💰 Where Does €1 of Programmatic Spend Actually Go?

💰 Where Does €1 of Programmatic Spend Actually Go?

A Transparent Look at the RTB Value Chain

Ever wondered what actually happens to €1 you invest in programmatic media?

It doesn’t go straight to the publisher.

Instead, that €1 travels through a complex RTB value chain before an ad is finally shown to a user. What looks like a single media transaction is actually a multi-layered journey involving technology platforms, data providers, verification vendors, and monetization systems.

 

🔗 The Full Programmatic Value Chain

Here’s how a typical open-web programmatic transaction flows:

➡️ Advertiser ➡️ Agency ➡️ Trading Desk (ATD) ➡️ DSP ➡️ Data Providers / DMPs ➡️ Verification (IAS / DoubleVerify / Moat) ➡️ Ad Server ➡️ Ad Exchange ➡️ SSP ➡️ Publisher Ad Server ➡️ Publisher ➡️ User

That means 8–10+ different players can touch a single impression before it is delivered.

Each participant adds value.
Each also takes a fee.

 

📊 So How Is €1 Actually Distributed?

Based on major supply chain transparency studies (PwC x ISBA and subsequent industry audits), the average distribution looks like this:

➡️ ~€0.51 → Publisher revenue
➡️ ~€0.35 → AdTech & intermediary fees
➡️ ~€0.14 → Unknown / unattributed delta

In simple terms:

• Just over half reaches the media owner
• Over one third funds technology and execution
• A remaining portion is not fully traceable

 

💸 Inside the ~€0.35 AdTech & Intermediary Share

Let’s break down where that money goes across the stack:

➡️ Agency / Trading Desk → ~€0.08 – €0.12
Media planning, buying strategy, optimization, reporting, service margins

➡️ DSP Platform Fees → ~€0.10
Bidding infrastructure, platform access, algorithmic optimization

➡️ Data & Audience Segments → ~€0.02 – €0.05
3rd-party behavioral, demographic, contextual, and intent data

➡️ Verification & Brand Safety → ~€0.01 – €0.03
Fraud detection, viewability, suitability, brand protection

➡️ Ad Serving → ~€0.01 – €0.02
Creative hosting, impression tracking, delivery infrastructure

➡️ Ad Exchange Transactions → ~€0.02 – €0.04
Auction mechanics, bid clearing, transaction processing

➡️ SSP Monetization Fees → ~€0.08
Inventory packaging, yield optimization, bidstream management

➡️ Tech Markups → Embedded across layers
Resold data, bundled tech, managed service margins

 

➕ Additional Cost Layers Often Present

Depending on campaign setup, additional costs may also apply:

➡️ Creative Production & DCO Tech → ~€0.01 – €0.03
Dynamic creative optimization, versioning, personalization

➡️ Measurement & Attribution Tools → ~€0.01 – €0.02
MTA, incrementality testing, cross-channel attribution

➡️ Consent Management & Identity Solutions → ~€0.005 – €0.01
CMP platforms, ID graphs, cookieless targeting infrastructure

➡️ Brand Lift & Research Studies → Variable
Survey vendors, brand perception measurement

 

📌 What This Means in Practice

➡️ From every €1 invested, only about ~€0.50 reaches the publisher.

The rest funds:

• Technology infrastructure
• Data enrichment
• Fraud prevention
• Measurement systems
• Auction mechanics
• Optimization platforms

Programmatic delivers automation, targeting precision, and global scale.

But the financial supply chain behind a single impression remains one of the most layered and complex ecosystems in digital advertising.