LiveRamp Holdings, Inc. (RAMP): Business Model Canvas [Dec-2025 Updated]

Honestly, looking at LiveRamp Holdings, Inc.'s setup as of late 2025, you see a company that has nailed its position as the essential plumbing for digital marketing in this new privacy-first era. With the third-party cookie gone, their identity resolution platform, RampID, is no longer optional; it's the key. Here's the quick math: they pulled in $569 million from subscriptions and another $177 million from the marketplace, all while keeping their Cost of Revenue around $216 million for fiscal year 2025. If you're trying to figure out how they built this moat and where the real value lies now, you need to see the full nine-block breakdown below.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Key Partnerships

You're looking at the engine room of LiveRamp Holdings, Inc.'s value creation-the network effect driven by its partners. This isn't just about having a few big names; it's about the sheer density and interoperability of the connections they maintain.

LiveRamp Holdings, Inc. boasts an extensive partner network, confirmed by an IDC MarketScape assessment in May 2025, citing access to over 1,000 partners, which includes major publishers, retailers, platforms, and data providers. This scale is critical for delivering people-based marketing solutions in a privacy-centric environment. For context, the company's fiscal year 2025 performance showed that Marketplace & Other revenue, which heavily relies on this ecosystem, grew by 21% to reach $177 million on total FY2025 revenue of $746 million.

The platform's architecture is built for seamless data collaboration across the modern data stack. This interoperability is a core partnership strength, enabling cross-cloud collaboration with no data copying required. The key strategic integrations focus on the major cloud providers that house customer data today.

Here's a look at the critical infrastructure partnerships:

• Integrations with all major cloud platforms: AWS, Snowflake, GCP, and Databricks.
• The platform also integrates with Microsoft Azure.
• This architecture supports the LiveRamp Clean Room across different clouds.

The focus on data enrichment is deepening relationships with specialized data providers. For instance, the relationship with Nielsen Marketing Cloud was noted as expanded for advanced audience measurement, following an announcement in June 2024.

Channel sales and data collaboration are further amplified through relationships with Global Systems Integrators (SIs) and Customer Data Platforms (CDPs). This helps LiveRamp Holdings, Inc. reach customers beyond its direct sales force. Also, the commerce media space is a significant growth area, with travel-focused commerce media ad spending projected to hit $2.96 billion by 2025. LiveRamp Holdings, Inc. is actively engaging here, evidenced by the launch of a casino media network partnership with Mohegan in January 2025.

The network's value is also seen in its direct customer base, which includes 128 direct subscription customers spending over $1 million in fiscal year 2025, showing that the largest enterprises are deeply embedded in this connected ecosystem.

You can see the breadth of the ecosystem mapped out below:

The Marketplace & Other revenue stream, which directly reflects partner activity, generated $177 million in fiscal year 2025, a 21% year-over-year increase.

These partnerships are essential for several key capabilities LiveRamp Holdings, Inc. offers:

• Enabling secure collaboration of first, second, and third-party data.
• Providing access to unique customer moments for thousands of companies.
• Powering Cross-Media Intelligence solutions for measurement.
• Supporting native activation across hundreds of partners directly from the clean room.

Finance: review the Q2 2026 revenue concentration risk against the top 128 client growth rate by end of Q3.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Key Activities

Developing and maintaining the core identity resolution technology (RampID) is about keeping the identity graph accurate and expansive, especially with the deprecation of third-party cookies. This activity centers on matching disparate online and offline data points to the common, people-based ID, RampID. The company maintains the largest and most accurate people-based identity graph on the market. LiveRamp's Live/Connectivity product portfolio helps brands reach authenticated audiences at scale, powered by RampID, which is described as LiveRamp's interoperable, durable identifier. The network scale is significant, connecting across more than 500+ ecosystem partners, including major players like Google, Meta, and Amazon across regions and channels. This connectivity allows LiveRamp to reach more than 95% of the addressable digital audience in market as of late 2025.

Operating the Data Collaboration Platform and Data Marketplace involves managing the secure infrastructure for data sharing and the exchange for third-party (3P) audiences. The platform processes customer data through pseudonymized identifiers like RampID to facilitate cross-platform marketing while maintaining privacy controls. For the fiscal year ended March 31, 2025, LiveRamp Holdings, Inc. reported total revenue of $746 million, up 13% year-over-year. Subscription revenue, which is the core platform offering, accounted for 76% of that total, reaching $569 million, an 11% increase. The Data Marketplace and Other revenue segment grew faster, up 21% to $177 million for the full fiscal year 2025.

