Magnite, Inc. (MGNI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la publicidad digital, Magnite, Inc. (MGNI) surge como una fuerza transformadora, revolucionando cómo los editores y los anunciantes se conectan a través de la tecnología programática de vanguardia. Al crear un mercado inteligente que une a los creadores de contenido digital sin problemas con soluciones publicitarias sofisticadas, Magnite se ha posicionado como un jugador fundamental en el ecosistema de tecnología publicitaria en rápida evolución. Su innovador lienzo de modelo de negocio revela un enfoque estratégico que maximiza los ingresos, garantiza transacciones transparentes y aprovecha las capacidades de orientación avanzada en múltiples plataformas digitales.

Magnite, Inc. (MGNI) - Modelo de negocio: asociaciones clave

Plataformas tecnológicas

Magnite colabora con las siguientes plataformas de tecnología clave:

Plataforma	Detalles de la asociación	Nivel de integración
Administrador de anuncios de Google	Integración de publicidad programática	Avanzado
Servicios de Amazon Publisher	Header colaboración de tecnología de licitación	Estratégico

Intercambios de publicidad programática y redes

Las asociaciones de publicidad programática clave de Magnite incluyen:

• Abrex
• Intercambio de índice
• AppNexus
• Pubmático

Editores digitales y compañías de medios

Categoría de editor	Número de socios	Impacto de ingresos
Editores digitales premium	350+	$ 421.7 millones en 2023
Editores de televisión conectados	125+	$ 187.3 millones en 2023

Plataformas del lado de la demanda (DSP)

Las asociaciones DSP de Magnite incluyen:

• La mesa de comercio
• Mediamath
• Adobe publicidad en la nube
• Xandr

Proveedores de software independientes (ISV)

Categoría ISV	Número de integraciones	Enfoque tecnológico
AD Tech ISVS	48	Soluciones publicitarias programáticas
Plataformas de gestión de datos	22	Audiencias dirigidas a las tecnologías

Magnite, Inc. (MGNI) - Modelo de negocio: actividades clave

Desarrollo de tecnología de publicidad programática

Magnite invirtió $ 52.3 millones en gastos de investigación y desarrollo en 2022, centrándose en tecnologías de publicidad programática avanzada.

Inversión tecnológica	Cantidad
Gastos de I + D 2022	$ 52.3 millones
Tamaño del equipo de ingeniería de software	287 empleados

Gestión de inventario de anuncios digitales

Magnite gestiona el inventario de anuncios digitales en múltiples plataformas y canales.

• Volumen de inventario total de anuncios en 2022: 1.2 billones de impresiones de anuncios mensuales
• Inventario de TV conectado (CTV): 500 mil millones de impresiones mensuales
• Inventario programático de visualización: 700 mil millones de impresiones mensuales

Operaciones de plataforma de licitación en tiempo real

Métrica de plataforma	Actuación
Tiempo de procesamiento de oferta promedio	50 milisegundos
Solicitudes de oferta diaria	35 mil millones
Tiempo de actividad de la plataforma	99.99%

Análisis de datos y orientación de audiencia

Capacidades de análisis de datos clave:

• Segmentación de audiencia en tiempo real
• Capacidades de orientación multiplataforma
• Insights de audiencia con aprendizaje automático

Optimización de anuncios y gestión del rendimiento

Métrica de optimización del rendimiento	Actuación
Ingresos promedio por impresión	$0.45
Precisión del algoritmo de optimización del rendimiento	92.3%

Magnite, Inc. (MGNI) - Modelo de negocio: recursos clave

Tecnología de publicidad programática avanzada

La infraestructura tecnológica de Magnite incluye:

• Plataforma de licitación en tiempo real (RTB) Procesamiento de 80 mil millones de oportunidades publicitarias diariamente
• Infraestructura basada en la nube que admite la entrega de anuncios multicanal
• Propiedad header Tecnología de licitación desplegada en 1,4 millones de sitios web

