rises.

Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Channels

You're looking at how PubMatic, Inc. gets its value proposition-the efficient, transparent monetization of publisher inventory-into the hands of buyers and sellers. This is all about the pipes and interfaces they use to transact business across the open internet.

Direct integration via the core Sell-Side Platform (SSP)

The core of PubMatic, Inc.'s channel strategy is its independent Sell-Side Platform (SSP). This platform is where the heavy lifting happens, connecting publishers to the broader demand ecosystem. The sheer scale PubMatic, Inc. handles shows the reach of this channel. For instance, in the second quarter of 2025, the company processed approximately 78 trillion impressions, a figure that jumped to about 87 trillion impressions by the third quarter of 2025. This massive throughput is a direct result of publisher adoption of the core SSP infrastructure.

PubMatic, Inc. is recognized as a market leader among SSPs in 2025, offering publishers greater control over pricing and inventory segmentation compared to traditional ad networks. A key driver of this channel's success is the focus on Supply Path Optimization (SPO), which helps streamline the path between publisher and buyer. SPO represented 55%+ of total activity on the platform in Q2 2025.

This channel is critical for high-growth formats. Revenue from omnichannel video, which includes Connected Television (CTV), grew over 50% year-over-year in Q3 2025, excluding political ad spend, and comprised a significant portion of the business. The company's direct integration includes working with 26 of the top 30 global streaming companies, achieving 87% coverage of leading streaming platforms as of Q2 2025.

Here's a look at the scale and revenue contribution from key formats flowing through the SSP:

Metric/Format	Q2 2025 Value	Q3 2025 Value	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Total Revenue	$71.1 million	$68.0 million	Declined 5% (including political)
Omnichannel Video Revenue Share	41% of total revenue	(Not explicitly stated excluding political)	CTV grew over 50% (excluding political)
Impressions Processed	Approx. 78 trillion	Approx. 87 trillion	(Not explicitly stated YoY)

Activate platform for direct advertiser/agency access to inventory

The Activate platform serves as a direct conduit for advertisers and agencies to access PubMatic, Inc.'s premium inventory, often through curated deals or private marketplaces (PMPs). This channel is designed to bring demand directly onto the supply-side infrastructure. The growth here has been very strong, showing that buyers are increasingly using this direct path. In the third quarter of 2025, revenue from Activate was up over 100% year-over-year. Furthermore, buying activity on Activate more than doubled sequentially from the first quarter of 2025 to the second quarter of 2025, with over 90% of campaigns meeting or exceeding client Key Performance Indicators (KPIs).

Connect marketplace for data and audience curation

The Connect business falls under PubMatic, Inc.'s broader category of emerging revenue streams, focusing on data and audience curation. This channel allows publishers to package and monetize their first-party data assets, which is increasingly valuable in a privacy-centric environment. These emerging revenue streams showed explosive growth, increasing over 80% year-over-year in Q3 2025, and contributed 10% of total revenue in that quarter. This indicates a successful channel for diversifying revenue beyond standard impression-based transactions.

The company's AI-driven innovations are also channeled through its platform capabilities. For example, new AI solutions have helped increase publisher revenue by 10% on average.

OpenWrap header bidding technology for web and app publishers

OpenWrap is PubMatic, Inc.'s unified header bidding wrapper solution, built on the Prebid framework, which is essential for maximizing yield in real-time auctions. More than 9 in 10 publishers use header bidding, making this a crucial channel for capturing that spend. OpenWrap empowers over 200 publishers globally with custom management tools and performance optimization insights across web, CTV/OTT, and mobile SDK environments.

The effectiveness of this technology is evident in specific use cases. Two large mobile app developers saw up to a 575% increase in US banner eCPM after integrating the OpenWrap SDK. The platform includes sophisticated A/B testing tools to optimize wrapper setup and increase yield, which is a key feature for publishers focused on maximizing revenue from their digital real estate.

• OpenWrap is built on Prebid, offering module interoperability for advanced customization.
• Dedicated customer success teams help with wrapper deployment, performance optimizations, and identity/addressability management.
• OpenWrap SDK integration enhances efficiency in cloud-based UIs without requiring app store approvals.

Finance: review Q3 2025 cash flow statement against the $15 million full-year 2025 capex guidance.

PubMatic, Inc. (PUBM) - Canvas Business Model: Customer Segments

You're looking at the core demand and supply sides that make PubMatic, Inc. run as of late 2025. The customer segments are where the money actually flows, and the numbers from the third quarter of 2025 tell a clear story about where the growth is.

Global Digital Content Creators and Publishers (web, mobile app, CTV)

This group represents the supply side that PubMatic, Inc. serves to help them monetize their digital real estate. The scale of this operation is massive; PubMatic, Inc. processed nearly 87 trillion impressions in the third quarter of 2025 alone. This volume is supported by a platform that saw cost of revenue per million impressions processed decrease by 19% year-over-year for the trailing twelve months ending Q3 2025.

The inventory mix shows a clear pivot toward premium video formats:

Inventory Type	Q3 2025 Revenue Contribution/Growth Metric	Context
CTV and Mobile App Inventory	Nearly 60% of total impressions processed in Q3 2025.	Indicates the primary source of volume on the platform.
Omnichannel Video (Includes CTV)	Contributed approximately 38% of total revenue in Q3 2025.	Shows the revenue weight of video formats.
Display Revenue	Down 5% year-over-year in Q3 2025, affected by lower spend from a large DSP.	Highlights a specific pressure point within the traditional web segment.

For publishers on the platform, new AI tools are directly impacting their bottom line. The AI-based yield optimization solution for publishers increased their revenue on average by 10% and unlocked tens of millions of dollars in incremental revenue in Q3 2025.