Here's a quick look at the platform's financial scale as of the latest reported periods:

The Data Marketplace specifically generated $35 million in revenue during the first quarter of fiscal 2026, marking a 9% year-over-year increase.

Research and development (R&D) is focused on product innovation to address evolving industry needs, particularly around measurement in a privacy-centric, cookieless world. A key output of this activity is the launch of Cross-Media Intelligence (CMI), a solution designed for marketers to optimize campaign measurement across multiple platforms. LiveRamp is also expanding its network with 25+ new AI-first destinations and integrations to unlock new use cases. The company mentioned continuing to invest in critical growth initiatives throughout fiscal 2025.

Ensuring global regulatory compliance and data governance is a foundational activity, as the platform ingests and processes sensitive customer data. This involves building a privacy-first data sharing environment. The company faced ongoing legal challenges, including a class action lawsuit filed in January 2025 in the United States District Court for the Northern District of California, alleging claims related to data privacy practices under various federal and state laws.

High-touch enterprise sales and customer success management are evidenced by the focus on retaining and growing the largest accounts. LiveRamp ended fiscal year 2025 with 128 customers whose annualized subscription revenue exceeds $1 million, an increase from 115 in the prior year. The subscription net retention rate for the fourth quarter of fiscal 2025 was 104%, and the platform net retention was 106%. However, the total count of direct subscription customers saw a slight decrease, ending FY2025 at 840, down from 900 the previous year.

• Subscription Net Retention (Q4 FY2025): 104%
• Customers > $1M in ARR (End of FY2025): 128
• Total Direct Subscription Customers (End of FY2025): 840

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Key Resources

You're looking at the core assets LiveRamp Holdings, Inc. relies on to run its data collaboration platform business. These aren't just abstract concepts; they are quantifiable resources driving the business as of late 2025.

Proprietary identity graph, RampID, for person-level data matching.

The RampID is the central piece of technology here, acting as the common, durable identifier. It resolves disparate data points-like cookies, platform IDs, and offline PII-to a single, privacy-compliant profile. This is what makes cross-device use cases possible.

The scale of the underlying data supporting RampID in the U.S. is significant:

• PII maintained on 245 million individuals in the U.S. as of July 2025.
• RampID types include Maintained (XY), Derived (Xi), and Placeholder (Xc/Xm).

The Data Collaboration Platform, a secure, interoperable software architecture.

This platform is the secure environment where data owners maintain control while connecting their data to partners. It underpins the entire service offering, from onboarding to activation and measurement. The platform's performance is reflected in the company's financial results for the fiscal year ended March 31, 2025.

Honestly, that operating cash flow surge to $154 million shows the platform's efficiency is improving as scale increases.

Extensive network effect from 1,000+ integrated partners and destinations.

The value of RampID grows with every new connection, creating a powerful network effect. LiveRamp Holdings, Inc. works with a broad set of entities across the ecosystem.

• Direct subscription customers spending over $1 million reached 128 in FY 2025.
• The company worked with 840 direct customers globally as of May 2025.
• The Data Collaboration Network included over 900 leading advertisers, data platforms, publishers, data providers, and commerce media networks as of May 2025.
• In Q2 FY2026 (period ending June 30, 2025), the ecosystem included 500+ ecosystem partners.

For reach, the identifier is available on more than 75% of the Comscore 50 and over 11,000 open web domains, though this specific data point is from July 2023.

Intellectual property and patents in privacy-enhancing technologies.

Protecting the core technology is key, and this is evidenced by ongoing patent activity related to identity resolution.

A pending patent application like that one shows they are actively building the IP moat around their core resolution logic.

A dedicated team for R&D and platform engineering.

The platform requires constant investment in engineering to maintain interoperability and add new features, like the AI-first destinations mentioned in the October 2025 release notes. The team size and investment reflect this priority.

The company returned $101 million to shareholders via repurchases in FY25, showing capital allocation supporting the team's development work.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients pay LiveRamp Holdings, Inc. for its services right now, late in 2025. It's all about secure data use and future-proofing identity in a world without third-party cookies.

