{ "platform_annual": [ { "company": "Taboola", "year": 2022, "revenue": 1401.2, "tac": 831.5, "other_cor": 105.4, "gross_profit": 464.3, "ex_tac": 569.6, "adj_ebitda": 156.7, "net_income": -12, "fcf": 18.6, "src": [ "C-S06" ], "tac_pct": 59.3, "extac_pct": 40.7, "ebitda_pct_extac": 27.5, "net_rev_proxy": 569.7 }, { "company": "Taboola", "year": 2023, "revenue": 1439.7, "tac": 903.9, "other_cor": 110.3, "gross_profit": 425.6, "ex_tac": 535.8, "adj_ebitda": 98.7, "net_income": -82, "fcf": 52.2, "src": [ "C-S04" ], "tac_pct": 62.8, "extac_pct": 37.2, "ebitda_pct_extac": 18.4, "net_rev_proxy": 535.8 }, { "company": "Taboola", "year": 2024, "revenue": 1766.2, "tac": 1101.6, "other_cor": 130.4, "gross_profit": 534.2, "ex_tac": 667.5, "adj_ebitda": 200.9, "net_income": -3.8, "fcf": 149.2, "src": [ "C-S04" ], "tac_pct": 62.4, "extac_pct": 37.8, "ebitda_pct_extac": 30.1, "net_rev_proxy": 664.6 }, { "company": "Taboola", "year": 2025, "revenue": 1912, "tac": 1214.9, "other_cor": 127.6, "gross_profit": 569.5, "ex_tac": 713.5, "adj_ebitda": 215.5, "net_income": 42.3, "fcf": 163.4, "src": [ "C-S04", "C-S01" ], "tac_pct": 63.5, "extac_pct": 37.3, "ebitda_pct_extac": 30.2, "net_rev_proxy": 697.1 }, { "company": "Outbrain (Teads Holding Co. lineage)", "year": 2022, "revenue": 992.1, "tac": 757.3, "other_cor": 42.1, "gross_profit": 192.7, "ex_tac": 234.8, "adj_ebitda": null, "net_income": -24.6, "fcf": null, "src": [ "C-S15" ], "tac_pct": 76.3, "extac_pct": 23.7, "ebitda_pct_extac": null, "net_rev_proxy": 234.8 }, { "company": "Outbrain (Teads Holding Co. lineage)", "year": 2023, "revenue": 935.8, "tac": 708.4, "other_cor": 42.6, "gross_profit": 184.8, "ex_tac": 227.4, "adj_ebitda": 28.5, "net_income": 10.2, "fcf": -6.5, "src": [ "C-S15" ], "tac_pct": 75.7, "extac_pct": 24.3, "ebitda_pct_extac": 12.5, "net_rev_proxy": 227.4 }, { "company": "Outbrain (Teads Holding Co. lineage)", "year": 2024, "revenue": 889.9, "tac": 653.7, "other_cor": 44, "gross_profit": 192.1, "ex_tac": 236.1, "adj_ebitda": 37.3, "net_income": -0.7, "fcf": 51.3, "src": [ "C-S15" ], "tac_pct": 73.5, "extac_pct": 26.5, "ebitda_pct_extac": 15.8, "net_rev_proxy": 236.2 }, { "company": "Teads Holding Co.", "year": 2025, "revenue": 1300.5, "tac": 770.8, "other_cor": 100.6, "gross_profit": 429.1, "ex_tac": 529.7, "adj_ebitda": 93.4, "net_income": -517.1, "fcf": -15.2, "src": [ "C-S14", "C-S10" ], "tac_pct": 59.3, "extac_pct": 40.7, "ebitda_pct_extac": 17.6, "net_rev_proxy": 529.7 } ], "reconciliation_fy2025": [ { "line": "Gross revenue", "taboola": "1912.0", "teads": "1300.5", "dianomi": "27.41", "note": "Recognised gross as principal for most arrangements (both US firms); Dianomi revenue is per-click/per-view billing to advertisers" }, { "line": "less: Traffic acquisition cost / publisher payments", "taboola": "-1214.9", "teads": "-770.8", "dianomi": "-19.97", "note": "Taboola TAC includes $16.4M non-cash amortization of Yahoo Commercial agreement asset and cost of impressions bought on exchanges; Dianomi cost of sales = publisher revenue share" }, { "line": "= Revenue less TAC (derived 'net revenue' proxy)", "taboola": "697.1", "teads": "529.7", "dianomi": "7.44", "note": "Not reported by Taboola or Teads; computed here" }, { "line": "less: Other cost of revenue(s)", "taboola": "-127.6", "teads": "-100.6", "dianomi": "n/a (no separate line)", "note": "Data centres, depreciation, capitalised software amortization, digital services taxes, operations personnel" }, { "line": "= GAAP gross profit", "taboola": "569.5", "teads": "429.1", "dianomi": "7.44 (gross margin 27.1%)", "note": "Taboola 29.8% of revenue; Teads 33.0%" }, { "line": "add back: Other cost of revenue(s) and non-cash items", "taboola": "+144.0 (127.6 + 16.4 amortization)", "teads": "+100.6", "dianomi": "n/a", "note": "Taboola adds back Commercial agreement amortization; from Q2 2026 also publisher prepayment write-offs" }, { "line": "= ex-TAC gross profit", "taboola": "713.5 (37.3% of revenue)", "teads": "529.7 (40.7% of revenue)", "dianomi": "7.44 analogue (27.1%)", "note": "Company-defined non-GAAP" }, { "line": "Adjusted EBITDA", "taboola": "215.5 (30.2% of ex-TAC)", "teads": "93.4 (17.6% of ex-TAC)", "dianomi": "-0.34 (adjusted EBITDA loss)", "note": "Definitions differ: Taboola excludes SBC, D&A, Commercial agreement amortization, M&A/restructuring; Teads excludes SBC, D&A, acquisition, restructuring, debt gains" }, { "line": "GAAP net income (loss)", "taboola": "42.3", "teads": "-517.1", "dianomi": "-0.8 (loss before tax)", "note": "Teads includes $352.1M goodwill impairment" } ], "guarantee_share": [ { "period": "FY2020", "pct": 13, "tac": 806.5, "src": [ "C-S06" ] }, { "period": "FY2021", "pct": 9, "tac": 859.6, "src": [ "C-S06" ] }, { "period": "FY2022", "pct": 10, "tac": 831.5, "src": [ "C-S06" ] }, { "period": "FY2023", "pct": null, "tac": 903.9, "src": [] }, { "period": "FY2024", "pct": 18, "tac": 1101.6, "src": [ "C-S04" ] }, { "period": "FY2025", "pct": 15, "tac": 1214.9, "src": [ "C-S04" ] } ], "yahoo_series": [ { "period": "FY2023", "revenue_from_yahoo": 40.9, "pct_of_total": 2.8, "tac_to_yahoo": 45.2, "src": [ "C-S04" ] }, { "period": "FY2024", "revenue_from_yahoo": 233.6, "pct_of_total": 13, "tac_to_yahoo": 275.5, "src": [ "C-S04" ] }, { "period": "FY2025", "revenue_from_yahoo": 201.6, "pct_of_total": 10.5, "tac_to_yahoo": 349, "src": [ "C-S04" ] }, { "period": "Q2 2025", "revenue_from_yahoo": 46.5, "pct_of_total": 10, "tac_to_yahoo": 84.2, "src": [ "C-S05" ] }, { "period": "Q2 2026", "revenue_from_yahoo": 79.3, "pct_of_total": 16.6, "tac_to_yahoo": 104.3, "src": [ "C-S05" ] }, { "period": "H1 2025", "revenue_from_yahoo": 94.8, "pct_of_total": 10.6, "tac_to_yahoo": 159.6, "src": [ "C-S05" ] }, { "period": "H1 2026", "revenue_from_yahoo": 148.9, "pct_of_total": 15.8, "tac_to_yahoo": 201.1, "src": [ "C-S05" ] } ], "dianomi": [ { "metric": "Revenue", "fy2024": "28.05", "fy2025": "27.41", "h1_2025": "13.17", "h1_2026": "13.40", "src": [ "C-S16", "C-S17" ] }, { "metric": "Cost of sales (publisher revenue share)", "fy2024": "20.72", "fy2025": "19.97", "h1_2025": "9.82", "h1_2026": "9.53", "src": [ "C-S16", "C-S17" ] }, { "metric": "Gross profit", "fy2024": "7.33", "fy2025": "7.44", "h1_2025": "3.35", "h1_2026": "3.87", "src": [ "C-S16", "C-S17" ] }, { "metric": "Gross margin %", "fy2024": "26.1", "fy2025": "27.1", "h1_2025": "25.3-25.5 (document inconsistent)", "h1_2026": "28.9", "src": [ "C-S16", "C-S17" ] }, { "metric": "Adjusted EBITDA", "fy2024": "-0.27", "fy2025": "-0.34", "h1_2025": "-0.6 (EBITDA loss)", "h1_2026": "-0.1 (EBITDA loss)", "src": [ "C-S16", "C-S17" ] }, { "metric": "(Loss)/profit before tax", "fy2024": "0.3", "fy2025": "-0.8", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S16" ] }, { "metric": "Cash, no borrowings", "fy2024": "8.8", "fy2025": "5.8", "h1_2025": "5.7", "h1_2026": "6.0", "src": [ "C-S16", "C-S17" ] }, { "metric": "Impressions (billions)", "fy2024": "45.5", "fy2025": "39.1", "h1_2025": "20.6", "h1_2026": "22.6", "src": [ "C-S16", "C-S17" ] }, { "metric": "Revenue per click (pence)", "fy2024": "54", "fy2025": "58", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S16" ] }, { "metric": "US share of revenue", "fy2024": "78.9% (USA GBP22.1m)", "fy2025": "78%", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S18", "C-S16" ] }, { "metric": "Apple News impressions (bn) / RPC (pence)", "fy2024": "18.6 / 22.6", "fy2025": "16.1 / 22.5", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S16" ] }, { "metric": "Non-Apple publisher impressions (bn) / RPC (pence)", "fy2024": "25.9 / 89.6", "fy2025": "21.7 / 110.5", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S16" ] }, { "metric": "Average spend, top 100 advertisers", "fy2024": "0.22 each", "fy2025": "0.22 each", "h1_2025": "n/a", "h1_2026": "n/a", "src": [ "C-S16" ] }, { "metric": "New premium advertisers in period", "fy2024": "n/a", "fy2025": "n/a", "h1_2025": "43 (implied by +56%)", "h1_2026": "67", "src": [ "C-S17" ] } ], "two_platform_2025": { "gross_revenue": 3212.5, "ex_tac": 1243.2, "tac": 1985.7 }, "two_platform_2022": { "gross_revenue": 2393.3, "tac": 1588.8 }, "timeline": [ { "entity": "IAB / OpenRTB", "kind": "launch", "date": "2015-01", "detail": "OpenRTB 2.3 introduces native ads in the bidstream", "src": [ "B-S37" ] }, { "entity": "Taboola / Microsoft (MSN)", "kind": "announce", "date": "2016-01-02", "detail": "Multi-year MSN native partnership, 50 markets, 24 languages", "src": [ "B-S10" ] }, { "entity": "The Trade Desk / Sharethrough", "kind": "launch", "date": "2016-03", "detail": "TTD adds OpenRTB 2.3 native support; Sharethrough first SSP", "src": [ "B-S44" ] }, { "entity": "IAB Tech Lab", "kind": "launch", "date": "2017-03", "detail": "OpenRTB Native Ads spec 1.2 final (current)", "src": [ "B-S36" ] }, { "entity": "Outbrain Inc. / Zemanta", "kind": "close", "date": "2017-07", "detail": "Outbrain acquires Zemanta (native DSP, Slovenia); terms undisclosed", "src": [ "B-S19" ] }, { "entity": "MGID / Microsoft", "kind": "announce", "date": "2020-08-19", "detail": "MGID signs Microsoft news network (1,200+ publishers) for native", "src": [ "B-S28" ] }, { "entity": "TripleLift / Vista Equity Partners", "kind": "close", "date": "2021-03-29", "detail": "Vista takes majority stake (valuation not in release; ~$1.4B per press)", "src": [ "B-S24", "B-S26" ] }, { "entity": "Revcontent / Star Mountain Capital + Capital Dynamics", "kind": "close", "date": "2021-06-02", "detail": "Majority stake sold to investor group", "src": [ "B-S29" ] }, { "entity": "Adyoulike / OpenWeb", "kind": "announce", "date": "2022-04-11", "detail": "OpenWeb acquires Adyoulike, reported $100M cash+stock", "src": [ "B-S35" ] }, { "entity": "Taboola.com Ltd / Yahoo Inc.", "kind": "announce", "date": "2022-11-28", "detail": "30-year exclusive native agreement; Yahoo to receive 24.99% equity", "src": [ "B-S03" ] }, { "entity": "Taboola.com Ltd / Yahoo Inc.", "kind": "close", "date": "2023-01-17", "detail": "Agreement closes; Yahoo CFO joins Taboola board", "src": [ "B-S04" ] }, { "entity": "Equativ / Sharethrough", "kind": "announce", "date": "2024-06-12", "detail": "Merger; Bridgepoint primary investor; 720+ staff; NRR >$200M", "src": [ "B-S22" ] }, { "entity": "Taboola / TripleLift", "kind": "leadership", "date": "2024-07-12", "detail": "TripleLift CEO Dave Clark exits; Office of the CEO", "src": [ "B-S25" ] }, { "entity": "Taboola / Apple", "kind": "announce", "date": "2024-07-16", "detail": "Taboola to power native ads in Apple News and Stocks (press report)", "src": [ "B-S07" ] }, { "entity": "Outbrain Inc. / Teads (Altice)", "kind": "announce", "date": "2024-08-01", "detail": "~$1B: $725M cash + $25M deferred + 35M shares + $105M preferred", "src": [ "B-S15" ] }, { "entity": "Outbrain Inc. / Zemanta", "kind": "rebrand", "date": "2024-08-06", "detail": "Zemanta becomes Outbrain DSP", "src": [ "B-S18" ] }, { "entity": "Outbrain