Viant Technology Inc. (DSP): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a major ad-tech player, trying to see how they're navigating the cookieless future without getting caught in the crossfire. Honestly, the whole business model for this Demand-Side Platform (DSP) hinges on two things: their proprietary ViantAI platform and the massive shift to Connected TV (CTV), which already accounted for 46% of their ad spend by Q3 2025. We're looking at a company that processed $85.6 million in revenue that quarter, backed by a strong cash position of $161.3 million, all while pushing patented cookieless solutions like IRIS\_ID to keep targeting sharp. So, if you want the precise breakdown of how they turn that independent DSP status and high-growth CTV access into concrete revenue streams, the full canvas below lays out the entire strategy clearly.

Viant Technology Inc. (DSP) - Canvas Business Model: Key Partnerships

You're looking at the core connections Viant Technology Inc. is making to scale its AI-driven programmatic platform, especially in the high-growth Connected TV (CTV) space. These aren't just press releases; these are the pipelines for future revenue and data access.

Multi-year partnership with Molson Coors Beverage Company

Viant Technology Inc. announced on November 5, 2025, a multi-year agreement designating it as the Advertising Platform for Molson Coors Beverage Company, with the engagement starting in 2026. This deal centers on activating and scaling Molson Coors' first-party data using Viant's Household ID and identity infrastructure. The partnership introduces a shared framework called Findability, focusing on connecting brands with legal drinking age audiences responsibly and at scale.

LG as a major CTV OEM partner, accessing 45 million connected devices

The strategic integration with LG Ad Solutions, announced July 15, 2025, is a big one for CTV inventory access. This move makes LG's premium smart TV inventory fully addressable via the Viant Demand-Side Platform (DSP). This access spans approximately 45 million connected devices across the U.S. alone.

Integration with Wurl for reach to over 3,000 FAST channels

Viant Technology Inc. integrated with Wurl on August 19, 2025, becoming the first DSP to deliver scene-level contextual intelligence across CTV using Wurl BrandDiscovery's signals and the IRIS_ID. This unlocks premium Free Ad-Supported Streaming TV (FAST) inventory from top publishers. Wurl powers thousands of FAST channels, and this integration provides access to that supply path via direct Open Real Time Bidding (oRTB).

Strategic alliance with the Association of National Advertisers (ANA)

Viant Technology Inc. entered a strategic partnership with the Association of National Advertisers (ANA) on January 2, 2025. The ANA represents over 1,600 companies, and its members collectively influence $400 billion in annual marketing spending. This alliance positions Viant Technology Inc. directly within the network of influential marketing leaders.

Expanded IRIS_ID integration with CTV publisher Tubi

The relationship with Tubi, Fox Corporation's FAST service, was expanded in October 2025, introducing a powerful ID sync. This gives advertisers precise reach across Tubi's more than 100 million monthly active users. Furthermore, Tubi's content library, which includes over 300,000 movies and TV episodes, is now enabled with the IRIS_ID for video-level contextual targeting.

Here's a quick look at the scale these partnerships bring to Viant Technology Inc.'s platform, especially considering Q3 2025 performance:

The integration with Wurl unlocks premium FAST inventory, which is a key area of growth, especially since CTV completion rates are reported around 95%. Viant Technology Inc.'s own Q3 2025 revenue was reported at $85.6 million, and CTV spend hit an all-time high of 46% of total platform spend in that quarter.

The ability to layer Viant Technology Inc.'s identity infrastructure with these massive content and device footprints is the core value here. You see this in the operational metrics:

• Viant Technology Inc.'s Household ID covers approximately 95% of U.S. adults 18+ across roughly 80% of biddable ad inventory.
• Campaigns using IRIS-enabled contextual targeting showed a 2x lift in awareness and a 5x lift in favorability versus standard benchmarks.
• The ANA alliance connects Viant Technology Inc. to a network influencing $400 billion in annual marketing spend.