Métrica de tecnología	Valor cuantitativo
Oportunidades de publicidad diaria	80 mil millones
Sitios web con tecnología	1.4 millones
Velocidad de procesamiento	200 milisegundos por oferta

Gran mercado de publicidad digital

Las características del mercado incluyen:

• Inventario de TV conectado: más de 200 editores premium
• Inventario de visualización digital: más de 1,500 editores globales
• Alcance geográfico: 190 países

Software y algoritmos propietarios

Componente de software	Capacidad
Gerente de demanda	Optimización avanzada de la demanda
Gerente de suministro	Maximización del rendimiento del inventario
Modelos de aprendizaje automático	Optimización de licitación en tiempo real

Ingeniería y talento técnico

Métricas de capital humano:

• Total de empleados: 550 (a partir del cuarto trimestre 2023)
• Fuerza laboral de ingeniería: 42% del personal total
• Experiencia promedio de ingeniería: 7.5 años

Relaciones estratégicas de clientes

Segmento de clientes	Número de clientes
Publishers de nivel 1	250+
Agencias de publicidad	100+
Anunciantes directos	500+

Magnite, Inc. (MGNI) - Modelo de negocio: propuestas de valor

Mercado de publicidad digital eficiente

Magnite procesó $ 62.8 mil millones en gastos publicitarios totales en 2022, operando como una plataforma de publicidad independiente líder en el lado de la venta.

Métrica de plataforma	Rendimiento 2022
Total de gasto publicitario procesado	$ 62.8 mil millones
Ingresos publicitarios de TV conectados	$ 579.7 millones
Tarifas de llenado de plataforma	85.6%

Ingresos maximizados para editores

Magnite ofrece a los editores soluciones integrales de monetización en múltiples plataformas digitales.

• Ingresos promedio por usuario (ARPU): $ 0.45
• Optimización de ingresos del editor: aumento de hasta el 30%
• Reaching de plataforma: más de 61,000 sitios web y aplicaciones

Soluciones avanzadas de orientación y monetización

La tecnología de Magnite admite capacidades sofisticadas de orientación de la audiencia.

Capacidad de orientación	Métrico de rendimiento
Precisión de publicidad programática	92.3% de precisión
Velocidad de licitación en tiempo real	35 milisegundos

Transacciones publicitarias transparentes y automatizadas

Magnite procesó 1.4 billones de oportunidades publicitarias mensualmente en 2022, asegurando transacciones transparentes de publicidad digital.

Capacidades de publicidad multiplataforma

Magnite admite publicidad en múltiples plataformas digitales con un alcance integral.

• Cuota de mercado de TV conectado: 20.3%
• Plataformas digitales compatibles: web, móvil, CTV, video
• Alcance publicitario global: 190 países

Magnite, Inc. (MGNI) - Modelo de negocios: relaciones con los clientes

Interfaces de plataforma de autoservicio

Magnite ofrece un plataforma de publicidad programática con capacidades de autoservicio para editores y anunciantes.

Característica de la plataforma	Accesibilidad	Recuento de usuarios (2023)
Gerente de demanda	Acceso en línea 24/7	1,200+ editores
Gerente de suministro	Interfaz en tiempo real	850+ anunciantes

Gestión de cuentas dedicada

Magnite ofrece servicios especializados de gestión de cuentas para clientes de nivel empresarial.