Privacy-compliant, secure data collaboration via Data Clean Rooms.

LiveRamp Holdings, Inc. is recognized as a Leader in the IDC MarketScape for Worldwide Data Clean Room Technology for Advertising and Marketing Use Cases for 2025. This collaboration platform is purpose-built for today's complex ecosystem, featuring a cloud-native architecture that enables secure, zero-copy collaboration across all major cloud platforms, including AWS, Azure, GCP, Snowflake, and Databricks. The value here is scale and security; the LiveRamp Clean Room connects to an extensive partner network of over 1,000 partners, including major publishers, retailers, and data providers. Plus, it offers native activation capabilities to more than 350 destinations.

Unified, de-duplicated cross-media measurement across all channels.

The platform helps you move past siloed reporting. Through its Cross-Media Intelligence solution, LiveRamp Holdings, Inc. enables de-duplicated, truly cross-media measurement via the Clean Room, powering unified reporting based on first-party data. This capability is key to proving marketing effectiveness. For context on the value delivered, a Forrester TEI study showed a 313% ROI for LiveRamp users. You can see the financial commitment clients are making, with Subscription net retention at 108% and platform net retention at 111% for the third quarter of fiscal year 2025.

Identity resolution that future-proofs marketing in a post-cookie ecosystem.

The core of this value is the durable RampID, which keeps resolution persistent without relying on inconsistent signals like cookies. LiveRamp Holdings, Inc. helps you reach consumers wherever they spend time, accessing connected audiences across 95% of the addressable digital audience in market. Recent enhancements show the precision you get; an update in October 2024 showed up to a 9% improvement in the accuracy of assigning emails to the dominant RampID. Furthermore, when records include email, the ability to recognize a consumer increased by 3.2%, potentially increasing addressable reach by 2%. On average, the system deterministically matches 2.5 devices to each input record in a file.

Enabling commerce media networks to monetize first-party data effectively.

LiveRamp Holdings, Inc. is actively building out new monetization avenues for first-party data holders. For example, in January 2025, the company announced a partnership with Mohegan to launch the industry's first casino media network. This allows brands to access Mohegan's rich first-party insights and measure campaigns across digital and on-premise channels like loyalty programs and kiosks. This focus on new data collaboration models is reflected in the company's financial performance, with Marketplace & Other revenue hitting $50 million in Q3 FY25, marking a 20% increase year-over-year.

High match rates and accuracy for first-party data onboarding.

Getting your existing data into the ecosystem accurately is step one. The value proposition here is the confidence in your data's portability and reach. The Identity Engine allows you to resolve and unify your first-party data within hours. This is supported by the high accuracy in matching, as noted earlier, with an average of 2.5 devices matched per input record. The overall financial health suggests this is working; Annual Recurring Revenue (ARR) reached $491 million as of Q3 FY25, up 10% year-over-year. Also, the number of customers with annualized subscription revenue exceeding $1 million grew to 125, up from 105 the prior year.

You see the value proposition translating directly into revenue streams; Subscription revenue was $146 million in Q3 FY25, representing a 10% increase. The overall momentum is clear, with GAAP gross margin at 72% and Non-GAAP gross margin at 74% for that quarter.

• IDC MarketScape Leader recognition for Data Clean Room Technology in 2025.
• Forrester TEI study showing a 313% ROI.
• Integration across major clouds: AWS, Azure, GCP, Databricks, and Snowflake.
• Q3 FY25 Total Revenue of $195 million, up 12% year-over-year.
• ARR reached $491 million, up 10% year-over-year (Q3 FY25).
• Net profit margins improved to 4.9% from 0.2% the prior year (as of Nov 2025 estimates).

If you're still relying on legacy identity methods, the risk of poor data quality rises. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Customer Relationships

You're looking at how LiveRamp Holdings, Inc. nurtures its most valuable connections in late 2025. It's all about high-touch service for the biggest spenders and broad community engagement for everyone else.

Dedicated account management focuses on the top tier of the customer base. As of the end of fiscal year 2025 (March 31, 2025), LiveRamp Holdings, Inc. served exactly 128 customers whose annualized subscription revenue exceeded $1 million. This was an increase from 115 customers in the prior year period. The aggregate subscription revenue from this high-value group grew by 13% in FY2025, outpacing overall subscription revenue growth. This group represents a critical anchor for the business model.