Finance: draft 13-week cash view by Friday.

Viant Technology Inc. (DSP) - Canvas Business Model: Key Activities

You're looking at the engine room of Viant Technology Inc., the core things they absolutely must get right to make money in late 2025. It's all about execution on their AI roadmap and capturing the shift to premium video inventory.

The first major activity is developing and deploying the ViantAI autonomous advertising suite. This isn't just a buzzword; it's a product that won the 2025 AI Excellence Award. They've been rolling it out in phases, with the third phase, AI Measurement and Analysis, launching in the second quarter of 2025 to revolutionize reporting with on-demand insights. This suite is what lets advertisers state a goal and have the system figure out the optimal mix.

Next, you have the foundational work: operating and maintaining the cloud-based Adelphic DSP platform. This platform is where the rubber meets the road, processing the spend that drove Q3 2025 revenue to $85,582 thousand, a 7.1% increase year-over-year. The platform's efficiency is reflected in the Q3 2025 Adjusted EBITDA hitting $16 million. The platform's scale is evident in the Q2 2025 cash and cash equivalents balance, which stood at $172,816 thousand as of June 30, 2025.

Research and development for the cookieless future is critical, focusing on solutions like IRIS\_ID. They significantly expanded the reach of IRIS\_ID, Viant Technology Inc.'s contextual identifier, through a new integration with the leading CTV publisher, Tubi, in the third quarter of 2025. This work is clearly paying off, as advertiser spend linked to their other proprietary solution, Household ID, increased 15% year-over-year as of Q2 2025. Navigating the cookieless world is a key activity driving these results.

The push into premium video is formalized by expanding the CTV Direct Access premium publisher program. This is where the money is flowing, as Connected TV (CTV) ad spend generated record results, accounting for 46% of total ad spend on the platform in Q3 2025. That's up from approximately 45% in Q2 2025. This program is a direct way Viant Technology Inc. captures high-value video budgets.

Finally, the efficiency play is quantified by automating approximately 85% of ad spending via AI Bidding. This AI Bid Optimizer tool is designed to analyze historical opportunities to predict the lowest media cost without sacrificing performance. For one campaign example, using Viant Technology Inc.'s AI Bid Optimizer tool resulted in a 36% CPM reduction. That's a concrete example of what this automation activity delivers.

Here's a quick look at the numbers supporting these activities:

The operational focus also involves expanding their proprietary solutions:

• IRIS\_ID integration expanded with leading CTV publisher, Tubi.
• ViantAI suite launched its third phase, AI Measurement and Analysis.
• Established a growth pipeline of over $250 million in potential annualized ad spend opportunities in Q2 2025.
• Viant Technology Inc. purchased 4.8 million shares of Class A common stock through November 7, 2025.

Finance: draft 13-week cash view by Friday.

Viant Technology Inc. (DSP) - Canvas Business Model: Key Resources

You're looking at the core assets Viant Technology Inc. uses to run its business as of late 2025. These aren't just abstract concepts; they are concrete, measurable advantages.

Proprietary ViantAI platform and machine learning algorithms represent a significant internal asset. The rollout of the ViantAI product suite was nearing completion, with the final phase, AI Decisioning, set to launch by year-end 2025. As of Q2 2025, the AI Bidding component was already automating approximately 85% of the ad spending on Viant Technology Inc.'s platform, with contribution ex-TAC generated from AI Bidding having doubled year-over-year. The platform itself has received industry recognition, winning the MarTech Breakthrough Award for "Best AI-Powered Advertising Solution" in 2025 and the Business Intelligence Group's AI Excellence Award. This technology allows for media plan creation, execution, and optimization through an intuitive chat interface.