• Equipos personalizados de soporte al cliente
• Orientación de optimización de ingresos estratégicos
• Asistencia de integración personalizada

Soporte técnico y consultoría

La infraestructura de soporte técnico incluye:

Canal de soporte	Tiempo de respuesta	Cobertura
Soporte por correo electrónico	4-6 horas	Global
Soporte telefónico	Respuesta inicial de 30 minutos	Clientes empresariales

Informes de rendimiento y análisis

Magnite proporciona herramientas completas de informes:

• Seguimiento de ingresos en tiempo real
• Métricas de rendimiento granular
• Informes de tablero personalizables

Actualizaciones e innovaciones de productos regulares

Magnite invierte en la mejora continua de la plataforma:

Métrica de innovación	2023 datos
Gasto de I + D	$ 48.2 millones
Actualizaciones de productos	12 lanzamientos principales

Magnite, Inc. (MGNI) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, el equipo de ventas directas de Magnite consta de aproximadamente 250 profesionales de ventas dirigidos a mercados de publicidad digital. El equipo genera aproximadamente $ 473.2 millones en ingresos anuales a través de interacciones directas del cliente.

Métricas de canales de ventas	2024 datos
Representantes de ventas totales	250
Ingresos de ventas directos	$ 473.2 millones
Tamaño de trato promedio	$ 1.89 millones

Plataforma y sitio web en línea

La plataforma digital de Magnite procesa aproximadamente 250 mil millones de impresiones de anuncios mensuales con un volumen de transacción de plataforma de $ 1.2 mil millones anuales.

• Sitio web Visitantes mensuales únicos: 185,000
• Velocidad de transacción de la plataforma: 3.2 millones de consultas por segundo
• Ingresos de la plataforma digital: $ 412.7 millones

Campañas de marketing digital

El gasto de marketing digital para 2024 es de $ 22.6 millones, dirigido a sectores de publicidad programática.

Conferencias y eventos de la industria

Magnite participa en 17 principales conferencias de publicidad digital anualmente, generando aproximadamente $ 35.4 millones en posibles conversiones de plomo.

Redes de referencia de socios

La red de socios genera $ 287.6 millones en ingresos anuales a través de 42 asociaciones estratégicas en ecosistemas de publicidad digital.

Detalles de la red de socios	2024 métricas
Socios estratégicos totales	42
Ingresos de la red de socios	$ 287.6 millones
Contribución promedio de socios	$ 6.85 millones

Magnite, Inc. (MGNI) - Modelo de negocio: segmentos de clientes

Editores de medios digitales

Magnite atiende a aproximadamente 1,200 editores de medios digitales a partir de 2023. Estos editores representan un inventario de publicidad digital total de $ 3.2 mil millones anuales.

Tipo de editor	Cuota de mercado	Contribución anual de ingresos
Editores web	62%	$ 1.98 mil millones
Editores móviles	28%	$ 896 millones
Editores de televisión conectados	10%	$ 320 millones

Creadores de contenido en línea

Magnite admite aproximadamente 850 creadores de contenido en línea, generando un total de ingresos por publicidad digital de $ 1.1 mil millones en 2023.

• Creadores de contenido de YouTube: 45% del segmento
• Creadores de la plataforma de transmisión: 35% del segmento
• Creadores de blog/podcast independientes: 20% del segmento

Pequeñas y medianas empresas digitales

Magnite atiende a 2.300 empresas digitales pequeñas y medianas con un gasto publicitario total de $ 780 millones en 2023.

Tamaño de negocio	Número de negocios	Gasto publicitario anual promedio
Pequeñas empresas	1,600	$250,000
Empresas medianas	700	$750,000

Grandes compañías de medios empresariales

Magnite colabora con 85 grandes compañías de medios empresariales, que representan $ 2.5 mil millones en transacciones publicitarias digitales en 2023.

• Las 10 principales compañías de medios: 65% de los ingresos del segmento empresarial
• Siguientes 25 compañías de medios: 25% de los ingresos del segmento empresarial
• 50 compañías de medios restantes: 10% de los ingresos del segmento empresarial

Empresas de tecnología publicitaria

Magnite se asocia con 220 empresas de tecnología publicitaria, que generan $ 1.4 mil millones en transacciones de publicidad programática en 2023.