The annual customer conference, RampUp, serves as a major community touchpoint and education forum. For the RampUp 2025 event, LiveRamp Holdings, Inc. brought together nearly 2,500 attendees. The commercial team used this event to host over 500 meetings with customers and partners. The programming included over 40 panels and presentations featuring 110 speakers from major brands.

LiveRamp Holdings, Inc. supports customer value realization through varied engagement models. The self-service and turnkey partnership models are scaled through the Data Collaboration Network, which connects over 900 leading advertisers, platforms, publishers, data providers, and commerce media networks. A commissioned Forrester Consulting study released in June 2025 quantified the value for a composite organization using the platform, showing a 313% return on investment over three years, with a payback period of less than 6 months. This speaks directly to accelerated value realization.

For complex needs, professional services are available. While specific revenue figures for this segment aren't broken out separately from Marketplace & Other revenue, these services help customers with complex data integration and custom solutions, supporting the platform's adoption.

The commitment to continuous improvement is evident in platform updates. A key rollout highlighted at RampUp 2025 was Cross-Media Intelligence, a capability enabling unified, de-duplicated reporting across screens and platforms. Furthermore, the Q1 2026 earnings call in August 2025 confirmed the advancement of key growth initiatives including Cross-Media Intelligence, Commerce Media, and CTV.

Here's a quick look at the scale of the high-value customer base over recent reporting periods:

The relationship strategy emphasizes both deep engagement and broad ecosystem reach:

• Dedicated support for 128 customers with >$1M Annual Recurring Revenue (ARR).
• Annual conference, RampUp 2025, hosted nearly 2,500 attendees.
• Over 500 customer and partner meetings held during RampUp 2025.
• Data Collaboration Network includes over 900 leading partners.
• Forrester study showed a 313% ROI with a payback under 6 months.
• New feature rollout: Cross-Media Intelligence debuted at RampUp 2025.

If onboarding for new enterprise clients takes longer than the expected 14+ days, churn risk rises, so the professional services team needs clear SLAs.

Finance: draft 13-week cash view by Friday.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Channels

Direct Enterprise Sales team focused on large brands and media owners.

The direct sales force focuses on securing and expanding relationships with major advertisers and media owners, which is critical given that Subscription revenue was $569 million, making up 76% of the total Fiscal Year 2025 revenue of $746 million. LiveRamp Holdings, Inc. ended Fiscal Year 2025 with 128 customers whose annualized subscription revenue exceeded $1 million, an increase from 115 in the prior year. The ten largest customers represented approximately 25% of total revenues for the twelve months ended March 31, 2025. For the first quarter of Fiscal Year 2026, the company reported 127 customers with annualized subscription revenue exceeding $1 million, and maintained 835 direct customers worldwide. The Marketplace & Other revenue stream, which includes activation and data monetization, grew 21% in Fiscal Year 2025 to reach $177 million.

The LiveRamp Data Collaboration Platform itself, acting as a network channel.

The platform functions as the core channel, scaling through connectivity. LiveRamp Holdings, Inc. states its Data Collaboration Network has unparalleled scale, neutrality, interoperability, and connectivity, with over 900 leading advertisers, data platforms, publishers, data providers, and commerce media networks as of late 2025. The platform's reach is significant, allowing users to reach more than 95% of the addressable digital audience in market. The network expansion is supported by continuous product enhancements, including the addition of 25+ new destinations and integrations as of October 2025. The platform's value proposition is underscored by a commissioned study showing a 313% return on investment over three years for composite organizations using the platform.

• Data Collaboration Network scale: Over 900 participants (advertisers, platforms, publishers, providers).
• Audience reach: Over 95% of the addressable digital audience in market.
• New Ecosystem Connections (Oct 2025): 25+ new destinations and integrations.
• Cloud Platform Integration: Integrates with all major cloud platforms (AWS, Azure, GCP, Databricks, and Snowflake).

Channel sales through cloud partners and systems integrators.