Inc. / Teads", "kind": "close", "date": "2025-02-03", "detail": "Revised: $625M cash + 43.75M shares (~$900M); Altice ~46.6%", "src": [ "B-S14", "B-S16" ] }, { "entity": "TripleLift", "kind": "leadership", "date": "2025-02", "detail": "Dave Helmreich becomes CEO", "src": [ "B-S26" ] }, { "entity": "Taboola.com Ltd", "kind": "launch", "date": "2025-02-26", "detail": "Realize performance platform; display beyond native", "src": [ "B-S11" ] }, { "entity": "Taboola / Microsoft", "kind": "announce", "date": "2025-03-18", "detail": "10 years on MSN/Edge/Windows; expansion to Outlook and Microsoft 365", "src": [ "B-S09" ] }, { "entity": "Readpeak Oy / Voland Partners", "kind": "announce", "date": "2025-04-09", "detail": "Minority growth investment", "src": [ "B-S34" ] }, { "entity": "Amazon Publisher Services", "kind": "launch", "date": "2025-05-21", "detail": "APS Native ads announced", "src": [ "B-S45" ] }, { "entity": "Outbrain Inc.", "kind": "rebrand", "date": "2025-06-06", "detail": "Renamed Teads Holding Co.; ticker TEAD from 2025-06-10", "src": [ "B-S16" ] }, { "entity": "Equativ / Sharethrough", "kind": "retire", "date": "2025-06-09", "detail": "Sharethrough brand retired into Equativ", "src": [ "B-S23" ] }, { "entity": "Taboola / Yahoo", "kind": "amend", "date": "2025-06-01", "detail": "Amendment No. 5 (Salesforce portal access to 2027-11-30)", "src": [ "B-S02" ] }, { "entity": "TripleLift", "kind": "restructure", "date": "2025-07", "detail": "Layoffs, mid-to-high double digits (anonymous sources)", "src": [ "B-S26" ] }, { "entity": "Taboola / Yahoo", "kind": "amend", "date": "2025-08-11", "detail": "Amendment No. 6 (Yahoo App direct IO integration; pixel)", "src": [ "B-S02" ] }, { "entity": "MGID", "kind": "leadership", "date": "2025-10-07", "detail": "Ivan Doruda CEO; Sergii Denysenko chairman", "src": [ "B-S27" ] }, { "entity": "Taboola.com Ltd", "kind": "announce", "date": "2025-10-15", "detail": "Realize display inventory from TIME, Weather, Gannett, Nexstar, Slate; expects >$1.5B publisher/OEM payments in 2025", "src": [ "B-S12" ] }, { "entity": "Life360, Inc. / Nativo", "kind": "announce", "date": "2025-11-10", "detail": "~$120M cash and stock", "src": [ "B-S20" ] }, { "entity": "Life360, Inc. / Nativo", "kind": "close", "date": "2026-01-02", "detail": "Completed; 65% cash / 35% stock", "src": [ "B-S21", "NATIVO-S05" ] }, { "entity": "Taboola / Yahoo", "kind": "amend", "date": "2026-03-01", "detail": "Amendment No. 7 (property-level monthly performance assessment; redacted economics)", "src": [ "B-S02" ] }, { "entity": "Teads Holding Co.", "kind": "restructure", "date": "2026-03-05", "detail": "~10% headcount reduction; $35-40M annualised savings", "src": [ "B-S17" ] }, { "entity": "Revcontent / Mula", "kind": "announce", "date": "2026-03-09", "detail": "Agentic content monetisation partnership", "src": [ "B-S30" ] }, { "entity": "Taboola Europe Ltd / Dianomi plc", "kind": "announce", "date": "2026-09-18", "detail": "Recommended cash offer 64p + up to 24p contingent (~GBP 19M, up to GBP 27M); pending CMA", "src": [ "B-S33" ] } ], "rct_vs_observational": [ { "stage": "Upper funnel", "rct": 29, "dml": 83, "psm": 173, "dml_ratio": 2.9, "psm_ratio": 6 }, { "stage": "Middle funnel", "rct": 18, "dml": 58, "psm": 176, "dml_ratio": 3.2, "psm_ratio": 9.8 }, { "stage": "Lower funnel", "rct": 5, "dml": 24, "psm": 64, "dml_ratio": 4.8, "psm_ratio": 12.8 } ], "attribution_windows": [ { "platform": "Google Ads", "window": "click-through conversion window", "def": "30", "options": "1 to 30/60/90 depending on campaign type", "status": "current 2026-09-27", "src": [ "F-S13" ] }, { "platform": "Google Ads", "window": "view-through conversion window", "def": "1", "options": "1-30 days (or 1-4 weeks)", "status": "current 2026-09-27", "src": [ "F-S13" ] }, { "platform": "Google Ads", "window": "engaged-view conversion window", "def": "3", "options": "1-30 days", "status": "current 2026-09-27", "src": [ "F-S13" ] }, { "platform": "Google Ads", "window": "view-through counting rule", "def": "n/a", "options": "Display: last viewable impression (>=50% on screen >=1s); excludes users who interacted with another ad; not in 'Conversions' column", "status": "current 2026-09-27", "src": [ "F-S14" ] }, { "platform": "Google Conversion Lift", "window": "study attribution", "def": "n/a", "options": "ignores standard attribution settings; counts all conversions treatment minus control over full study", "status": "current 2026-09-27", "src": [ "F-S16" ] }, { "platform": "Meta Ads Insights API", "window": "view-through windows", "def": "not verified", "options": "7d_view and 28d_view deprecated; 1d_view and 1d engaged view remain", "status": "announced 2025-10-16; effective 2026-01-12", "src": [ "F-S30" ] }, { "platform": "Meta Ads Insights API", "window": "click-through windows", "def": "not verified", "options": "1d_click, 7d_click, 28d_click remain in API", "status": "as of 2026-01-12", "src": [ "F-S30" ] }, { "platform": "IAB/MRC Retail Media Guidelines", "window": "attribution/lookback window", "def": "none prescribed", "options": "typical digital windows 3, 7, 14, 28 or 30 days; must be empirically supported and disclosed pre-campaign; day-level lag data to be available", "status": "2024-01", "src": [ "F-S21" ] } ], "learning_rules": [ { "vendor": "Taboola", "product": "Realize Maximize Conversions", "phase": "2-5 days; wait 3-4 days before changes", "min_conversions": ">=50 conversions in 7 consecutive days before setting tCPA", "budget": "daily cap >=10-15x expected CPA, or $50 if CPA < $5", "other": "without pixel/S2S optimises to page views/impressions", "src": [ "E-S07" ] }, { "vendor": "Outbrain", "product": "CBS Target CPA / Target ROAS", "phase": "up to 1 week; wait 48 h", "min_conversions": "7-10 conversions per day (help: >=7/day)", "budget": "daily spend >=7x tCPA; launch at maximum budget", "other": "conversion event mandatory", "src": [ "E-S13", "E-S15" ] }, { "vendor": "Outbrain", "product": "CBS Max Conversions", "phase": "wait 48 h", "min_conversions": ">=5 conversions per day", "budget": "not stated", "other": "switch here if tCPA volume unattainable, using upper-funnel event", "src": [ "E-S13", "E-S15" ] }, { "vendor": "Outbrain DSP (Zemanta)", "product": "Conversions strategy", "phase": "not stated", "min_conversions": "20-50 hard conversions recommended before adjustments", "budget": "spend may exceed daily budget by up to 20%", "other": "", "src": [ "E-S18" ] }, { "vendor": "MGID", "product": "CPA Tune Target CPA", "phase": "7-14 days (blog: 7-10)", "min_conversions": "~10-30 conversions (blog: ~10)", "budget": "5-7x tCPA daily (min 5x); Search Feed ~200x", "other": "manual CPC disabled; <=10 active creatives; start tCPA ~20% above goal; exploration ends at first conversion or 3x tCPA spend", "src": [ "E-S28", "E-S29" ] }, { "vendor": "MGID", "product": "CPA Tune MaxConversions", "phase": "7-14 days", "min_conversions": "10-30 conversions", "budget": "5-7x tCPA; Search Feed ~200x (min 30x)", "other": "may exceed tCPA by 2x (product) / 1.5x (search feed)", "src": [ "E-S30" ] } ], "concentration": [ { "label": "Yahoo + Microsoft (supply)", "pct": 34, "basis": "approximately 34% of gross revenues generated from advertisers on digital properties, 2025", "src": [ "C-S04" ] }, { "label": "Top five digital properties (supply)", "pct": 44, "basis": "approximately 44%, 2025", "src": [ "C-S04" ] }, { "label": "Ten largest advertisers (demand)", "pct": 10, "basis": "under 10% of revenue, none above 3% (ceiling, not point estimate)", "src": [ "C-S04" ] } ], "recognition": [ { "label": "Wojdynski & Evans 2016, study 1 (open-ended, n=242)", "pct": 7, "note": "article-style, MTurk", "kind": "independent", "src": [ "D-S01" ] }, { "label": "Wojdynski & Evans 2016, study 2 (open-ended, n=60)", "pct": 18.3, "note": "eye-tracking lab, students", "kind": "independent", "src": [ "D-S01" ] }, { "label": "Amazeen & Wojdynski 2020 (open-ended, n=738)", "pct": 9, "note": "YouGov representative US sample", "kind": "independent", "src": [ "D-S07" ] }, { "label": "Hyman et al. 2017 (forced choice, n=896)", "pct": 37, "note": "16 real native ads; conventional ads 81%", "kind": "independent", "src": [ "D-S03" ] }, { "label": "Hyman et al. 2017 with a \"Paid Ad\" bar", "pct": 56, "note": "two ads relabelled; up from 40%", "kind": "independent", "src": [ "D-S03" ] }, { "label": "FTC lab study 2017, before its fixes (n=48)", "pct": 47, "note": "coder-judged; all conditions", "kind": "commissioned", "src": [ "D-S04" ] }, { "label": "FTC lab study 2017, after its fixes", "pct": 68, "note": "+21 points (95% CI 15–27)", "kind": "commissioned", "src": [ "D-S04" ] } ], "study_table_D": [ { "study": "Wojdynski & Evans, Study 1", "year": "2015/2016", "design": "3x4 between-subjects online experiment", "sample_n": "242 adults (MTurk)", "setting_country": "US, newspaper-style page", "format_studied": "Article-style sponsored content", "outcome_measure": "Open-ended ad recognition; credibility; brand attitude; share intent", "headline_effect_with_uncertainty": "7% recognition (17/242); middle vs top position OR 5.10, p<.05; explicit vs vague wording OR 1:0.121, p<.01; recognisers rate credibility 4.11 vs 5.03", "sponsor_funding": "None stated (academic)", "limitations": "Convenience sample; single fictitious brand; tiny recogniser counts", "source_id": "D-S01" }, { "study": "Wojdynski & Evans, Study 2", "year": "2015/2016", "design": "3-condition lab eye-tracking experiment", "sample_n": "60 undergraduates", "setting_country": "US, USA Today-style page", "format_studied": "Article-style sponsored content (Dell)", "outcome_measure": "Fixation on disclosure; recognition; credibility", "headline_effect_with_uncertainty": "18.3% recognition (11/60); 90%/60%/40% fixated middle/bottom/top; middle vs top attention OR 12, p<.01; all 11 recognisers fixated; credibility 4.53 vs 5.35, p<.01", "sponsor_funding": "None stated", "limitations": "Students; 75% female; one page", "source_id": "D-S01" }, { "study": "Hyman, Franklyn, Yee & Rahmati", "year": "2017 (fielded Jan 2015)", "design": "Online survey with randomised label modification", "sample_n": "896 valid of 1,228 (SSI panel)", "setting_country": "US, screenshots of nine platforms", "format_studied": "16 real native ads, 5 regular ads, 8 editorial", "outcome_measure": "Forced-choice paid/unpaid/don't know", "headline_effect_with_uncertainty": "37% recognised native vs 81% regular (t=42.36, p<.001); per-ad 21-72%; 'Paid Ad' bar raised 40%->56% (t=7.31)", "sponsor_funding": "None stated (law faculty)", "limitations": "Non-probability panel; static images", "source_id": "D-S03" }, { "study": "FTC staff, Blurred Lines", "year": "2017 (research 2014-2015)", "design": "Usability-lab between-subjects with eye tracking and think-aloud", "sample_n": "48 (24 per condition)", "setting_country": "US lab; 4 native and 4 search scenarios, desktop and mobile", "format_studied": "Native articles and