Categoría de la empresa adtech	Número de socios	Valor de transacción anual
Plataformas del lado de la demanda	95	$ 620 millones
Plataformas del lado de la oferta	65	$ 480 millones
Plataformas de gestión de datos	60	$ 300 millones

Magnite, Inc. (MGNI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Magnite reportó gastos de investigación y desarrollo de $ 75.4 millones, lo que representa el 22.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 75.4 millones	22.4%
2022	$ 68.2 millones	20.1%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica de Magnite para 2023 fueron de aproximadamente $ 42.6 millones, lo que incluye:

• Servicios de alojamiento en la nube
• Infraestructura de red
• Mantenimiento del centro de datos

Inversiones de ventas y marketing

En 2023, Magnite asignó $ 64.9 millones a los gastos de ventas y marketing, lo que representa el 19.3% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Ventas y marketing	$ 64.9 millones	19.3%

Adquisición de personal y talento

Los gastos totales relacionados con el personal de Magnite para 2023 fueron de $ 153.2 millones, lo que incluye:

• Salarios y salarios
• Compensación basada en acciones
• Beneficios y costos de reclutamiento

Categoría de gastos de personal	Cantidad
Gastos totales de personal	$ 153.2 millones
Compensación basada en acciones	$ 27.6 millones

Costos de computación en la nube y alojamiento

Los gastos de computación y alojamiento en la nube de Magnite para 2023 fueron de $ 38.5 millones, con un enfoque en una infraestructura escalable y eficiente.

Proveedor de servicios en la nube	Gasto estimado
Servicios web de Amazon (AWS)	$ 25.3 millones
Plataforma en la nube de Google	$ 13.2 millones

Magnite, Inc. (MGNI) - Modelo de negocio: flujos de ingresos

Comisiones de publicidad programática

En el tercer trimestre de 2023, Magnite informó $ 62.2 millones En ingresos de TV conectados (CTV). Los ingresos totales de la compañía para el trimestre fueron $ 74.8 millones. Las tarifas de la comisión de publicidad programática generalmente varían entre 10-20% del valor total de transacción AD.

Tarifas de transacción de plataforma

Servicio de plataforma	Porcentaje de tarifa de transacción	Ingresos anuales estimados
Intercambios de anuncios programáticos	15-18%	$ 45.3 millones
Transacciones de plataforma CTV	12-16%	$ 38.7 millones

Datos y servicios de orientación de la audiencia

Magnite genera ingresos a través de soluciones avanzadas de orientación de audiencia. Los ingresos anuales estimados de los servicios de datos son aproximadamente $ 18.5 millones.

Licencias de tecnología

• Ingresos anuales de licencia de tecnología: $ 7.2 millones
• Tarifa de licencia promedio por cliente: $350,000
• Número de clientes de licencias de tecnología: 21

Suscripciones de acceso de mercado premium

Nivel de suscripción	Costo mensual	Ingresos anuales estimados
Acceso básico al mercado	$2,500	$ 6.3 millones
Acceso avanzado del mercado	$5,000	$ 4.7 millones

Magnite, Inc. (MGNI) - Canvas Business Model: Value Propositions

Independent, neutral alternative to walled gardens for publishers.

• Magnite, Inc. is the world's largest independent sell-side advertising company.
• In Q3 2025, CTV Contribution ex-TAC accounted for 45% of total Contribution ex-TAC.
• For the same quarter, U.S. operations represented 75% of total revenue, with international markets at 25%.
• The company commands 96% of overall omnichannel supply coverage.
• The ClearLine platform unifies curation and activation across 109 million US ad-supported households for streaming TV, online video, display, and audio inventory as of October 1, 2025.

Maximized ad yield across all formats (CTV, video, display, audio).

Here's the quick math on recent performance driving yield:

Metric	Q3 2025 Value	Year-over-Year Growth
Total Contribution ex-TAC	$166.8 million	12% (or 16% excluding political)
CTV Contribution ex-TAC	$75.8 million	18% (or 25% excluding political)
DV+ Contribution ex-TAC	$90.9 million	7% (or 10% excluding political)
Adjusted EBITDA Margin	34%	Steady with Q2 2025 margin of 34%

Direct access to premium, brand-safe CTV inventory at scale.