Channel sales are a key focus for expanding reach beyond direct sales, particularly with major technology providers. LiveRamp Holdings, Inc. is actively expanding channel sales with customer data platforms, public cloud providers, cloud data warehouses, marketing clouds, and global systems integrators. The global network scale shows 500+ ecosystem partners, which explicitly includes Google, Meta, Amazon, and Microsoft. Furthermore, an IDC MarketScape assessment noted access to over 1,000 partners, including major publishers, retailers, platforms, and data providers, as a strength. The company also serves thousands of additional customers through reseller partnerships, in addition to its 835 direct customers as of Q1 FY26.

LiveRamp Data Marketplace for third-party data discovery and activation.

The Data Marketplace is a direct revenue channel, falling under Marketplace & Other revenue, which reached $177 million in Fiscal Year 2025. This marketplace connects data sellers' audience data across the ecosystem, facilitating transactions between data sellers and buyers across hundreds of marketing platforms. In Q3 FY2025, the network included over 200 ad tech platforms participating in the ecosystem. The platform has enhanced discovery with AI-assisted search, allowing buyers to use natural language to find relevant third-party data segments. The growth in this segment is notable, with Q1 FY2026 Marketplace & Other revenue hitting $46.4 million, a 12.8% year-over-year increase.

Industry events and thought leadership content.

While specific event spending or attendance numbers aren't provided, the company's strategic communications highlight its role in shaping industry standards and product launches, which drive channel engagement. For instance, the company announced a partnership with Mohegan in January 2025 to launch an industry-first casino media network. LiveRamp Holdings, Inc. was named a Leader in the 2025 IDC MarketScape for Data Clean Room Technology. The company also highlighted its participation in Snowflake's 2025 Modern Marketing Stack Report, where it was named a leader, validating its solutions on that cloud platform.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Customer Segments

You're looking at the core of LiveRamp Holdings, Inc.'s (RAMP) value exchange, which is built around connecting disparate parts of the digital advertising and marketing ecosystem. The customer segments are not just names; they represent the nodes in the Data Collaboration Network that generate the platform's recurring revenue.

The company's focus is heavily weighted toward large, data-rich organizations that need interoperable identity resolution to function in a privacy-centric world. This is evident in the growth of their top-tier clients. As of the end of fiscal year 2025 (March 31, 2025), LiveRamp Holdings, Inc. had reached a new high of 128 customers whose annualized subscription revenue exceeded $1 million, up 11% from the prior year. Overall, the company served 840 direct subscription customers at that same date. By the end of the first quarter of fiscal 2026 (June 30, 2025), this $1M+ customer count was reported at 127.

Here is a breakdown of the key customer segments that drive the $569 million in Subscription Revenue LiveRamp Holdings, Inc. generated in fiscal year 2025.

The Large Enterprise Advertisers and Brands segment is critical; their aggregate subscription revenue grew by 13% in FY2025, outpacing the overall subscription revenue growth of 11%. This group includes major players, with leaders from over 110 companies presenting at their RampUp conference in February 2025.

The platform's value proposition is reinforced by its network effect, which LiveRamp Holdings, Inc. aims to grow by adding more nodes and enhancing the connections between them. This strategy directly serves the needs of Media Owners and Publishers, as well as Technology Platforms, by increasing the utility of their own data assets within the neutral environment.

For Retailers, the growth in Marketplace & Other revenue, which hit $177 million in FY2025, suggests strong adoption of services related to commerce media and data activation outside of the core subscription contracts.

You've got to keep an eye on the direct customer count, though. While the high-value customer count grew, the total number of direct subscription customers actually decreased to 840 as of March 31, 2025, from 900 the prior year, as smaller accounts churned or moved to reseller arrangements. That's a key trade-off to watch: quality over sheer quantity of logos. Finance: draft 13-week cash view by Friday.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive LiveRamp Holdings, Inc.'s operational spend for the fiscal year ended March 31, 2025. Understanding where the money goes is key to assessing their path to profitability.

Cost of Revenue (CoR), which represents the direct costs to deliver the platform and services, totaled approximately $216 million for fiscal year 2025. This figure is derived from total revenue of $746 million and a GAAP gross profit of $530 million, resulting in a GAAP gross margin of 71% for the full year.