The company's patented addressability solutions are foundational. Viant Technology Inc. claims to have patented the method behind its Household ID technology back in 2012. This identifier is designed to translate IP addresses into tangible homes, reaching approximately 115 million homes. Following a partnership with TransUnion, Viant Technology Inc. can match its Household ID to 95% of U.S. adults aged 18 and over. Furthermore, the integration of IRIS.TV, which closed in November 2024, provides the IRIS\_ID for contextual targeting, enhancing campaign effectiveness by unifying measurement and targeting directly within the Demand-Side Platform (DSP).

Financially, Viant Technology Inc. maintained a strong cash position as of the most recent reporting period. You need to know the balance sheet strength to gauge operational flexibility; here are the hard numbers from the third quarter of 2025:

Viant Technology Inc.'s access to omnichannel media inventory is a key differentiator, moving beyond traditional display. The platform provides access across all devices where media is consumed. The shift to next-generation media formats is clear in the spend allocation:

• CTV advertiser spend reached a record high, representing 46% of total advertiser spend in Q3 2025.
• Video, inclusive of CTV, reached 62% of total platform spend in Q3 2025.
• Spend across all emerging digital channels (CTV, streaming audio, and digital out-of-home) collectively represented approximately 56% of total platform spend in Q3 2025.
• Record streaming audio ad spend was generated in Q3 2025.

Finally, the human capital-the experienced ad-tech leadership and engineering talent-is critical for maintaining and advancing these proprietary systems. While specific employee counts aren't always public, operational efficiency metrics reflect this talent base. For instance, contribution ex-TAC per employee increased by over 7% year-over-year as of Q3 2025, signaling improved operational efficiency. Furthermore, the leadership team has seen strategic additions, such as the appointment of Brett Wilson, former TubeMogul CEO, to the Board of Directors.

Viant Technology Inc. (DSP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why advertisers choose Viant Technology Inc. in this rapidly evolving ad tech landscape. The value propositions they offer are directly tied to performance and future-proofing ad spend, especially as third-party cookies disappear.

Autonomous Advertising for simplified campaign management

Viant Technology Inc. pushes a vision of fully autonomous advertising, powered by its ViantAI product suite. This isn't just about automation; it's about self-driving campaigns. For instance, the AI bidding component is already handling a significant chunk of the workload, automating approximately 85% of the ad spend running on their platform as of Q3 2025. This level of automation is designed to simplify campaign management for the advertiser.

Cookieless, people-based targeting and measurement

In a world moving away from traditional identifiers, Viant Technology Inc. emphasizes its proprietary, cookieless solutions like Household ID and IRIS_ID. This focus on people-based targeting is showing tangible results. In Q3 2025, revenue attached to the IRIS_ID more than doubled sequentially versus the prior quarter. Furthermore, advertisers utilizing IRIS_ID on the platform saw, on average, a 48% increase in conversion rates when compared against control groups. This speaks directly to the effectiveness of their addressability tools in driving measurable outcomes.

Independent DSP status, free of media ownership conflicts

A key differentiator is Viant Technology Inc.'s position as an independent Demand-Side Platform (DSP). This means they don't own media inventory, which removes the inherent conflicts of interest you often see with media-owning platforms. This independence allows them to offer centralized buying across the open internet, a crucial factor for advertisers looking for transparency and unbiased execution.

Centralized omnichannel buying across all digital screens

The platform supports centralized omnichannel buying, which is critical for reaching audiences wherever they are. The shift in media consumption is clear in their numbers: all emerging digital channels, which include Connected TV (CTV), streaming audio, and digital out of home, collectively represented approximately 56% of total platform spend in Q3 2025. To be fair, video advertising, inclusive of CTV, reached a record high of 62% of total platform spend in that same quarter, showing where the high-impact dollars are flowing.

High-growth channel access: CTV is 46% of Q3 ad spend

Connected TV (CTV) is clearly the engine for Viant Technology Inc.'s growth. In the third quarter of 2025, CTV ad spend hit a new all-time high, accounting for 46% of total advertiser spend on the platform. This channel is central to their value proposition, attracting major brand spend, evidenced by the new multi-year partnership with Molson Coors Beverage Company. This focus on high-growth, measurable video formats underpins their financial performance.