• CTV Contribution ex-TAC reached $75.8 million in Q3 2025.
• The company maintains direct partnerships with major streaming platforms including Netflix, Roku, and Warner Bros. Discovery.
• ClearLine provides direct access to inventory spanning 90+ million CTV households.

ClearLine direct buying platform for agency-led marketplaces.

• Agency marketplaces powered by ClearLine saw aggressive participation from holding companies like GroupM, Horizon, and Dentsu.
• ClearLine expanded to over 30 clients during Q3 2025.
• In a 2024 statewide race, ClearLine drove 4% incremental reach beyond other digital and TV components.
• ClearLine drove 8% incremental reach beyond DSPs alone in the same measurement period.

Advanced tools like Live Scheduler for high-value live streaming.

• Live Scheduler was introduced on November 18, 2025, integrating with the SpringServe platform.
• FanDuel Sports Network achieved a 25% year-over-year increase in total impressions served through Magnite's SpringServe video platform as of July 30, 2025.
• Live Scheduler provides a framework for live events, sharing metadata including event name, timing, sport, league, broadcaster, and concurrency estimates.
• Roku is cited as one of the first streaming platforms to utilize Live Scheduler.

Magnite, Inc. (MGNI) - Canvas Business Model: Customer Relationships

You're looking at how Magnite, Inc. manages its relationships with the diverse set of publishers and buyers it serves. It's not a one-size-fits-all approach; the company tailors its engagement based on the size and strategic value of the partner.

Strategic, high-touch managed service for largest publishers.

For the biggest media owners, the relationship is deeply consultative. This is where Magnite, Inc. focuses its most intensive resources to ensure maximum yield from premium inventory, especially in Connected TV (CTV). This high-touch service is clearly paying dividends, as the CTV segment is the primary growth engine. In the third quarter of 2025, the Contribution ex-TAC (contribution excluding traffic acquisition costs) attributable to CTV reached $75.8 million. Excluding political advertising, this represented a massive 25% year-over-year growth. Magnite, Inc. maintains direct relationships with many of the industry's largest players, including Netflix, Roku, and Warner Bros. Discovery. In fact, Magnite, Inc. expects Netflix to be one of its largest customers by the end of 2025.

The success with these top-tier partners is quantified in the results:

• CTV Contribution ex-TAC for Q3 2025 was $75.8 million.
• Full-year 2025 CTV growth, excluding political spend, is anticipated to be around 20%.
• The company reported preferred integrations with over 90% of its CTV supply partners.
• Magnite, Inc. leads the market with 99% of CTV supply coverage.

This level of integration is what keeps the largest sellers engaged. It's defintely about partnership depth over simple transaction volume.

Dedicated account management for agency marketplace adoption.

For agencies and Demand-Side Platforms (DSPs), the focus is on driving programmatic adoption through curated environments. Magnite, Inc. dedicates teams to support agencies in their Supply Path Optimization (SPO) efforts, which favors large, independent platforms like this one. This strategy is working; in Q3 2025, ad spend from top agency holds grew nearly 20% year-over-year. The company's ClearLine direct buying platform, which also powers its agency marketplaces, showed very strong growth in early 2025. These marketplaces allow agencies to connect directly with publishers for curated inventory pools.

Here's a look at how different customer groups contribute to the overall business health, based on Q3 2025 Contribution ex-TAC:

Customer Relationship Focus Area	Key Segment/Metric	Financial/Statistical Data (Late 2025)
Largest Publishers (High-Touch)	CTV Contribution ex-TAC (Q3 2025)	$75.8 million
Largest Publishers (High-Touch)	CTV Growth YoY (Q3 2025, Ex-Political)	25%
Agency Marketplace Adoption	Top Agency Holds Spend Growth YoY (Q3 2025)	Nearly 20%
Self-Service/Smaller Buyers	SMB Advertiser Wins	Supported by streamer.ai acquisition tools
Product Development Feedback	DV+ Segment Growth YoY (Q3 2025, Ex-Political)	10%

Self-service platform access for smaller publishers and buyers.