content-recommendation widgets (Gear Patrol, Time mobile, Yahoo, email click-in)", "outcome_measure": "Coder-judged recognition; fixation time", "headline_effect_with_uncertainty": "+21 pp overall (47%->68%, 95% CI 15-27); native +23 pp (CI 14-32); looking time -21% (native -26%, n.s.)", "sponsor_funding": "US regulator", "limitations": "Exploratory; multiple changes per ad; small n", "source_id": "D-S04" }, { "study": "Amazeen & Wojdynski (Journalism)", "year": "2018 online / 2020 issue", "design": "2x2x2x3 online experiment", "sample_n": "800 US adults (YouGov representative; 738 in native conditions)", "setting_country": "US; NYT/WSJ vs digital-only layouts", "format_studied": "Article-style sponsored content (Bank of America)", "outcome_measure": "Open-ended recognition; publisher attitude and credibility", "headline_effect_with_uncertainty": "9% recognition; prominence OR 1.97, high explicitness OR 3.66, logo OR 1.64 (p<.10); publisher credibility 3.93 vs 4.46 (p<=.001)", "sponsor_funding": "None stated", "limitations": "Single stimulus; small recogniser subgroup", "source_id": "D-S07" }, { "study": "Amazeen & Wojdynski (Mass Comm & Society)", "year": "2018/2019", "design": "Same YouGov experiment, antecedent analysis", "sample_n": "738", "setting_country": "US", "format_studied": "Article-style sponsored content", "outcome_measure": "Recognition; critical responses", "headline_effect_with_uncertainty": "Fewer than 1 in 10 recognised; recognition higher among younger, more educated, information-seeking readers", "sponsor_funding": "None stated in abstract", "limitations": "Abstract only", "source_id": "D-S08" }, { "study": "Eisend, van Reijmersdal, Boerman & Tarrahi", "year": "2020", "design": "Meta-analysis (HLM of correlations)", "sample_n": "61 papers, 57 datasets, 473 effect sizes, 278,791 respondents", "setting_country": "Mixed countries; all sponsored-content formats", "format_studied": "TV placement, advergames, blogs, influencer, native", "outcome_measure": "Recognition; persuasion knowledge; brand attitude; credibility; behavioural intention", "headline_effect_with_uncertainty": "r=.255 recognition, .257 persuasive intent, -.108 brand attitude, -.132 credibility, -.023 behavioural intention (n.s.)", "sponsor_funding": "German Research Foundation EI 508/10-1", "limitations": "No native-only estimate; heterogeneous", "source_id": "D-S02" }, { "study": "van Reijmersdal, Brussee, Evans & Wojdynski", "year": "2023", "design": "Single experiment", "sample_n": "133", "setting_country": "Not stated (blog post)", "format_studied": "Sponsored blog post", "outcome_measure": "Persuasion knowledge; perceived transparency; brand attitude; purchase intent", "headline_effect_with_uncertainty": "Disclosure lowers persuasion via persuasion knowledge and raises it via transparency; source effects n.s.", "sponsor_funding": "None stated", "limitations": "Abstract only; small n", "source_id": "D-S09" }, { "study": "Campbell & Evans", "year": "2018", "design": "Two experiments", "sample_n": "Not in abstract", "setting_country": "Not stated", "format_studied": "Article-style native with companion banner", "outcome_measure": "Recognition; evaluations", "headline_effect_with_uncertainty": "Companion banner equals traditional disclosure for recognition; transparency mutes negative reactions", "sponsor_funding": "None stated", "limitations": "Abstract only", "source_id": "D-S11" }, { "study": "Jung & Heo", "year": "2019", "design": "Two experiments", "sample_n": "Not in abstract", "setting_country": "Not stated (social media style)", "format_studied": "Natively formatted social ad", "outcome_measure": "Ad evaluation; persuasion knowledge", "headline_effect_with_uncertainty": "Evaluation driven by knowledge of social-media ad tactics and recognition, not disclosure explicitness", "sponsor_funding": "None stated", "limitations": "Abstract only", "source_id": "D-S12" }, { "study": "Aribarg & Schwartz", "year": "2019/2020", "design": "Randomised online and field experiments with clickstream, eye movement, survey", "sample_n": "Not in abstract", "setting_country": "US news site", "format_studied": "In-feed native vs display, disclosure styles", "outcome_measure": "CTR; visual attention; brand recognition; website trust", "headline_effect_with_uncertainty": "Native higher CTR at same position; display more attention, brand recognition and website trustworthiness (magnitudes not accessible)", "sponsor_funding": "None stated", "limitations": "Abstract only; publisher pages blocked", "source_id": "D-S10" }, { "study": "Huebner, Thalmann & Henseler", "year": "2025", "design": "Within-subjects eye tracking plus cued retrospective think-aloud", "sample_n": "152 (mean age 25)", "setting_country": "Germany lab; mock Instagram feed", "format_studied": "In-feed social native (8 sponsored/21 organic)", "outcome_measure": "Fixations; dwell time; recognition cues", "headline_effect_with_uncertainty": "Organic posts +25% fixations (eta2 .404), ~250 ms longer dwell; early disclosure/CTA fixation reduced dwell in 80.6% of significant cases", "sponsor_funding": "Not stated", "limitations": "Young sample; 110-second cap; retrospective bias", "source_id": "D-S15" }, { "study": "Boerman, van Reijmersdal & Neijens", "year": "2012", "design": "3-condition experiment", "sample_n": "116", "setting_country": "Netherlands, TV", "format_studied": "Brand placement disclosure 0/3/6 s", "outcome_measure": "Persuasion knowledge; brand memory; brand attitude", "headline_effect_with_uncertainty": "6 s disclosure activates attitudinal persuasion knowledge and lowers brand attitude indirectly; any disclosure raises brand memory", "sponsor_funding": "None stated", "limitations": "Abstract only; TV not digital", "source_id": "D-S16" }, { "study": "Zeng, Kohno & Roesner (ConPro)", "year": "2020", "design": "Crawler measurement plus manual coding", "sample_n": "6,498 news + 1,055 misinformation sites crawled; 5,414 ads sampled, 2,419 coded", "setting_country": "US crawler, Jan 15-19 2020", "format_studied": "Native recommendation units vs display", "outcome_measure": "Share of ads coded problematic by platform and site type", "headline_effect_with_uncertainty": "44.6% problematic; native 87% vs display 20%; Taboola 85.7% of its ads, 61.1% of all problematic; Google 16.9%", "sponsor_funding": "Academic", "limitations": "Snapshot; one-third unrendered; broad codebook", "source_id": "D-S05" }, { "study": "Zeng, Kohno & Roesner (CHI)", "year": "2021", "design": "Two surveys (qualitative n=60; rating n=1,025)", "sample_n": "1,025 (Prolific)", "setting_country": "US, Jun-Sep 2020", "format_studied": "500 real web ads incl. native/chumbox", "outcome_measure": "Opinion labels; 1-7 liking", "headline_effect_with_uncertainty": "45% of ads majority-negative; 20.6% clickbait; 11.2% deceptive; lowest clusters 43-72% native", "sponsor_funding": "Academic", "limitations": "Young, ad-blocker-heavy sample", "source_id": "D-S06" }, { "study": "Zeng, Wei, Gregersen, Kohno & Roesner (IMC)", "year": "2021", "design": "Longitudinal crawler measurement", "sample_n": "745 sites; 1,402,245 ads", "setting_country": "US six metros, 26 Sep 2020-19 Jan 2021", "format_studied": "All ads; political subset", "outcome_measure": "Share political; platform attribution", "headline_effect_with_uncertainty": "3.9% political; 52.0% of political ads = news/media articles; Zergnet 79.4%, Taboola 10.0%, Revcontent 5.7%, Content.ad 1.8% of those", "sponsor_funding": "Academic", "limitations": "Crawler impressions", "source_id": "D-S20" }, { "study": "Yoshikawa & Roesner (arXiv)", "year": "2025", "design": "Crawler measurement", "sample_n": "745 sites; 15,110 ads; 315 political", "setting_country": "US three metros, 4 Oct-7 Nov 2024", "format_studied": "All ads; political subset", "outcome_measure": "Share political; content types", "headline_effect_with_uncertainty": "~2.1% political; clickbait political news ads prevalent; voter-eligibility ads 46% of political ads", "sponsor_funding": "Academic", "limitations": "Preprint; single coder; no platform attribution", "source_id": "D-S21" }, { "study": "Outbrain / Lumen (via MediaPost)", "year": "2019", "design": "Unspecified consumer study", "sample_n": "900+", "setting_country": "UK, France, Germany", "format_studied": "Native recommendations on premium news vs social/display ads", "outcome_measure": "Self-reported trust, click and purchase likelihood", "headline_effect_with_uncertainty": "+31% trusted, +16% clicked, +18% future purchase vs social; 62% easier to understand than display (no baselines)", "sponsor_funding": "Commissioned by Outbrain", "limitations": "Method undisclosed; report not located", "source_id": "D-S22" }, { "study": "Contently", "year": "2015", "design": "Online survey", "sample_n": "~509 (Research Now, Census-balanced)", "setting_country": "US", "format_studied": "Six real sponsored articles", "outcome_measure": "Ad vs article; felt deceived; publisher credibility", "headline_effect_with_uncertainty": "Majority read 4 of 6 as articles; 48% felt deceived; 62% say news site loses credibility", "sponsor_funding": "Vendor (Contently)", "limitations": "No significance tests; vendor interest", "source_id": "D-S23" }, { "study": "Gupta, Halder & Narang", "year": "2026", "design": "Hybrid bibliometric + systematic review", "sample_n": "113 articles", "setting_country": "Global literature", "format_studied": "Native advertising broadly", "outcome_measure": "Framework of antecedents -> recognition -> outcomes", "headline_effect_with_uncertainty": "Narrative; no pooled effect", "sponsor_funding": "None stated", "limitations": "Abstract only", "source_id": "D-S13" } ], "study_table_F": [ { "study": "Lewis & Rao, QJE", "year": "2015", "channel/format": "Display and search (Yahoo!) for US retailers/brokerages", "design": "25 randomized field experiments", "n or scale": "millions of customers; USD 2.8M spend", "comparator": "randomized control", "headline effect and uncertainty": "Median ROI CI > 100 percentage points wide; informative tests may need >10M person-weeks", "sponsor/funding": "Yahoo! researchers; academic", "generalisability to open-web native": "High for the power problem: native effect sizes are unlikely to be larger", "source_id": "F-S01" }, { "study": "Gordon, Zettelmeyer, Bhargava & Chapsky, Marketing Science", "year": "2019", "channel/format": "Facebook feed ads", "design": "15 RCTs vs observational models (matching, regression, propensity)", "n or scale": "500M user-experiment observations; 1.6B impressions", "comparator": "RCT lift", "headline effect and uncertainty": "Observational methods 'often fail' to recover RCT effects even with extensive covariates (magnitudes in full paper, not read)", "sponsor/funding": "Academic + Facebook co-authors", "generalisability to open-web native": "High for the method critique; medium for format", "source_id": "F-S02" }, { "study": "Gordon, Moakler & Zettelmeyer, Marketing Science", "year": "2023", "channel/format": "Facebook feed ads", "design": "663 RCTs vs DML and stratified propensity matching", "n or scale": "663 experiments; >5,000 user features", "comparator": "RCT lift", "headline effect and uncertainty": "DML median lift 83/58/24% vs RCT 29/18/5% (upper/mid/lower funnel); SPSM 173/176/64%", "sponsor/funding": "Academic + Meta co-author", "generalisability to open-web native": "High for the method critique", "source_id": "F-S03" }, { "study": "Lewis, Rao & Reiley, WWW", "year": "2011", "channel/format": "Yahoo! display; video on Mechanical Turk", "design": "3 controlled experiments vs exposed/unexposed and before-after", "n or scale": "MTurk N=1,600 (806 treated)", "comparator": "randomized control", "headline effect and uncertainty": "Before-after would overstate effect by 350% in Expt 2; true effect small and insignificant ('activity bias')", "sponsor/funding": "Yahoo! Research", "generalisability to open-web native": "Very high: exposed-vs-unexposed is the design used in native brand-lift studies", "source_id": "F-S08" }, { "study": "Johnson, Lewis & Nubbemeyer, JMR", "year": "2017", "channel/format": "Google display retargeting", "design": "Ghost ads / predicted ghost ads within RCT", "n or scale": ">100M predicted ghost ads/day; one campaign reported", "comparator": "ghost-ad control", "headline effect and uncertainty": "Site visits +17.2%, purchases +10.5%; same precision at >=10x lower cost than PSA controls", "sponsor/funding": "Google co-authors; academic", "generalisability to open-web native": "Medium: method requires platform implementation not shown by native vendors", "source_id": "F-S04" }, { "study": "Blake, Nosko & Tadelis, Econometrica", "year": "2015", "channel/format": "eBay paid search (brand and non-brand)", "design": "Brand keyword suspension; DMA-level geo experiments", "n or scale": "eBay US; multiple DMAs", "comparator": "geo control / pre-period", "headline effect and uncertainty": "Brand keywords: no measurable short-term effect; non-brand: negative average ROI; new/infrequent users respond, frequent users do not", "sponsor/funding": "eBay Research Labs; academic", "generalisability to open-web native": "Medium: heterogeneity lesson transfers; brand-search result does not", "source_id": "F-S05" }, { "study": "Sahni, Narayanan & Kalyanam, JMR", "year": "2019", "channel/format": "Banner retargeting, online home-improvement retailer", "design": "User-level randomized experiment", "n or scale": "not in abstract", "comparator": "randomized control", "headline effect and uncertainty": "+14.6% users returning within 4 weeks; 33% of week-1 effect on day 1; week-1 exposure raises week-2 effect", "sponsor/funding": "Academic", "generalisability to open-web native": "Medium-high: retargeting via native widgets is a core native use case", "source_id": "F-S06" }, { "study": "Lambrecht & Tucker, JMR", "year": "2013", "channel/format": "Dynamic vs generic retargeting banners, online travel firm", "design": "Field experiment", "n or scale": "not in abstract", "comparator": "generic creative", "headline effect and uncertainty": "Dynamic retargeted ads on average less effective than generic; parity only when preferences narrowed", "sponsor/funding": "Academic", "generalisability to open-web native": "Medium", "source_id": "F-S07" }, { "study": "Shapiro, Hitsch & Tuchman, Econometrica", "year": "2021", "channel/format": "US TV, 288 CPG brands", "design": "Observational panel (Nielsen), generalizable design", "n or scale": "288 brands, 2010-2014", "comparator": "model-based", "headline effect and uncertainty": "Negative marginal ROI for >80% of brands; overall ROI positive for one third; elasticities far below literature", "sponsor/funding": "Academic", "generalisability to open-web native": "Low for format; high for publication-bias lesson", "source_id": "F-S09" }, { "study": "Haus 'Meta Report'", "year": "2025", "channel/format": "Meta (DTC brands)", "design": "640 geo experiments with synthetic control", "n or scale": "640 tests; avg USD 14M annual Meta spend per brand", "comparator": "geo control", "headline effect and uncertainty": "Avg 19% KPI lift; Meta 7-day-click under-reports incrementality by 15% (DTC-only); 32% of impact in non-DTC channels; Advantage+ over-reported by 12 pp vs manual", "sponsor/funding": "Haus (measurement vendor)", "generalisability to open-web native": "Low for format; medium for lag/halo mechanics", "source_id": "F-S28" }, { "study": "Haus 'Cyber Week Incrementality Report'", "year": "2025", "channel/format": "CTV, YouTube, paid social (DTC brands)", "design": "Hundreds of geo experiments, Q4 2025", "n or scale": "not disclosed", "comparator": "geo control incl. post-treatment window", "headline effect and uncertainty": "41% of incremental value in post-treatment window; efficiency +75% with latent BFCM impact; evergreen PTW adds 26%", "sponsor/funding": "Haus (measurement vendor)", "generalisability to open-web native": "Low: native not broken out", "source_id": "F-S29" }, { "study": "Taboola-Kantar brand-lift meta-analysis", "year": "2023", "channel/format": "Taboola recommendation units (Europe, LatAm, US)", "design": "Exposed vs unexposed survey (pixel/cookie exposure)", "n or scale": "study count and n not disclosed", "comparator": "unexposed users; Kantar vertical norms", "headline effect and uncertainty": "Favorability 15% vs 4.2% norm; consideration 6.7% vs 4.6%; message association 87% vs 10.1%; awareness 10% vs 10% (unit pp/% unstated)", "sponsor/funding": "Taboola with Kantar", "generalisability to open-web native": "Direct format match, but observational design (activity-bias exposed)", "source_id": "F-S24" }, { "study": "Outbrain-Nielsen True Engagement brand lift (automotive, PHD Germany)", "year": "2018", "channel/format": "Outbrain recommendation units (Germany)", "design": "Clickers vs non-clickers survey", "n or scale": "1,573 users, June-July 2017", "comparator": "non-clickers", "headline effect and uncertainty": "+23% brand lift among all respondents (selection on engagement; no CI)", "sponsor/funding": "Outbrain commissioned Nielsen", "generalisability to open-web native": "Direct format match, but non-causal design", "source_id": "F-S27" }, { "study": "Taboola Realize ID press release", "year": "2026", "channel/format": "Taboola/Realize performance", "design": "none disclosed", "n or scale": "none disclosed", "comparator": "none disclosed", "headline effect and uncertainty": "'up to 2.4x increase in conversion efficiency'", "sponsor/funding": "Taboola", "generalisability to open-web native": "Direct format match; unusable as evidence of lift", "source_id": "F-S25" } ], "guidance": [ { "date": "2026-02-25", "fy": "FY2026", "revenue_mid": 2023.5, "extac_mid": 763.5, "revenue_text": "1,993-2,054", "extac_text": "753-774", "note": "Initial FY2026", "src": [ "L-S02" ] }, { "date": "2026-05-06", "fy": "FY2026", "revenue_mid": 2034, "extac_mid": 770.5, "revenue_text": "2,006-2,062", "extac_text": "760-781", "note": "Raised", "src": [ "L-S03" ] }, { "date": "2026-08-05", "fy": "FY2026", "revenue_mid": 1943, "extac_mid": 777.5, "revenue_text": "1,930-1,956", "extac_text": "772-783", "note": "Revenue cut; ex-TAC and EBITDA raised", "src": [ "L-S01" ] } ], "leading_indicators": [ { "indicator": "People Inc. Core Sessions YoY", "value": "-22%", "period": "Q2 2026 vs Q2 2025", "geo": "US", "src": [ "L-S20" ], "signal": "Continued acceleration = AI Overviews eroding search-referred page views on premium publishers; the trend went -5% (FY25) -> -13% -> -17% -> -22%" }, { "indicator": "Ozone ad-request volume YoY", "value": "-32% to -37% (US); -39% to -41% (UK)", "period": "Q2 2026 vs Q2 2025", "geo": "US, UK", "src": [ "L-S28" ], "signal": "Supply contraction on premium programmatic display; fewer impressions to host recommendation units" }, { "indicator": "Ozone programmatic spend YoY", "value": "-44% (US); -14.3% (UK)", "period": "Q2 2026", "geo": "US, UK", "src": [ "L-S28" ], "signal": "Whether yield (eCPM) offsets volume loss; US did not, UK largely did" }, { "indicator": "Ozone eCPM YoY", "value": "+7% (US); +30% (UK)", "period": "June 2026", "geo": "US, UK", "src": [ "L-S28" ], "signal": "Rising eCPM with falling volume = scarcity pricing, not demand growth" }, { "indicator": "Teads Holding Co. revenue YoY", "value": "-17%", "period": "Q2 2026", "geo": "global", "src": [ "L-S17" ], "signal": "Organic decline in the Outbrain/Teads lineage; watch Q3 for stabilisation" }, { "indicator": "Teads Holding Co. guidance status", "value": "Suspended (FY2026 Adj. EBITDA ~$100M withdrawn)", "period": "2026-08-06", "geo": "global", "src": [ "L-S17" ], "signal": "Management cannot forecast its Direct Response/SME (recommendation-heavy) business" }, { "indicator": "Teads Holding Co. adjusted free cash flow", "value": "-$37.9M", "period": "H1 2026", "geo": "global", "src": [ "L-S17" ], "signal": "Cash burn against $605.1M of 10% senior secured notes due 2030" }, { "indicator": "Teads Holding Co. goodwill impairment", "value": "$352.1M", "period": "Q4 2025", "geo": "global", "src": [ "L-S15" ], "signal": "Board-level write-down of the acquired value less than a year after closing" }, { "indicator": "Taboola ex-TAC gross profit YoY", "value": "+11.8%", "period": "Q2 2026", "geo": "global", "src": [ "L-S01" ], "signal": "Net-revenue growth in the largest native vendor; the key disconfirming signal" }, { "indicator": "Taboola gross revenue YoY", "value": "+2.4% (missed own $492-505M guidance)", "period": "Q2 2026", "geo": "global", "src": [ "L-S01", "L-S03" ], "signal": "Gross revenue decoupling from ex-TAC; watch for gross-to-net or TAC-mix explanation" }, { "indicator": "Taboola FY2026 revenue guidance midpoint", "value": "$1,943M (Aug) vs $2,034M (May) vs $2,023.5M (Feb)", "period": "2026 guidance cycle", "geo": "global", "src": [ "L-S01", "L-S02", "L-S03" ], "signal": "Top-line expectations lowered while profit expectations rose" }, { "indicator": "Taboola FY2026 ex-TAC guidance midpoint", "value": "$777.5M (Aug) vs $770.5M (May) vs $763.5M (Feb)", "period": "2026 guidance cycle", "geo": "global", "src": [ "L-S01", "L-S02", "L-S03" ], "signal": "Net revenue expectations raised twice" }, { "indicator": "Yahoo agreement amendment count", "value": "7 (latest effective 2026-03-01)", "period": "2023-05-01 to 2026-03-01", "geo": "global", "src": [ "L-S09", "L-S10", "L-S11" ], "signal": "Frequent re-basing of performance measurement in the single largest native supply contract" }, { "indicator": "Dianomi plc revenue YoY", "value": "+2% H1 2026 (+4.5% cc); +14% Jul-Aug 2026", "period": "H1 2026; Jul-Aug 2026", "geo": "UK/US", "src": [ "L-S31" ], "signal": "Small-cap financial-content native recovering from FY2025 -2.1%" }, { "indicator": "TripleLift workforce reduction", "value": "double-digit %, <20% of 450+", "period": "2025-07-11", "geo": "US", "src": [ "L-S27" ], "signal": "PE-owned native SSP cutting cost for the third time since 2020" }, { "indicator": "People Inc. Digital revenue YoY", "value": "+6%", "period": "Q2 2026", "geo": "US", "src": [ "L-S20" ], "signal": "Premium publishers can offset traffic loss with rates, commerce and licensing; long-tail cannot" }, { "indicator": "Ad-blocking prevalence (measured)", "value": "not obtained", "period": "n/a", "geo": "n/a", "src": [], "signal": "Left open: no primary GWI/Blockthrough figure could be opened" } ], "native_spend_vintages": [ { "src": [ "A-S08" ], "publisher": "eMarketer via MediaPost", "vintage": "2017-03", "year": "2017", "value_bn": 22.09, "yoy": "36.2", "social_share": "84.2% ($18.59B)", "definition": "in-feed dominant; mobile 88.3%; programmatic 84.0%", "kind": "original" }, { "src": [ "A-S06" ], "publisher": "eMarketer", "vintage": "2018-04", "year": "2018", "value_bn": 32.9, "yoy": "31.0", "social_share": "nearly three-quarters", "definition": "placements that match the form, function and feel of the content; >90% mobile", "kind": "original" }, { "src": [ "A-S07" ], "publisher": "eMarketer (Benes)", "vintage": "2019-03", "year": "2018 (restated)", "value_bn": 35.24, "yoy": "", "social_share": "77% (per A-S09)", "definition": "implied: 43.90 - 8.66", "kind": "derived" }, { "src": [ "A-S07" ], "publisher": "eMarketer (Benes)", "vintage": "2019-03", "year": "2019", "value_bn": 43.9, "yoy": "24.6 (derived: 8.66/35.24)", "social_share": "native = 95.6% of social display; native = 30.8% of nonsocial display", "definition": "digital ads that match the visual design of a specific user experience... ads in social media feeds, content recommendation widgets, custom ads and sponsored content", "kind": "original" }, { "src": [ "V-A-S01" ], "publisher": "eMarketer (public chart)", "vintage": "2023-01", "year": "2019", "value_bn": 47.29, "yoy": "31.8", "social_share": "", "share_of_display": 62.4, "definition": "US native ad spending as charted; % of total display ad spending 62.4%", "kind": "original" }, { "src": [ "V-A-S01" ], "publisher": "eMarketer (public chart)", "vintage": "2023-01", "year": "2020", "value_bn": 58.69, "yoy": "24.1", "social_share": "", "share_of_display": 62.8, "definition": "US native ad spending as charted; % of total display ad spending 62.8%", "kind": "original" }, { "src": [ "V-A-S01" ], "publisher": "eMarketer (public chart)", "vintage": "2023-01", "year": "2021", "value_bn": 80.64, "yoy": "37.4", "social_share": "", "share_of_display": 62.8, "definition": "US native ad spending as charted; % of total display ad spending 62.8%", "kind": "original" }, { "src": [ "V-A-S01" ], "publisher": "eMarketer (public chart)", "vintage": "2023-01", "year": "2022", "value_bn": 87.03, "yoy": "7.9", "social_share": "", "share_of_display": 61.6, "definition": "US native ad spending as charted; % of total display ad spending 61.6%", "kind": "original" }, { "src": [ "V-A-S01" ], "publisher": "eMarketer (public chart)", "vintage": "2023-01", "year": "2023", "value_bn": 97.46, "yoy": "12.0", "social_share": "", "share_of_display": 59.7, "definition": "US native ad spending as charted; % of total display ad spending 59.7%", "kind": "original" }, { "src": [ "A-S05" ], "publisher": "EMARKETER", "vintage": "2025-12", "year": "2025 (implied)", "value_bn": 130.84, "yoy": "", "social_share": "not given", "definition": "implied: 147.98/1.131", "kind": "derived" }, { "src": [ "A-S05" ], "publisher": "EMARKETER", "vintage": "2025-12", "year": "2026 (forecast)", "value_bn": 147.98, "yoy": "13.1", "social_share": "not given", "definition": "in-feed units, sponsored content, content recommendation widgets, in-app rewarded video, sponsored outstream video; excludes banners/pop-ups", "kind": "original" } ], "comparators": [ { "src": [ "A-S12" ], "entity": "Meta Platforms, Inc.", "line": "Advertising revenue", "fy2025": 196175, "fy2024": 160633, "yoy": "22.1", "geo": "global", "basis": "net (platform revenue)", "note": "impressions +12%, average price per ad +9% (FY2025)" }, { "src": [ "A-S13" ], "entity": "Alphabet Inc.", "line": "Google advertising", "fy2025": 294691, "fy2024": 264590, "yoy": "11.4", "geo": "global", "basis": "net", "note": "Search & other + YouTube ads + Network" }, { "src": [ "A-S13" ], "entity": "Alphabet Inc.", "line": "Google Search & other", "fy2025": 224532, "fy2024": 198084, "yoy": "13.4", "geo": "global", "basis": "net", "note": "" }, { "src": [ "A-S13" ], "entity": "Alphabet Inc.", "line": "YouTube ads", "fy2025": 40367, "fy2024": 36147, "yoy": "11.7", "geo": "global", "basis": "net", "note": "" }, { "src": [ "A-S13" ], "entity": "Alphabet Inc.", "line": "Google Network", "fy2025": 29792, "fy2024": 30359, "yoy": "-1.9", "geo": "global", "basis": "net (gross of TAC paid to partners)", "note": "AdSense/AdMob/Ad Manager; 2023: 31,312" }, { "src": [ "A-S15" ], "entity": "Amazon.com, Inc.", "line": "Advertising services (sum of Q1-Q4 2025)", "fy2025": 68635, "fy2024": null, "yoy": "Q4 2025: +23%", "geo": "global", "basis": "net", "note": "sponsored ads, display, video advertising" }, { "src": [ "A-S17" ], "entity": "Taboola.com Ltd.", "line": "Revenues", "fy2025": 1912, "fy2024": 1766.2, "yoy": "8.3", "geo": "global", "basis": "gross (includes publisher TAC)", "note": "FY2026 guidance 1,993-2,054" }, { "src": [ "A-S17" ], "entity": "Taboola.com Ltd.", "line": "Ex-TAC gross profit", "fy2025": 713.5, "fy2024": 667.5, "yoy": "6.9", "geo": "global", "basis": "net-like", "note": "revenue minus TAC (issuer definition)" }, { "src": [ "A-S18" ], "entity": "Teads Holding Co.", "line": "Revenue", "fy2025": 1300.5, "fy2024": 889.9, "yoy": "46.1", "geo": "global", "basis": "gross", "note": "legacy Teads consolidated from 2025-02-03; not organic" }, { "src": [ "A-S18" ], "entity": "Teads Holding Co.", "line": "Ex-TAC gross profit", "fy2025": 529.7, "fy2024": 236.1, "yoy": "124.4", "geo": "global", "basis": "net-like", "note": "goodwill impairment 352.1; net loss 517.1" }, { "src": [ "A-S03" ], "entity": "US internet advertising (all sellers)", "line": "IAB/PwC total", "fy2025": 294600, "fy2024": 258650, "yoy": "13.9", "geo": "US", "basis": "GAAP earned; gross for traffic buyers", "note": "not a company; denominator reference" } ], "comparator_ratios": { "two_platform_gross_vs_meta_pct": 1.64, "two_platform_extac_vs_meta_pct": 0.63, "two_platform_gross_vs_us_internet_pct": 1.09 }, "definitional_gap": { "emarketer_native_2026_bn": 147.98, "emarketer_native_2025_implied_bn": 130.84, "iab_display_2025_bn": 81.6, "ratio_2025": 160.34 }, "iab_formats": [ { "year": 2021, "total": null, "search": 78.3, "display": 56.7, "video": 39.5, "audio": 4.9, "other": 9.9, "social": 57.7, "commerce": null, "src": [ "A-S03" ] }, { "year": 2022, "total": null, "search": 84.4, "display": 63.5, "video": 47.1, "audio": 5.9, "other": 8.8, "social": 59.8, "commerce": 37.5, "src": [ "A-S03" ] }, { "year": 2023, "total": null, "search": 88.8, "display": 66.1, "video": 52.1, "audio": 7, "other": 11, "social": 64.9, "commerce": 43.7, "src": [ "A-S03" ] }, { "year": 2024, "total": 258.65, "search": 102.9, "display": 74.3, "video": 62.1, "audio": 7.6, "other": 11.7, "social": 88.7, "commerce": 53.7, "src": [ "A-S03" ] }, { "year": 2025, "total": 294.6, "search": 114.2, "display": 81.6, "video": 78, "audio": 8.4, "other": 12.5, "social": 117.7, "commerce": 63.4, "src": [ "A-S03" ] } ], "iab_cagr": { "display": 9.5, "video": 18.5, "search": 9.9 }, "inclusion": [ { "src": [ "A-S01" ], "line": "IAB Playbook 2.0 taxonomy (not a spend estimate)", "cells": [ "Y (In-Feed/In-Content; Content Recommendation)", "Y (Branded/Native Content)", "Y if in-feed/in-content styled", "N (not addressed as native)", "Y (social feeds are in-feed)", "N (removed; 'technically' native)", "Y (Promoted Listings folded into In-Feed)", "N unless customized to match site" ], "status": [ "included", "included", "included", "excluded", "included", "excluded", "included", "excluded" ], "basis": "taxonomy", "subtotal": "n/a" }, { "src": [ "A-S03" ], "line": "IAB/PwC 'Display' $81.6B (2025)", "cells": [ "Y (inside display; not separable)", "Y (sponsorship inside display)", "? (display-related video counted as rich media)", "N (Video format)", "? (social is a cross-cutting channel; social display units presumably inside display)", "N (Search format)", "N (Commerce Media, cross-cutting; search-type listings in Search)", "Y" ], "status": [ "inside", "inside", "unclear", "excluded", "unclear", "excluded", "excluded", "included" ], "basis": "US, GAAP earned, gross for traffic buyers", "subtotal": "No (endnote 38 only)" }, { "src": [ "A-S03" ], "line": "IAB/PwC 'Social media' $117.7B (2025)", "cells": [ "N", "N", "Y if on social platform", "Y if on social platform", "Y (all formats)", "N", "N", "Y if on social platform" ], "status": [ "excluded", "excluded", "included", "included", "included", "excluded", "excluded", "included" ], "basis": "US; channel overlaps formats", "subtotal": "No" }, { "src": [ "A-S05" ], "line": "EMARKETER 'native display' $147.98B (2026F)", "cells": [ "Y (content recommendation widgets, in-feed units)", "Y (sponsored content)", "Y (in-app rewarded video, sponsored outstream video)", "N ('in-stream video is by definition nonnative', A-S07)", "Y (in-feed units)", "N (not in list)", "? (not stated)", "N (excluded)" ], "status": [ "included", "included", "unclear", "excluded", "included", "excluded", "unclear", "excluded" ], "basis": "US; proprietary model", "subtotal": "Yes" }, { "src": [ "A-S20" ], "line": "MAGNA 'Digital Pure Players' (2025)", "cells": [ "N (not visible)", "N", "N", "N (short-form video separate)", "Y (social media)", "Y (search, retail search)", "Y (retail search)", "N" ], "status": [ "unclear", "excluded", "excluded", "excluded", "included", "included", "included", "excluded" ], "basis": "global/US media-owner net revenue", "subtotal": "No" }, { "src": [ "A-S22" ], "line": "WPP Media TYNY midyear 2026", "cells": [ "?", "?", "?", "?", "Y (social)", "Y (search)", "Y (retail media)", "?" ], "status": [ "unclear", "unclear", "unclear", "unclear", "included", "included", "included", "unclear" ], "basis": "global ad revenue ex US political", "subtotal": "No" }, { "src": [ "A-S23" ], "line": "dentsu Dec 2025", "cells": [ "?", "?", "?", "Y (online video)", "Y (social)", "not mentioned", "Y (retail media)", "?" ], "status": [ "unclear", "unclear", "unclear", "included", "included", "unclear", "included", "unclear" ], "basis": "global, net of discounts and agency commission", "subtotal": "No" }, { "src": [ "A-S24" ], "line": "IAB Europe AdEx 2025", "cells": [ "? (inside display)", "?", "?", "Y (video > half of display)", "Y (social EUR35.5bn)", "Y (search)", "Y (retail media EUR13.3bn)", "Y (display)" ], "status": [ "unclear", "unclear", "unclear", "included", "included", "included", "included", "included" ], "basis": "30 European markets, EUR", "subtotal": "No" } ], "inclusion_columns": [ "open_web_in_feed_and_recommendation", "sponsored_editorial_branded_content", "native_video_outstream_rewarded", "in_stream_video", "social_in_feed", "paid_search", "retail_sponsored_products", "banners_rich_media" ], "raw_A": [ { "name": "us_native_spend_by_source_and_vintage", "columns": [ "source_id", "publisher", "forecast_vintage", "year_of_value", "value_usd_bn", "yoy_growth_pct", "native_share_of_display_pct", "social_share_of_native", "definition_as_stated", "figure_kind" ], "rows": [ [ "A-S08", "eMarketer via MediaPost", "2017-03", "2017", "22.09", "36.2", "more than 50%", "84.2% ($18.59B)", "in-feed dominant; mobile 88.3%; programmatic 84.0%", "original" ], [ "A-S06", "eMarketer", "2018-04", "2018", "32.90", "31.0", "58.3 (2017: 54.0)", "nearly three-quarters", "placements that match the form, function and feel of the content; >90% mobile", "original" ], [ "A-S07", "eMarketer (Benes)", "2019-03", "2018 (restated)", "35.24", "", "", "77% (per A-S09)", "implied: 43.90 - 8.66", "derived" ], [ "A-S07", "eMarketer (Benes)", "2019-03", "2019", "43.90", "24.6 (derived: 8.66/35.24)", "62.7 (2017: 54.2)", "native = 95.6% of social display; native = 30.8% of nonsocial display", "digital ads that match the visual design of a specific user experience... ads in social media feeds, content recommendation widgets, custom ads and sponsored content", "original" ], [ "A-S09", "eMarketer via Marketing Dive", "2019-03", "2020 (forecast)", "", "", "65 (2016: 48)", "74%", "nonsocial display native share 34% by 2020; mobile 89%; programmatic 88%", "original" ], [ "A-S05", "EMARKETER", "2025-12", "2025 (implied)", "130.84", "", "not given (declining)", "not given", "implied: 147.98/1.131", "derived" ], [ "A-S05", "EMARKETER", "2025-12", "2026 (forecast)", "147.98", "13.1", "not given (declining as CTV and retail media expand)", "not given", "in-feed units, sponsored content, content recommendation widgets, in-app rewarded video, sponsored outstream video; excludes banners/pop-ups", "original" ] ], "units": "USD billions (nominal); percentages as stated", "source_ids": [ "A-S05", "A-S06", "A-S07", "A-S08", "A-S09" ] }, { "name": "what_each_estimate_includes", "columns": [ "source_id", "estimate_line", "open_web_in_feed_and_recommendation", "sponsored_editorial_branded_content", "native_video_outstream_rewarded", "in_stream_video", "social_in_feed", "paid_search", "retail_sponsored_products", "banners_rich_media", "reported_native_subtotal", "basis" ], "rows": [ [ "A-S01", "IAB Playbook 2.0 taxonomy (not a spend estimate)", "Y (In-Feed/In-Content; Content Recommendation)", "Y (Branded/Native Content)", "Y if in-feed/in-content styled", "N (not addressed as native)", "Y (social feeds are in-feed)", "N (removed; 'technically' native)", "Y (Promoted Listings folded into In-Feed)", "N unless customized to match site", "n/a", "taxonomy" ], [ "A-S03", "IAB/PwC 'Display' $81.6B (2025)", "Y (inside display; not separable)", "Y (sponsorship inside display)", "? (display-related video counted as rich media)", "N (Video format)", "? (social is a cross-cutting channel; social display units presumably inside display)", "N (Search format)", "N (Commerce Media, cross-cutting; search-type listings in Search)", "Y", "No (endnote 38 only)", "US, GAAP earned, gross for traffic buyers" ], [ "A-S03", "IAB/PwC 'Social media' $117.7B (2025)", "N", "N", "Y if on social platform", "Y if on social platform", "Y (all formats)", "N", "N", "Y if on social platform", "No", "US; channel overlaps formats" ], [ "A-S05", "EMARKETER 'native display' $147.98B (2026F)", "Y (content recommendation widgets, in-feed units)", "Y (sponsored content)", "Y (in-app rewarded video, sponsored outstream video)", "N ('in-stream video is by definition nonnative', A-S07)", "Y (in-feed units)", "N (not in list)", "? (not stated)", "N (excluded)", "Yes", "US; proprietary model" ], [ "A-S20", "MAGNA 'Digital Pure Players' (2025)", "N (not visible)", "N", "N", "N (short-form video separate)", "Y (social media)", "Y (search, retail search)", "Y (retail search)", "N", "No", "global/US media-owner net revenue" ], [ "A-S22", "WPP Media TYNY midyear 2026", "?", "?", "?", "?", "Y (social)", "Y (search)", "Y (retail media)", "?", "No", "global ad revenue ex US political" ], [ "A-S23", "dentsu Dec 2025", "?", "?", "?", "Y (online video)", "Y (social)", "not mentioned", "Y (retail media)", "?", "No", "global, net of discounts and agency commission" ], [ "A-S24", "IAB Europe AdEx 2025", "? (inside display)", "?", "?", "Y (video > half of display)", "Y (social EUR35.5bn)", "Y (search)", "Y (retail media EUR13.3bn)", "Y (display)", "No", "30 European markets, EUR" ] ], "units": "categorical", "source_ids": [ "A-S01", "A-S03", "A-S05", "A-S07", "A-S20", "A-S22", "A-S23", "A-S24" ] }, { "name": "comparator_revenues_fy2025", "columns": [ "source_id", "entity", "line_item", "fy2025", "fy2024", "yoy_pct", "geography_basis", "gross_or_net", "definition_or_note", "figure_kind" ], "rows": [ [ "A-S12", "Meta Platforms, Inc.", "Advertising revenue", "196,175", "160,633", "22.1", "global", "net (platform revenue)", "impressions +12%, average price per ad +9% (FY2025)", "original" ], [ "A-S13", "Alphabet Inc.", "Google advertising", "294,691", "264,590", "11.4", "global", "net", "Search & other + YouTube ads + Network", "original" ], [ "A-S13", "Alphabet Inc.", "Google Search & other", "224,532", "198,084", "13.4", "global", "net", "", "original" ], [ "A-S13", "Alphabet Inc.", "YouTube ads", "40,367", "36,147", "11.7", "global", "net", "", "original" ], [ "A-S13", "Alphabet Inc.", "Google Network", "29,792", "30,359", "-1.9", "global", "net (gross of TAC paid to partners)", "AdSense/AdMob/Ad Manager; 2023: 31,312", "original" ], [ "A-S15", "Amazon.com, Inc.", "Advertising services (sum of Q1-Q4 2025)", "68,635", "not verified (only Q3-Q4 2024 opened)", "Q4: 23", "global", "net", "sponsored ads, display, video advertising", "derived" ], [ "A-S17", "Taboola.com Ltd.", "Revenues", "1,912.0", "1,766.2", "8.3", "global", "gross (includes publisher TAC)", "FY2026 guidance 1,993-2,054", "original" ], [ "A-S17", "Taboola.com Ltd.", "Ex-TAC gross profit", "713.5", "667.5", "6.9", "global", "net-like", "revenue minus TAC (issuer definition)", "original" ], [ "A-S18", "Teads Holding Co.", "Revenue", "1,300.5", "889.9", "46.1", "global", "gross", "legacy Teads consolidated from 2025-02-03; not organic", "original" ], [ "A-S18", "Teads Holding Co.", "Ex-TAC gross profit", "529.7", "236.1", "124.4", "global", "net-like", "goodwill impairment 352.1; net loss 517.1", "original" ], [ "A-S03", "US internet advertising (all sellers)", "IAB/PwC total", "294,600", "258,650 (implied from +13.9%)", "13.9", "US", "GAAP earned; gross for traffic buyers", "not a company; denominator reference", "original/derived" ] ], "units": "USD millions unless stated; fiscal years ending Dec 31", "source_ids": [ "A-S12", "A-S13", "A-S15", "A-S17", "A-S18", "A-S03" ] }, { "name": "forecast_series_by_publisher", "columns": [ "source_id", "publisher", "publication_date", "forecast_vintage", "geography", "metric", "base_year_value", "forecast_year", "forecast_value", "growth_pct", "native_broken_out" ], "rows": [ [ "A-S19", "MAGNA", "2024-12-08", "Dec 2024", "global", "media-owner ad revenue", "2024: ~933 (per search lead, not opened)", "2025", "990", "6.1", "No" ], [ "A-S19", "MAGNA", "2024-12-08", "Dec 2024", "US", "media-owner ad revenue", "", "2025", "~400", "4.9", "No" ], [ "A-S20", "MAGNA", "2025-06-17", "Jun 2025", "global", "media-owner ad revenue", "", "2025", "979", "4.9", "No" ], [ "A-S20", "MAGNA", "2025-06-17", "Jun 2025", "global", "media-owner ad revenue", "", "2026", ">1,000", "6.3", "No" ], [ "A-S20", "MAGNA", "2025-06-17", "Jun 2025", "global", "digital platform ad sales", "", "2025", "715", "8", "No" ], [ "A-S20", "MAGNA", "2025-06-17", "Jun 2025", "global", "social media", "", "2025", "242", "11", "No" ], [ "A-S21", "MAGNA", "2025-06-15", "Jun 2025", "US", "Digital Pure Players (search, retail search, social, short-form video)", "", "2025", "297", "10", "No" ], [ "A-S23", "dentsu", "2025-12-03", "Dec 2025", "global", "ad spend (net)", "", "2026", ">1,000", "5.1", "No" ], [ "A-S23", "dentsu", "2025-12-03", "Dec 2025", "global", "digital share of total", "", "2026", "68.7% of total", "6.7", "No" ], [ "A-S23", "dentsu", "2025-12-03", "Dec 2025", "US", "ad spend", "", "2026", "", "5.0", "No" ], [ "A-S22", "WPP Media", "2026-06-16", "Jun 2026", "global", "ad revenue ex US political", "", "2026", "1,300", "8.9 (Dec 2025: 7.1)", "No" ], [ "A-S22", "WPP Media", "2026-06-16", "Jun 2026", "global", "content-driven advertising", "", "2026", "720.2", "8.2", "No" ], [ "A-S05", "EMARKETER", "2026-01-15", "Dec 2025", "US", "native display ad spending", "2025: 130.84 (implied)", "2026", "147.98", "13.1", "Yes" ], [ "A-S03", "IAB/PwC (actuals, not forecast)", "2026-04", "FY2025 actual", "US", "internet ad revenue", "2024: 258.65 (implied)", "2025", "294.6", "13.9", "No" ], [ "A-S24", "IAB Europe (actuals)", "2026-07-07", "FY2025 actual", "EU-30", "digital ad spend", "", "2025", "EUR131bn", "10.5", "No" ] ], "units": "USD or EUR as stated; growth in percent", "source_ids": [ "A-S19", "A-S20", "A-S21", "A-S22", "A-S23", "A-S05", "A-S03", "A-S24" ] }, { "name": "iab_pwc_us_internet_ad_revenue_by_format_2021_2025", "columns": [ "year", "total", "search", "display (incl. native)", "video", "audio", "other", "social (cross-cutting)", "commerce media (cross-cutting)", "programmatic ex-search", "non-programmatic ex-search" ], "rows": [ [ "2021", "", "78.3", "56.7", "39.5", "4.9", "9.9", "57.7 (31.1+26.6 halves)", "", "99.0", "12.0" ], [ "2022", "", "84.4", "63.5", "47.1", "5.9", "8.8", "59.8 (31.4+28.4)", "37.5", "109.4", "16.0" ], [ "2023", "", "88.8", "66.1", "52.1", "7.0", "11.0", "64.9 (35.5+29.4)", "43.7", "114.2", "22.0" ], [ "2024", "258.65 (implied)", "102.9", "74.3", "62.1", "7.6", "11.7", "88.7 (48.2+40.5)", "53.7", "134.8", "20.9" ], [ "2025", "294.6", "114.2", "81.6", "78.0", "8.4", "12.5", "117.7 (halves 64.9+52.9)", "63.4", "162.4", "18.0" ], [ "2025 share %", "100", "38.8", "27.7", "26.5", "2.8", "4.2", "40.0 (derived)", "21.5 (derived)", "", "" ], [ "2025 YoY %", "13.9", "11.0", "9.8", "25.4", "10.2", "6.9", "32.6", "18.0", "20.5", "-13.9" ] ], "units": "USD billions", "source_ids": [ "A-S03" ] } ], "raw_G": [ { "name": "mfa_ivt_measured_findings", "columns": [ "source_id", "publisher", "pub_date", "metric", "value", "unit", "population_or_scope", "period", "geography", "method", "disputed_by_or_caveat" ], "rows": [ [ "G-S01", "ANA", "2023-12-05", "MFA share of impressions", "21", "% of impressions", "21 ANA marketers, 35.5B impressions, web-domain subset", "Sep 2022-Jan 2023", "US-led", "DSP domain logs matched to DeepSee.io list of 4,500 MFA domains", "Subset analysis; DeepSee sells MFA detection" ], [ "G-S01", "ANA", "2023-12-05", "MFA share of spend", "15", "% of spend", "same; range 