Here's a quick look at the Q3 2025 financial context that supports these value propositions:

The company also reports a strong pipeline, with over $250 million in potential annualized ad spend opportunities associated with major U.S. advertisers. Also, on a trailing 12-month basis through Q3, Viant saw a 39% increase in customers generating over $1 million in contribution ex-TAC.

The value proposition boils down to this:

• Use AI to automate 85% of ad spend via AI bidding.
• Deliver cookieless targeting with 48% average conversion lift on IRIS_ID.
• Capture 46% of spend in the high-growth CTV channel.
• Grow high-value customers by 39% year-over-year (TTM).

Finance: draft Q4 2025 cash flow projection based on guidance by Monday.

Viant Technology Inc. (DSP) - Canvas Business Model: Customer Relationships

You're looking at how Viant Technology Inc. (DSP) manages its relationships with the advertisers who use its omnichannel programmatic platform. It's a mix of direct, high-touch support and scalable technology access.

Dedicated sales and account management for major U.S. advertisers.

Viant Technology Inc. focuses significant resources on securing and growing relationships with large U.S. advertisers. This effort is clearly reflected in the pipeline development. As of the second quarter of 2025, the company had established a growth pipeline exceeding $250 million in potential annualized ad spend opportunities specifically with major U.S. advertisers. This indicates a strong, direct sales focus on capturing larger, more committed budgets. The platform's success in high-growth areas, like Connected TV (CTV), which accounted for 46% of total ad spend in Q3 2025, is being driven by these direct engagements. This direct engagement model is key to driving platform adoption in premium channels.

High-touch, strategic engagement for multi-year brand deals.

The commitment to strategic, long-term relationships is evidenced by securing major brand commitments. For instance, in the third quarter of 2025, Viant Technology Inc. announced a multi-year partnership with Molson Coors Beverage Company. These types of deals rely on deep integration and strategic alignment, moving beyond transactional ad buying to become a core part of the advertiser's media strategy. The CEO noted that these new brand partnerships are fueled by ViantAI and their proprietary addressability solutions, suggesting the relationship is built on technology differentiation.

Self-service and managed service options via the DSP.

Viant Technology Inc. supports its customer relationships with flexible service models built around its Demand-Side Platform (DSP). You can choose how much hands-on help you need. The Co-Managed Model acts as a bridge, pairing an expert trader with the client to help achieve success, which is ideal for clients who need transparency but lack the resources for a fully in-house trading team. This model is explicitly designed as a stepping stone, often leading clients to transition to full self-service access over time. Even users of the self-service option report that their Viant representatives are friendly, accommodating, and helpful when troubleshooting, showing that the high-touch element persists across service tiers.

• Co-Managed Model: Pairs an expert trader to help the client achieve success.
• Self-Service Model: Grants the client 100% control over ad buys, requiring in-house strategy, execution, and analysis.

Focus on measurable outcomes and ROI through AI Measurement.

The relationship is increasingly centered on proving tangible results, heavily supported by the ViantAI platform. The third phase, AI Measurement and Analysis, launched in the second quarter of 2025, is designed to give advertisers on-demand insights for reporting. This focus on immediate feedback loops directly addresses the need for measurable ROI. The tangible results from AI tools are compelling; for example, the AI Bid Optimizer demonstrated a 36% reduction in CPMs for a major advertiser while maintaining or improving campaign outcomes. This data-driven approach solidifies the relationship by demonstrating platform value directly in financial terms.

Here is a quick look at some of the key metrics underpinning these customer relationships as of late 2025:

Finance: draft Q4 2025 client retention forecast by next Tuesday.

Viant Technology Inc. (DSP) - Canvas Business Model: Channels

Direct access via the cloud-based Adelphic DSP interface.