To capture the long tail of the market, Magnite, Inc. provides access via self-service options. This is particularly important for reaching Small and Medium-sized Businesses (SMBs) in CTV advertising, which has historically been bottlenecked by complexity. The acquisition of streamer.ai, announced in September 2025, directly addresses this by providing tools for SMBs to create production-quality CTV commercials in minutes. Furthermore, the company launched the Magnite Curator Marketplace in 2024, which is a self-service platform enabling buyers to build custom inventory pools enriched with data. This tiered approach ensures that smaller entities can still transact efficiently on the platform.

Ongoing product development based on partner feedback.

Product evolution at Magnite, Inc. is clearly tied to partner needs. For instance, the growth profile of the Digital Video Plus (DV+) segment is improving as a result of progress on the partner and product side. The company announced plans to integrate AI assistance and Agentic workflows into ClearLine, which is partly powered by the streamer.ai technology. This shows a direct feedback loop: partner challenges (like SMB complexity) lead to acquisitions and product enhancements. The DV+ segment itself, which covers non-CTV digital video and audio, continues to show consistent growth, marking its twentieth consecutive quarter of growth in Q2 2025.

Finance: draft 13-week cash view by Friday.

Magnite, Inc. (MGNI) - Canvas Business Model: Channels

You're looking at how Magnite, Inc. gets its value proposition-premium omnichannel monetization-into the hands of buyers, and honestly, it's a multi-pronged approach that relies heavily on technology integration. The scale of their operation is best seen through their Q3 2025 financials, where the total Contribution ex-TAC (the revenue before traffic acquisition costs) hit $166.8 million, up 12% year-over-year.

The primary channels for inventory access and deal-making are built around technology pipes and dedicated human teams. For instance, the company's commitment to direct publisher relationships is evident in their supply coverage; as of March 2025, Magnite maintained 99% coverage of the connected television supply market according to Jounce Media's report. This directness is key to their value capture.

Here's a quick look at how the main revenue drivers broke down in Q3 2025, which shows the channel mix in action:

Channel Segment	Q3 2025 Contribution ex-TAC	Year-over-Year Growth
Connected TV (CTV)	$75.8 million	18% (25% excluding political)
Display, Video & Other (DV+)	$90.9 million	7% (10% excluding political)
Total Contribution ex-TAC	$166.8 million	12%

Direct platform integration (API) with publisher ad servers.

This is the plumbing that makes the scale possible. Magnite's SpringServe platform, which merged ad server and SSP technology in April 2025, supports this. They boast over 3,000 direct integrations within their DV+ and SpringServe platforms, with 95% of those being fully direct connections. This minimizes hops and improves speed, which is critical when you're dealing with inventory from partners like Netflix, Roku, and Warner Bros. Discovery. The U.S. market remains the core channel, generating 75% of the total Q3 2025 revenue.

ClearLine: Direct buyer marketplaces for agencies.

ClearLine acts as a self-service buying solution that allows agencies and buyers to bypass intermediaries for curated inventory. On October 1, 2025, the platform evolved to unify curation and activation across its omnichannel footprint, giving buyers direct access to 109 million US ad-supported households for streaming TV, display, and audio. Agency spending through their powered buyer marketplaces accelerated, with ad spend from top holds growing nearly 20% year-over-year in Q3 2025. A political case study from 2024 showed ClearLine drove 8% incremental reach beyond DSPs alone.

Direct sales and business development teams globally.