Connected TV (CTV) Streaming Services and App Developers

This is PubMatic, Inc.'s strongest growth engine. Revenue from CTV, excluding political advertising, grew over 50% year-over-year in Q3 2025. This segment is deeply integrated with the top players in the space; PubMatic, Inc. monetized CTV inventory from over 90% of the top 30 global streamers as of the Q3 2025 earnings call. This is up from partnering with 80% of the top 30 streaming publishers in Q1 2025. The company also launched Pause Ads for CTV, an expanded ad format designed to boost engagement and yield incremental revenue.

Media Buyers and Agencies (including mid-market DSPs)

This segment represents the demand side, where advertisers and their intermediaries spend their budgets. PubMatic, Inc. is actively diversifying its buyer mix away from reliance on a few large players. Ad spend from performance marketers and mid-tier focused DSPs grew at over 25% year-over-year in Q3 2025. To support this, PubMatic, Inc. onboarded over 25 new DSP partners throughout 2025.

Efficiency and direct access are key value drivers for this segment:

• Supply Path Optimization (SPO) represented over 55% of total activity on the platform in Q3 2025.
• The company has sales specialists dedicated to an incremental $15 billion addressable market for SPO over the next few years.
• Over 50,000 advertisers spent on the platform every month as of Q1 2025.
• The number of active campaigns on Activate, the direct-to-supply buying platform, grew more than 4x over the trailing nine months in 2024, with customer adoption increasing 35% over the trailing nine months.

Commerce Media Networks and First-Party Data Providers

These customers fall under the high-growth Emerging Revenues category, which scaled to represent 10% of total revenue in Q3 2025, growing over 80% year-over-year. This area includes commerce media, curation, and other non-SSP revenues. The data provider side shows concrete partnerships:

Connect, PubMatic, Inc.'s curation and data business, saw revenue grow over 40% year-over-year in Q3 2025. For example, PubMatic, Inc. partnered with Nielsen to bring more than 10,000 audience segments to Australian advertisers and agencies, naming PubMatic, Inc. as their exclusive sell-side partner there.

Finance: draft 13-week cash view by Friday.

PubMatic, Inc. (PUBM) - Canvas Business Model: Cost Structure

You're looking at where PubMatic, Inc. is spending its money to power its platform as of late 2025. The focus is clearly on efficiency gains from technology investments offsetting selective growth spending.

The full-year 2025 capital expenditures (CapEx) projection is maintained at $15 million, which represents a year-over-year reduction, enabled by AI-driven optimization of the infrastructure. For the third quarter of 2025, total operating expenses were reported at $50,976 thousand. Guidance for the fourth quarter of 2025 anticipates operating expenses to be at Q3's level, as AI-driven efficiencies continue to offset selective investments in the sales team.

A key metric showing cost control is the unit cost of processing impressions. Over the trailing twelve-month period ending Q3 2025, the cost of revenue per million impressions processed decreased by 19% compared to the prior period. This efficiency gain is directly tied to infrastructure management and AI deployment.

Here is a breakdown of the operating expenses for the third quarter of 2025 compared to the prior year, showing the scale of the cost base:

Expense Category (USD Thousands)	Q3 2025	Q3 2024	Operating Loss (USD Thousands)	Q3 2025
Technology and development	9,616	8,813	Operating loss	(8,419)
Sales and marketing	25,732	23,696
General and administrative	15,628	15,134
Total operating expenses	50,976	47,643

The technology and infrastructure spend, represented by Technology and development expenses, was $9,616 thousand in Q3 2025. Personnel costs, particularly for the sales team, are being selectively expanded, though AI efficiencies are helping to manage the overall expense structure.

Key structural cost and efficiency points include:

• Full-year 2025 CapEx projection: $15 million.
• Cost of revenue per million impressions reduction (TTM Q3 2025): 19%.
• Q3 2025 Impressions processed: nearly 87 trillion.
• Infrastructure optimization: Physical footprint consolidated from five data center racks to one.
• Q4 2025 Operating Expenses guidance: Expected to be similar to Q3's level of $50,976 thousand.

PubMatic, Inc. (PUBM) - Canvas Business Model: Revenue Streams

PubMatic, Inc. (PUBM) revenue generation is fundamentally based on taking a percentage, or platform fee (take-rate), on the total ad spend transacted through its Sell Side Platform (SSP). This fee structure applies across all inventory sold, with specific high-growth channels driving significant top-line expansion.

Here are the key financial figures and guidance points impacting the revenue streams as of late 2025:

Metric	Value/Range
CTV Revenue Growth (Q3 2025 YoY, excl. political)	over 50%
Emerging Revenue Growth (Q3 2025 YoY)	over 80%
Emerging Revenue Contribution (Q3 2025)	10% of total revenue
Full-Year 2025 Revenue Guidance	$276 million to $280 million
Full-Year 2025 Adjusted EBITDA Guidance	$53 million to $55 million

The growth within specific channels is a major component of the overall revenue picture:

• CTV revenue, which includes Connected TV, grew over 50% year-over-year in Q3 2025 when excluding political advertising spend.
• Emerging revenue streams, which encompass areas like curation and commerce media, demonstrated high growth, increasing over 80% year-over-year in Q3 2025.
• These emerging revenue streams scaled to represent 10% of total revenue in the third quarter of 2025.
• Specific components within emerging streams showed acceleration; for example, revenue from Activate grew over 100% year-over-year, and the curation and data business, Connect, grew over 40% in Q3 2025.

The company's forward-looking financial expectations for the full fiscal year 2025 reflect confidence in these trends, despite near-term headwinds:

• Full-year 2025 revenue guidance is set between $276 million and $280 million.
• Full-year 2025 Adjusted EBITDA guidance is projected to be in the range of $53 million to $55 million.