The Adelphic DSP is the company's cloud-based Demand-Side Platform (DSP), which lets marketers and agencies centralize their ad campaigns across channels, including connected TV (CTV), streaming audio, mobile, desktop, and Digital Out-of-Home (DOOH). The platform utilizes proprietary solutions like Viant Household ID for cookieless, people-based targeting.

Direct sales team targeting major brand advertisers and agencies.

The direct sales efforts are focused on securing large, strategic relationships with major U.S. advertisers. As of the second quarter of 2025, Viant Technology Inc. established a growth pipeline of over $250 million in potential annualized ad spend opportunities associated with these major U.S. advertisers. A concrete example is the multi-year partnership confirmed in late 2025, designating Viant Technology Inc. as the advertising platform for Molson Coors Beverage Company for programmatic campaigns across the United States beginning in 2026.

CTV Direct Access program for premium publisher inventory.

The CTV Direct Access program is central to the company's high-growth strategy in streaming. Connected television advertising accounted for a record 46% of total ad spend on the platform in the third quarter of 2025. Furthermore, nearly half of this CTV spending flowed through the Direct Access program. This program connects buyers directly to premium CTV owners, who together represent more than 75% of the U.S. addressable CTV market, aiming to reduce costs and opacity by minimizing intermediaries.

Programmatic integrations with Supply-Side Platforms (SSPs).

Viant Technology Inc.'s core is AI-powered programmatic advertising, which involves automatically bidding on ad inventory across all major channels. The company's proprietary identity graph, the Household ID, which is TransUnion-enriched, helps facilitate these integrations by matching approximately 95% of U.S. adults (18+). This identity infrastructure is used across roughly 80% of biddable ad inventory.

Here is a quick look at the channel-relevant scale and performance metrics as of late 2025:

The company's Q3 2025 revenue was $85.6 million, with a forecast for Q4 2025 revenue between $101.5 million and $104.5 million.

• The platform supports omnichannel buying across:
• Connected TV (CTV)
• Streaming Audio
• Mobile and Desktop Display
• Digital Out-of-Home (DOOH)

Viant Technology Inc. (DSP) - Canvas Business Model: Customer Segments

You're looking at the core groups Viant Technology Inc. serves as of late 2025, which is a mix of established enterprise clients and the continuing mid-market base.

Major U.S. advertisers and brands are increasingly engaging with Viant Technology Inc., driven by its independence, Connected TV (CTV) leadership, and the ViantAI platform. This focus has resulted in a growth pipeline that management has quantified.

The company has established a growth pipeline exceeding $250 million in potential annualized ad spend opportunities specifically associated with these major U.S. advertisers, which is considered a new addressable market for Viant Technology Inc.. A concrete example of securing a major brand is the multi-year partnership with Molson Coors Beverage Company.

Advertising agencies, including holding companies and independent firms, use the cloud-based demand side platform (DSP) to centralize the planning, buying, and measurement of advertising across channels. The sales team focuses on building and nurturing relationships with these global brands and agencies.

Mid-market advertisers remain a core base, as the new enterprise pipeline of over $250 million is explicitly noted as being incremental to the mid-market growth opportunity. This shows a strategic move upmarket from historically targeting mid-sized companies into the enterprise segment.

The platform's usage across various sectors is supported by its omnichannel inventory access and data integrations. Here is a breakdown of the customer types and relevant metrics:

Viant Technology Inc. provides industry solutions that cater to specific verticals, leveraging its data access integrations with over 70 leading data companies.

• Auto
• CPG (Consumer Packaged Goods)
• Retail
• Politics
• B2B
• Casino & Online Gambling
• CBD
• Education
• Entertainment
• Gaming
• Healthcare
• QSR
• Travel & Tourism

The company also noted that spend across all emerging digital channels, which includes CTV, streaming audio, and digital out-of-home, represented nearly 55% of total platform spend in Q2 2025.