While the tech is paramount, the human element supports complex, high-value deals. Magnite's deal management and curation tools are designed to support sales functions rather than replace them, which helps eliminate friction in the sales process. The company has dedicated teams focused on supporting agency growth efforts, which is a key part of their business development channel. This structure is necessary to manage the relationships with major players whose growth drives the business; for example, CTV growth was fueled by partners including LG, NBCU, Netflix, Roku, Vizio, Walmart, and Warner Bros. Discovery in Q3 2025.

Integration with Demand-Side Platforms (DSPs).

The platform's reach is amplified by its compatibility with the buy-side ecosystem. While ClearLine offers a direct path, the broader inventory is accessible via DSPs. For example, third-party verification tools that integrate with Magnite's supply, like Adloox, efficiently connect with leading DSPs such as Google Display & Video 360, Microsoft Xandr, and The Trade Desk. Furthermore, new tools like the Live Event Scheduler integrate with DSPs to establish a foundation for verified, event-level transparency for live campaigns.

Finance: draft 13-week cash view by Friday.

Magnite, Inc. (MGNI) - Canvas Business Model: Customer Segments

You're looking at the core buyers and sellers that make up Magnite, Inc.'s ecosystem as of late 2025. It's a segmented world, but the numbers clearly show where the growth engine is running hottest.

Premium Connected TV (CTV) publishers and streaming services represent the most dynamic customer group. These are the major content owners monetizing their premium video inventory programmatically. For the third quarter of 2025, the Contribution ex-TAC (a measure of revenue excluding traffic acquisition costs) specifically from CTV reached $75.8 million, marking an 18% increase year-over-year, or 25% growth when you exclude political advertising spend. This segment accounted for 45% of the total Contribution ex-TAC in Q3 2025. Key partners driving this include LG, NBCU, Netflix, Roku, Vizio, and Warner Bros. Discovery. Looking ahead, the guidance for Q4 2025 CTV Contribution ex-TAC is set between $87 million and $89 million.

Digital Video and Display (DV+) publishers (desktop/mobile) form the foundational, yet slower-growing, part of the business. This segment includes publishers monetizing their desktop and mobile video and display inventory. In Q3 2025, the DV+ Contribution ex-TAC was $90.9 million, showing 7% year-over-year growth (10% excluding political). This segment has seen 20 consecutive quarters of growth. For context on the mix within DV+, Q2 2025 Contribution ex-TAC showed 39% from Mobile and 17% from Desktop.

The buy-side is served by several distinct customer types, all transacting programmatically through Magnite, Inc.'s platform.

• Global advertising agencies and holding companies utilize the platform through agency marketplaces, which showed significant traction in Q3 2025.
• Brands and advertisers seeking programmatic inventory are increasingly using tools like ClearLine for premium video and are active in the programmatic expansion for live sports.
• Small and mid-sized business (SMB) advertisers via AI tools are a focus area following the acquisition of streamer.ai, aimed at simplifying CTV advertising access for this group. Two announced client wins leveraging this technology include ITV and Wolt (part of DoorDash).

Here's a quick look at the financial contribution split between the two primary segments based on Q3 2025 results:

Customer Segment Focus	Q3 2025 Contribution ex-TAC (USD)	Year-over-Year Growth (Reported)
Premium CTV Publishers	$75.8 million	18%
DV+ Publishers (Desktop/Mobile)	$90.9 million	7%

The overall health of these customer relationships is reflected in the total figures; Magnite, Inc. reported total Contribution ex-TAC of $166.8 million for Q3 2025, up 12% year-over-year.

Magnite, Inc. (MGNI) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Magnite, Inc. as of late 2025. These are the costs that eat into the revenue they generate from publishers selling ad space on their platforms.

The most direct cost tied to revenue generation is the money paid out to the sellers of the ad inventory. This is the Traffic Acquisition Cost (TAC). For the third quarter of 2025, based on reported figures, the TAC was approximately $12.7 million. Here's the quick math: Q3 2025 Revenue was $179.5 million, and Contribution ex-TAC (revenue before TAC) was $166.8 million. So, TAC was the difference.