The components driving this cost include infrastructure and services. Specifically, cloud infrastructure costs within gross margin increased by $20.9 million year-over-year, largely due to increased customer usage. Also impacting CoR were services costs, which rose by $8.5 million due to higher headcount and contingent workers, plus an increase in intangible asset amortization of $5.6 million related to the Habu acquisition.

LiveRamp Holdings, Inc. continues to make significant investment in Research and Development (R&D) to keep the platform innovative. For the twelve months ended March 31, 2025, R&D expense was $176.7 million. That spend represented 23.7% of total revenues for the year. The increase in R&D expense year-over-year was primarily driven by several factors:

• Stock-based compensation expense, which increased by $14.5 million.
• Headcount-related expenses, which increased by $8.5 million.
• Cloud R&D hosting expenses, which increased by $2.4 million.

Sales and Marketing (S&M) expenses are substantial, reflecting the push to drive network growth and secure enterprise adoption. S&M expense for fiscal 2025 reached $213.1 million. This is a clear indicator of the investment required to expand the customer base, even as the number of direct subscription customers slightly decreased year-over-year to 840 by March 31, 2025.

General and Administrative (G&A) costs cover corporate overhead and compliance needs, which are critical in the data space. G&A expenses for the full fiscal year 2025 amounted to $126.5 million. This represents a 15% increase compared to the prior fiscal year.

Here's a quick look at the operating expense breakdown for the full fiscal year ended March 31, 2025, in thousands of U.S. dollars:

The total operating expenses for LiveRamp Holdings, Inc. in fiscal 2025 were $524.3 million. You can see the S&M spend is the largest component of the operating expenses, followed closely by R&D. These figures show where the company is placing its bets: platform innovation and market presence.

LiveRamp Holdings, Inc. (RAMP) - Canvas Business Model: Revenue Streams

You're looking at how LiveRamp Holdings, Inc. actually brings in the money, which is key for any financial assessment. Honestly, their revenue structure is built around making their Data Collaboration Platform sticky and essential for their clients' data operations. The numbers for fiscal year 2025 show a clear preference for recurring income.

For the full fiscal year 2025, LiveRamp Holdings, Inc. posted total revenue of $746 million, which was a 13% increase over the prior year. This top-line performance is heavily weighted toward the predictable side of the ledger.

The revenue streams are cleanly divided into two main buckets, which you can see laid out here:

The Subscription Revenue, totaling $569 million in fiscal year 2025, is the bedrock. This revenue is primarily generated through fixed subscription fees for access to the Data Collaboration Platform and the core RampID identity resolution service. These fees are typically charged annually and are scaled based on the volume of data input records and the number of connection points a client needs across the ecosystem. To be fair, even within this recurring bucket, there's a variable component; usage-based subscription revenue accounted for 15% of total subscription revenue in fiscal year 2025, showing that platform utilization drives some incremental, though still recurring, income.

The Marketplace & Other Revenue stream, which hit $177 million in fiscal year 2025, is where the transactional and data exchange activity gets recognized. This is where LiveRamp Holdings, Inc. monetizes the data flowing through its Data Marketplace, which connects data sellers with buyers across its network of over 500 partners. This revenue comes from a few key mechanisms:

• Revenue from data transactions within the Data Marketplace.
• Usage-based fees from data activation and measurement services outside the core subscription.
• Revenue-sharing agreements with data sellers for segment syndication.

The structure of the Marketplace revenue is quite nuanced, reflecting different ways data is transacted. For instance, data sellers can utilize several pricing models for segment distribution:

• Programmatic Standard: Often involves a Fixed Cost Per Mille (CPM) for targeting use cases.
• Advertiser Direct: Segments distributed to platforms like Facebook, X, LinkedIn, Snapchat, and TikTok are billed at a Percentage of Media entered.
• Flat Fee Deals: There's growing demand for monthly flat-fee pricing for advanced use cases like measurement or analytics, with examples showing deals structured around a $10,000 monthly fee for a one-year contract.

The stickiness of the subscription model is evident when you look at customer commitment. At the end of fiscal year 2025, LiveRamp Holdings, Inc. had 128 customers whose annualized subscription revenue exceeded $1 million, up from 115 the prior year. Furthermore, the fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter's fixed subscription revenue annualized, stood at $504 million, up 8% year-over-year. Finance: draft the Q1 FY26 revenue forecast sensitivity analysis by next Tuesday.