Viant Technology Inc. (DSP) - Canvas Business Model: Cost Structure

You're looking at Viant Technology Inc.'s cost base as of late 2025. The structure is heavily influenced by media buying, which is variable, balanced against the fixed investment needed to maintain and advance proprietary technology like ViantAI.

Traffic Acquisition Costs (TAC) represent the most significant variable outlay, covering the cost of advertising media, third-party data, and add-on features, especially under fixed CPM pricing options. For the second quarter of 2025, TAC was calculated as the difference between Revenue and Contribution ex-TAC. Here's the quick math for Q2 2025:

This means that for Q2 2025, TAC consumed approximately 37.9% of reported revenue, highlighting its dominant role as a variable cost tied directly to media execution.

Non-GAAP Operating Expenses (OpEx) are managed to reflect a fixed-cost heavy model focused on platform development. The guidance for the fourth quarter of 2025 reflects continued investment:

• Non-GAAP Operating Expenses projected for Q4 2025: $39.5 million - $40.5 million.
• Q3 2025 actual Non-GAAP operating expenses were reported at $37.0 million, a 13% year-over-year increase.

The fixed-cost nature is driven by Technology and platform development costs, essential for scaling ViantAI and addressability solutions (Household ID, IRIS ID). While specific 2025 functional breakdowns are not immediately available, the structure in late 2024 showed significant allocation to R&D-adjacent functions:

• Technology and development costs (Q4 2024): $16,678 thousand.
• Sales and marketing costs (Q4 2024): $13,007 thousand.
• General and administrative costs (Q4 2024): $12,648 thousand.

Personnel costs underpin these fixed expenses, covering engineering talent necessary for platform innovation, plus the sales and G&A teams supporting client acquisition and corporate functions. The company is focused on scaling efficiently, with Q3 2025 results showing contribution ex-TAC per employee increased by over 7% year-over-year, signaling improved operational leverage despite ongoing strategic investments related to the IRIS.TV and Locker acquisitions.

Finally, cash deployment for capital returns is a distinct cost consideration. The share repurchase program spending reflects management's view on stock valuation:

• Share repurchase program spending YTD through November 7, 2025: $37.9 million.
• Total shares purchased from May 1, 2024, through November 7, 2025: 4.8 million shares.

Finance: draft 13-week cash view by Friday.

Viant Technology Inc. (DSP) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Viant Technology Inc.'s financial performance, which is entirely dependent on the flow of programmatic advertising spend through its platform. The business model translates that spend into recognized revenue by charging a fee-a percentage of the total ad spend-for platform usage, and it also earns revenue from data and measurement solutions.

The primary driver for this spend is the shift to high-growth digital channels. Connected TV (CTV) is the clearest trend here. For instance, in the third quarter of 2025, CTV ad spend hit a record high, accounting for approximately 46% of all ad spend on the platform. This focus on premium inventory within CTV, including through the Direct Access program, is foundational to their revenue generation strategy.

Here's the quick math on the near-term financial expectations for Viant Technology Inc. based on late 2025 guidance:

The metric most closely representing Revenue (less TAC) from media buying and platform fees is Contribution ex-TAC. For the third quarter of 2025, this figure reached $53.0 million. This number is critical because it shows the gross profit derived before accounting for certain platform operations expenses, giving you a clearer view of the core transaction value captured by Viant Technology Inc. after paying for the media itself.

You should track these key components of the revenue stream:

• Programmatic advertising spend processed through the DSP.
• Revenue less TAC (Contribution ex-TAC) from media buying and platform fees.
• Revenue derived from data and measurement solutions.

Honestly, the growth in Contribution ex-TAC, which grew 12% year-over-year in Q3 2025, often tells a better story about underlying business health than top-line revenue alone, especially when political spend creates noise. If onboarding takes 14+ days, churn risk rises, but the strong CTV adoption suggests good stickiness for now.

Finance: draft 13-week cash view by Friday.