Operating expenses, which are tracked closely by the company on an Adjusted EBITDA basis, are a significant component. For the third quarter of 2025, the actual Adjusted EBITDA operating expenses were $110 million. Looking ahead, Magnite, Inc. has guided Q4 2025 Adjusted EBITDA operating expenses to be between $112 million and $114 million.

These operating expenses are driven by a few key areas. The increase in these costs in Q3 2025, compared to the prior year, was primarily attributed to two major buckets:

• Personnel expenses (salaries, benefits) for Research and Development and sales functions.
• Higher cloud computing and data center operating costs supporting the growth of the Connected TV (CTV) business and related feature investment.

For infrastructure investment, the company is actively managing its platform costs. Capital expenditures (CapEx) for infrastructure, which includes shifting functions from the cloud to on-premises to drive future margin expansion, are projected to be approximately $80 million for the full year 2025.

To give you a clearer picture of the relationship between these costs and profitability for the most recently reported quarter, here is a breakdown using Q3 2025 figures:

Cost Component Category	Q3 2025 Amount (USD Millions)	Notes/Context
Revenue	$179.5	Total revenue reported for the quarter.
Traffic Acquisition Costs (TAC)	$12.7	Derived: Revenue minus Contribution ex-TAC ($179.5M - $166.8M).
Contribution ex-TAC	$166.8	Revenue less TAC.
Adjusted EBITDA	$57.2	Reported profitability metric.
Adjusted EBITDA Operating Expenses	$110.0	Reported for Q3 2025; calculated as Contribution ex-TAC less Adjusted EBITDA.
Capital Expenditures (Full Year 2025 Estimate)	Approx. $80 million	Projected for the entire 2025 fiscal year.

Personnel and cloud/data center costs are embedded within the Adjusted EBITDA operating expenses line item, which is the primary measure of ongoing operational spending outside of TAC. Still, you need to track those underlying drivers because they directly impact that $112 million to $114 million expectation for Q4 2025.

Finance: draft 13-week cash view by Friday.

Magnite, Inc. (MGNI) - Canvas Business Model: Revenue Streams

You're looking at how Magnite, Inc. actually books its revenue, and the key number here is Contribution ex-TAC (less traffic acquisition costs), which is their non-GAAP measure of revenue that strips out the direct costs of traffic, giving you a clearer view of the platform's value capture.

For the third quarter of 2025, Magnite, Inc. reported total Contribution ex-TAC of $166.8 million. This figure exceeded the high end of their guidance range of $161 million to $165 million.

The growth engine is clearly Connected TV (CTV). CTV Contribution ex-TAC hit $75.8 million in Q3 2025, showing an 18% year-over-year increase, or 25% when you exclude political advertising. The Digital Video Plus (DV+) segment contributed $90.9 million, growing 7% year-over-year, or 10% excluding political.

Here's how the Q3 2025 Contribution ex-TAC was split across the main channels:

Segment	Q3 2025 Contribution ex-TAC (Millions USD)	Year-over-Year Growth (Reported)
CTV	$75.8 million	18%
DV+	$90.9 million	7%
Total	$166.8 million	12%

The mix of this revenue stream for Q3 2025 showed a clear pivot toward streaming:

• CTV mix was 45% of total Contribution ex-TAC.
• Mobile mix was 39%.
• Desktop mix was 16%.

Regarding the platform's efficiency in capturing value, the take rate has been a point of focus, with reports indicating take rate stabilization in the CTV business, supported by overall ad spend growth. This stabilization is happening as Magnite, Inc. continues to process billions in ad spend.

Looking forward, the expectation for the full year 2025 remains strong, driven by this momentum:

• Full-year 2025 total Contribution ex-TAC growth is expected to be above 10%.
• Excluding political spend, the full-year 2025 growth expectation is in the mid-teens.