0.13-42 across advertisers", "Sep 2022-Jan 2023", "US-led", "as above", "Extrapolated to $10.1B (15% of $67.3B open web ex-CTV); revised from $13B" ], [ "G-S01", "ANA", "2023-12-05", "MFA share of PMP spend / OMP spend", "14 / 19", "% of spend", "ANA participants", "Sep 2022-Jan 2023", "US-led", "as above", "none" ], [ "G-S01", "ANA", "2023-12-05", "MFA CPM discount vs non-MFA", "-25", "% relative", "ANA participants", "Sep 2022-Jan 2023", "US-led", "log-level CPMs", "none" ], [ "G-S01", "ANA", "2023-12-05", "MFA spend by format: display / video", "56 / 44", "% of MFA spend", "ANA participants", "Sep 2022-Jan 2023", "US-led", "as above", "Native units not broken out" ], [ "G-S01", "ANA", "2023-12-05", "SSP-level MFA share range", "<1 to 70", "% of SSP spend", "SSPs used by participants", "Sep 2022-Jan 2023", "US-led", "as above", "SSPs unnamed" ], [ "G-S01 / G-S11", "Jounce Media (via ANA, AdExchanger)", "2023", "MFA share of web auctions", "5 (early 2020); 15 (2021); 20 (2022); ~30 (mid-2023)", "% of auctions", "global open-web bid stream", "2020-2023", "global", "Jounce proprietary bidstream sample and criteria", "Unaudited; auction share not spend share" ], [ "G-S03", "ANA", "2024-12-12", "MFA share of spend, average / median", "6.2 / 1.1", "% of spend", "ANA benchmark participants (count not stated)", "2024", "US-led", "TAG TrustNet log-level reconciliation; DeepSee MFA overlay", "Participant base changed vs 2023" ], [ "G-S06", "ANA", "2025-05", "MFA in cost waterfall (average)", "0.4 (from 15 in 2023, 1.1 in 2024)", "% of spend", "39 participating / 23 active marketers, 41.9B impressions", "Nov 2024-Mar 2025", "US-led", "as above", "Web inventory only; bottom quartile up to 25%" ], [ "G-S04", "ANA", "2025-08-14", "MFA median share of spend", "0.8 (from 2.3 in Q1 2025)", "% of spend", "ANA benchmark participants", "Apr-Jun 2025", "US-led", "as above", "Top quartile up to 28.7%" ], [ "G-S05", "ANA", "2025-11", "MFA median share of web spend", "0.40 (from 0.75 in Q2)", "% of web spend", "39 participating / 21 active marketers; 17.5B impressions; $142M", "Jul-Sep 2025", "US-led", "as above; DeepSee data", "Top quartile 3.3-27.4%; web+mobile median 0.39" ], [ "G-S05", "ANA", "2025-11", "MFA share of spend, OMP / PMP", "1.40 / 0.41", "% of spend", "ANA benchmark participants", "Jul-Sep 2025", "US-led", "as above", "none" ], [ "G-S05", "ANA", "2025-11", "MFA spend share by domain tier: top100 / 101-500 / 501-3000 / 3001+", "0.00 / 0.77 / 2.50 / 5.61", "% of tier spend", "ANA benchmark participants", "Jul-Sep 2025", "US-led", "as above", "none" ], [ "G-S05", "ANA", "2025-11", "IVT spend share by domain tier: top100 / 101-500 / 501-3000 / 3001+", "0.56 / 0.63 / 0.61 / 0.69", "% of tier spend", "ANA benchmark participants", "Jul-Sep 2025", "US-led", "post-filter measured IVT in log data", "Prose says long tail is IVT-heavy; table shows flat" ], [ "G-S07", "ANA via AdExchanger", "2026-07-08", "MFA share of spend", "1.1 (from 0.6 in Q4 2025); 2.1 lower-performing vs 0.9 higher-performing advertisers", "% of spend", "ANA benchmark participants", "Jan-Mar 2026", "US-led", "as above", "Secondary report; metric type (median/average) unspecified" ], [ "G-S06 / G-S25", "DeepSee.io (via ANA, Digiday)", "2025-05 / 2026-06-11", "MFA block-list size", "75,000+ (May 2025, +1,000/month); 108,270 (May 2025); 243,853 (Jun 2026) incl. 221,194 AI slop (from 96,791)", "domains", "DeepSee classification", "2025-2026", "global", "Vendor classification (ACT taxonomy)", "Two May 2025 figures differ; count is not exposure" ], [ "G-S24", "DeepSee.io", "2026-07-20", "Aggressive ad-refresh prevalence, MFA vs clean domains", "54.4 vs 17.6", "% of domains", "DeepSee-crawled domains", "undated", "global", "Vendor crawl", "Unaudited" ], [ "G-S08", "Adalytics", "2024-03", "Share of www3.forbes.com traffic from Taboola/Outbrain paid placements", ">70", "% of visits", "single subdomain", "to Mar 2024", "US", "Similarweb estimates + browser observation", "Forbes: 'very small user base'" ], [ "G-S08", "Adalytics", "2024-03", "Ads per session, www3 vs www.forbes.com", "201+ vs 3-10", "ad impressions", "observed sessions (52-slide slideshow)", "2024", "US", "Chrome DevTools network inspection", "Sampled sessions" ], [ "G-S27", "Jounce Media via Digiday", "2024-03-07", "Cheap-reach (<15% viewability) share of bid requests", "weather.com 52; dailymail.co.uk 22", "% of bid requests", "named publishers", "early 2024", "US", "Jounce Supply Path Benchmarking", "Proprietary" ], [ "G-S28", "Pixalate", "2025-11-07", "Global IVT rate, web / mobile app / CTV", "21 / 33 / 19", "% of impressions", "106B+ open-auction programmatic impressions", "Jul-Sep 2025", "global", "Pixalate pre-filter detection (MRC IVT definition)", "No native/display/video breakout; buy-side open-auction skew" ], [ "G-S31", "NewsGuard", "2023-06-26", "Programmatic ads from major brands on unreliable AI news sites", "393 ads / 141 brands / 55 of 217 sites; 356 via Google Ads", "counts", "brands with $500M+ revenue; 4 countries", "May-Jun 2023", "US/DE/FR/IT", "Manual analyst observation", "Small sample; NewsGuard sells ratings" ], [ "G-S32", "NewsGuard", "2026-06-23", "AI content-farm sites identified", "3,749 (from 217 in Jun 2023)", "sites", "16 languages", "cumulative", "global", "NewsGuard four-criteria classification", "Vendor criteria" ], [ "G-S35", "Marketing Brew / Similarweb", "2021-09-08", "Share of visits from display ads, arbitrage sites", "Elite Herald 87; Magellan Times 39 (6 direct)", "% of visits", "Perion-owned sites (~80)", "2021", "US", "Similarweb", "Estimates; pre-definition era" ], [ "G-S10", "Ebiquity (Schreurs) in AdExchanger", "2023-12-06", "Taboola+Outbrain click spend / publisher TAC / ANA MFA estimate", "2.4 / 1.6 / 10", "USD billions", "all advertisers on two platforms vs MFA estimate", "2022-2023", "global", "Opinion synthesis of company revenue and ANA figure", "Not MFA-operator spend; Facebook cited as largest MFA traffic source" ] ], "units": "as stated per row (percent of impressions, percent of spend, counts, USD)", "source_ids": [ "G-S01", "G-S03", "G-S04", "G-S05", "G-S06", "G-S07", "G-S08", "G-S10", "G-S11", "G-S24", "G-S25", "G-S27", "G-S28", "G-S31", "G-S32", "G-S35" ] }, { "name": "ana_benchmark_participation_by_wave", "columns": [ "wave", "period", "participating_marketers", "active_marketers_with_LLD", "impressions_bn", "spend_usd_m", "source_id" ], "rows": [ [ "2023 study", "Sep 2022-Jan 2023", "21", "21", "35.5", "123", "G-S01 / G-S06" ], [ "Q4 2024", "Apr-Sep 2024", "37", "21", "38.5", "not stated", "G-S06" ], [ "Q1 2025", "Nov 2024-Mar 2025", "39", "23", "41.9", "not stated", "G-S06" ], [ "Q2 2025", "Apr-Jun 2025", "39", "21", "18.6", "146", "G-S05" ], [ "Q3 2025", "Jul-Sep 2025", "39", "21", "17.5", "142", "G-S05" ] ], "units": "counts; impressions in billions; spend in USD millions", "source_ids": [ "G-S01", "G-S05", "G-S06" ] }, { "name": "transparency_controls_by_vendor", "columns": [ "vendor_product", "control", "availability_as_documented", "detail", "source_id", "gap_or_unverified" ], "rows": [ [ "Taboola / Realize", "Site-level performance report", "Yes (post-delivery)", "Sites tab shows per-site performance; SpendGuard status 'Capped/Blocked by SpendGuard' per site", "G-S20, G-S21", "Pre-campaign full site list not documented" ], [ "Taboola / Realize", "Site block list", "Yes", "'Block Sites: This setting stops your campaign from appearing on specific sites for performance or brand safety reasons'; guidance to leave clear at launch to gather site-by-site data", "G-S21", "Maximum blocked sites per campaign not found in opened pages (search snippet: 1,500)" ], [ "Taboola / Realize", "Automated site capping/blocking", "Yes (default on)", "SpendGuard predictive model caps/blocks under-performing sites on CPA/CVR after 5 conversions, 200 clicks, 100 clicks per publisher", "G-S20", "Performance-based, not quality-based" ], [ "Taboola / Realize", "Pre-bid brand safety", "Yes", "'Brand Safety Pre-Bid' setting to avoid sensitive/inappropriate articles", "G-S21", "Vendor powering it not documented" ], [ "Taboola / Realize", "MFA-free curated tier", "Yes, Taboola Select only", "Premium editorial inventory 'free from MFA properties, as verified and ensured by Jounce Media'", "G-S12", "Share of network (~15% per unopened PR) unverified; no network-wide MFA claim" ], [ "Taboola / Realize", "Landing-page review policy", "Yes", "'Advertorial' label at top; 'Sponsored By'; contact details; no false urgency; user-initiated audio; third-party ads on page disclosed", "G-S13, G-S14", "No numeric ad-density/refresh cap found; no enforcement statistics" ], [ "Outbrain / Teads", "Publisher- and section-level report", "Yes (post-delivery)", "'By Publisher' and 'By Section' tabs once campaign has data; adjust CPC by section", "G-S17", "Pre-campaign full publisher list not documented" ], [ "Outbrain / Teads", "Publisher/section exclusion", "Yes", "Default 30 publishers and 100 sections per campaign; campaign or account level; temporary (7/14/21/30-day/custom) or permanent; UI, CSV, API", "G-S18, G-S19", "Expanded limits via support cited in search snippets only" ], [ "Outbrain / Teads", "Landing-page ad-density and refresh caps", "Yes", "Max 5 ad placements and 1 video player per viewport; no auto-refresh above 3x/minute; closable overlays", "G-S15", "Undated; no enforcement statistics" ], [ "Outbrain / Teads", "Landing-page disclosure", "Yes", "'Advertisement' or 'Advertorial' at top; Privacy Policy and Contact Us links; ban on deceptive 'fake news' sites and false celebrity endorsements", "G-S15", "none" ], [ "Outbrain / Teads", "Publisher acceptance standards", "Yes", "Bars sites 'primarily designed to generate ad revenue with little to no original or meaningful content'; requires legitimate human traffic", "G-S16", "No density/refresh thresholds; no published removals" ], [ "Outbrain / Teads", "Third-party MFA verification or MFA-free tier", "Not found", "No equivalent to Taboola Select/Jounce found in opened pages", "G-S15, G-S16", "May exist; not documented in pages opened" ], [ "Buyer-side (ANA guidance)", "Inclusion lists and log-level data access", "Recommended", "ANA: exclusion lists 'largely ineffective'; use 75-100 trusted sellers; verify MFA-blocking offerings 'function as sold'", "G-S01", "Applies to programmatic; recommendation platforms are walled-off buying routes" ], [ "Verification vendors (DV/IAS/Moat)", "Detection of mis-declared subdomains", "Failed in Forbes case", "Publisher tags present on www.forbes.com not observed on www3; agencies asked why vendors missed it", "G-S08, G-S09", "No vendor response opened" ] ], "units": "categorical", "source_ids": [ "G-S01", "G-S08", "G-S09", "G-S12", "G-S13", "G-S14", "G-S15", "G-S16", "G-S17", "G-S18", "G-S19", "G-S20", "G-S21" ] } ], "raw_H": [ { "name": "commerce_capability_table", "columns": [ "vendor", "product", "what_it_does", "availability", "since", "source_ids" ], "rows": [ [ "Taboola", "Connexity product listings / e-commerce recommendations", "500M+ structured product listings for publishers; publisher earns CPC or CPA on clicks/conversions; analytics dashboards", "live", "acquisition announced 2021-07-23", "H-S01; H-S03" ], [ "Taboola", "Skimlinks", "automatic affiliation of commerce links; 48,500 merchants, 50+ affiliate networks (vendor claim)", "live", "acquired by Connexity 2020-05", "H-S06; H-S03" ], [ "Taboola", "Turnkey Commerce", "managed commerce content: Taboola editorial team + technology + affiliate monetisation for a publisher section (TIME Stamped; AP Buyline)", "live with named partners; terms undisclosed", "2023-02-14 (TIME); 2024-03-12 (AP)", "H-S05; H-S04" ], [ "Taboola", "Realize", "performance advertising platform beyond native; multiple formats reusing display/social creative; CPA-oriented; 600M DAU (vendor claim)", "live", "2025-02", "H-S01" ], [ "Taboola", "S2S conversions (postback + bulk)", "server-side conversion ingest keyed to tblci click-id and event name; attributed conversions only", "live", "undated", "H-S28; H-S29; H-S30" ], [ "Taboola", "First-party audience onboarding (Backstage API)", "upload email IDs (26 countries) or device IDs (24 countries) for targeting; no documented export", "live", "undated", "H-S33" ], [ "Teads (Outbrain lineage)", "Pentaleap RTB integration for onsite Sponsored Product Ads via Teads Ad Manager", "buy retailers' onsite sponsored products through Teads Ad Manager via RTB", "announced; no named live retailer or results found by 2026-09-27", "2025-07-24", "H-S10; H-S11" ], [ "Teads (Outbrain lineage)", "Pixel + offline conversion import", "pixel matches users to conversions up to 24h; CSV import by email keyed to dicbo click ID; 72h window used for optimisation", "live", "undated", "H-S13; H-S14" ], [ "Teads (Outbrain lineage)", "Teads Conversion Pixel (Shopify app)", "sends purchase, lead, add-to-cart events to Amplify bidding; free", "live", "2025-11-20", "H-S12" ], [ "Criteo", "Commerce Max", "retail-media DSP across retailer (onsite) and open-internet (offsite) inventory", "live", "undated", "H-S17" ], [ "Criteo", "Commerce Grid", "commerce SSP; formats display, video, native, in-app, CTV; 60+ DSPs; retailer first-party data activated offsite", "live", "undated", "H-S18; H-S17" ], [ "Criteo", "Commerce Yield / GO", "retailer monetisation tools; self-service AI campaign automation", "live", "undated", "H-S17" ], [ "Amazon Ads", "Sponsored Products off-Amazon", "CPC sponsored product ads served on third-party destinations; 'maximize reach' (default) vs 'minimize spend' setting reported by vendors", "live", "controls reported 2025-07/08", "H-S39; H-S40; H-S41" ], [ "Amazon Ads", "Amazon Marketing Cloud", "clean room on AWS Clean Rooms; aggregated anonymous outputs only; no cost to eligible advertisers; paid features beta", "live", "undated", "H-S36" ], [ "Amazon Publisher Services", "Amazon Publisher Cloud", "publisher clean room; plan packages, enrich first-party signals for Amazon DSP demand, reporting", "live", "undated", "H-S38; H-S37" ], [ "Meta (reference design)", "Conversions API", "server events with event_id dedup, hashed PII (em, ph), fbc/fbp IDs, offline/CRM events for measurement and audiences", "live", "undated", "H-S34; H-S35" ] ], "units": "text; dates ISO", "source_ids": [ "H-S01", "H-S03", "H-S04", "H-S05", "H-S06", "H-S10", "H-S11", "H-S12", "H-S13", "H-S14", "H-S17", "H-S18", "H-S28", "H-S29", "H-S30", "H-S33", "H-S34", "H-S35", "H-S36", "H-S37", "H-S38", "H-S39", "H-S40", "H-S41" ] }, { "name": "publisher_commerce_revenue_lines", "columns": [ "company", "line_item", "definition_per_issuer", "period", "currency", "value", "prior_period_value", "growth_pct", "share_of_reference_base", "source_ids" ], "rows": [ [ "People Inc. (ex-IAC)", "Performance marketing revenue (Digital)", "growth attributed to affiliate commerce (higher transaction volumes); formal definition not retrieved", "Q2 2026 (3 months to 2026-06-30)", "USD", "68.8", "61.1", "13", "23.7% of Digital revenue 289.9 (derived)", "H-S19" ], [ "BuzzFeed, Inc.", "Commerce and other revenue", "primarily affiliate commissions on transactions initiated from editorial shopping content, plus product licensing", "FY2025", "USD", "56.5", "not quoted (down 8.3%)", "-8.3", "30.5% of total revenue 185.3 (derived)", "H-S21; H-S22" ], [ "BuzzFeed, Inc.", "Affiliate commerce revenue", "affiliate commissions (subset of commerce and other)", "FY2025", "USD", "55.5", "not quoted (down 6.9%)", "-6.9", "30.0% of total revenue (derived); ~28% of total revenue from Amazon per 10-K", "H-S21; H-S22" ], [ "BuzzFeed, Inc.", "Affiliate commerce revenue", "as above", "Q4 2025", "USD", "16.1", "not quoted (down 22.7%)", "-22.7", "28.5% of Q4 revenue 56.5 (derived)", "H-S21" ], [ "Future plc", "B2C eCommerce affiliates", "affiliate revenue from products and vouchers within B2C (price comparison is separate Go.Compare division)", "FY2025 (year to 2025-09-30)", "GBP", "76.7", "83.9", "-9 reported / -4 organic", "16% of B2C revenue 493.4 (slide); H1 +10%, H2 -22%", "H-S23" ], [ "Future plc", "Go.Compare (price comparison)", "separate division; car insurance 117.6, non-car 74.2", "FY2025", "GBP", "191.8", "202.7", "-5", "not part of B2C eCommerce affiliates line", "H-S23" ], [ "Taboola (Connexity, pre-acquisition)", "Connexity revenue / ex-TAC gross profit / Adjusted EBITDA", "acquirer-disclosed, unaudited", "FY2020", "USD", "176 / 78 / 38", "158 / 63 / 28 (FY2019)", "11.4 (revenue, derived)", "no post-2021 disclosure of e-commerce revenue found", "H-S03" ], [ "Criteo S.A. (adjacent)", "Retail Media revenue / Contribution ex-TAC", "onsite and offsite retail media", "FY2025", "USD", "263.9 / 259.7", "258.3 / 253.8", "2 / 2", "22.1% of group CexT 1,174.6 (derived)", "H-S16" ], [ "Criteo S.A. (adjacent)", "Retail Media revenue / Contribution ex-TAC", "as above", "Q4 2025", "USD", "76.3 / 74.6", "91.9 / 90.2", "-17 / -17", "scope changes with two clients per issuer", "H-S16" ] ], "units": "millions of local currency as stated; growth in % year on year", "source_ids": [ "H-S03", "H-S16", "H-S19", "H-S21", "H-S22", "H-S23" ] }, { "name": "portability_exportability_table", "columns": [ "platform", "data_type", "exportable", "via", "granularity_or_limits", "source_ids" ], "rows": [ [ "Taboola", "Campaign performance (spend, clicks, conversions)", "yes (aggregate)", "Backstage API Campaign Summary / Top Campaign Content / Realtime reports", "dimensions: day, campaign, site (publisher), country, platform, item; date-range limits not read", "H-S31; H-S32; H-S42" ], [ "Taboola", "Click-level or user-level logs", "not documented", "-", "no endpoint found in the documentation index", "H-S31" ], [ "Taboola", "First-party audiences", "upload only (no documented download)", "Backstage API first-party audiences (email/device IDs)", "26 countries email, 24 device", "H-S33" ], [ "Taboola", "Conversions", "in: S2S postback/bulk; out: aggregate conversion columns", "trc.taboola.com s2s-action; report custom conversion columns", "click-id + event name; attributed only", "H-S30; H-S31" ], [ "Taboola", "Bid models / learnings", "no documented export", "-", "-", "H-S31 (absence)" ], [ "Teads / Outbrain (Amplify)", "Campaign performance", "yes (aggregate), API access by request", "Amplify API PerformanceBy* entities", "30 req/s per token; breakdown list not readable", "H-S15" ], [ "Teads / Outbrain (Amplify)", "Conversions", "in: CSV by email; pixel; Shopify app", "dicbo click ID", "72h window for optimisation; pixel matching 24h", "H-S13; H-S14; H-S12" ], [ "Teads / Outbrain (Amplify)", "Audiences / bid models", "no documented export", "-", "-", "H-S15 (absence)" ], [ "Amazon Marketing Cloud", "Query results", "yes, aggregated and anonymous only", "AMC SQL workflows", "minimum aggregation thresholds (number not stated); raw Amazon signals not exportable; advertiser uploads not accessible to Amazon", "H-S36" ], [ "Amazon Publisher Cloud", "Publisher first-party signals joined with Amazon Ads insights", "outputs are planning/activation/reporting, not raw joins", "AWS Clean Rooms collaboration", "no data-out detail on page", "H-S38" ], [ "Criteo Commerce Grid", "Retailer first-party audiences", "activated offsite, not exported", "curated supply packages / deals to 60+ DSPs", "'without the risk of data leaks'", "H-S18" ], [ "Meta Conversions API (reference)", "Conversion events", "in only (this doc); out via aggregate reporting", "server events with event_id, fbc/fbp, hashed PII", "offline events supported", "H-S34; H-S35" ] ], "units": "text", "source_ids": [ "H-S12", "H-S13", "H-S14", "H-S15", "H-S18", "H-S30", "H-S31", "H-S32", "H-S33", "H-S34", "H-S35", "H-S36", "H-S38", "H-S42" ] } ], "raw_I": [ { "name": "playbook_claim_recheck", "columns": [ "claim_id", "playbook_wording", "verdict", "primary_source_finding", "source_ids" ], "rows": [ [ "PB-01", "Outbrain acquired Teads; combined business operates as Teads; parent Teads Holding Co., Nasdaq: TEAD; closed February 2025", "confirmed_with_date_correction", "Close 3 Feb 2025 (~$900M) under ticker OB; renamed Teads Holding Co. June 2025; TEAD trading from 10 Jun 2025", "I-S01, I-S02, I-S03" ], [ "PB-02", "Omnicom completed its acquisition of Interpublic in November 2025", "confirmed", "Closed 26 Nov 2025; 0.344 exchange ratio; pro forma revenue > $25B", "I-S06" ], [ "PB-03", "Media sits under Omnicom Media (OMD, PHD, Hearts & Science, UM, Initiative, Mediahub)", "stale", "As of 28 Aug 2026 roster is OMD, PHD, UM, Initiative, Hearts United (H&S + Mediahub merged, ~$9.1B 2025 billings)", "I-S07, I-S08" ], [ "PB-04", "Acxiom and Annalect as the data backbone", "partially_supported", "Omnicom Media site names Omni, Acxiom Real ID (2.6B IDs) and Flywheel; Annalect not named", "I-S08" ], [ "PB-05", "'IPG Mediabrands' retired as a standalone structure", "not_verified", "UM and Initiative listed under Omnicom Media; no explicit retirement statement opened", "I-S07, I-S08" ], [ "PB-06", "GroupM rebranded to WPP Media (May 2025); Mindshare, Wavemaker, EssenceMediacom, Choreograph, WPP Open", "confirmed", "Rebrand 28 May 2025; WPP Media site lists Mindshare, Wavemaker, EssenceMediacom, Choreograph, The Goat Agency; Open Media Studio within WPP Open", "I-S09, I-S10" ], [ "PB-07", "Nativo acquired by Life360 (announced Nov 2025, completed Jan 2026)", "confirmed (completion); announcement date not opened", "Completed 5 Jan 2026, ~$120M, 65% cash / 35% stock", "I-S11" ], [ "PB-08", "Criteo: acquisition speculation, no buyer named; France -> Luxembourg -> US domicile move", "partially_supported", "Redomiciliation to Luxembourg completed 29 Jul 2026; US merger expected Jan 2027; no sale/acquirer language in Criteo release; speculation not verified", "I-S12" ], [ "PB-09", "'Reddit Max' -> official 'Max Campaigns' (beta)", "confirmed (as of Jan 2026)", "Beta for traffic and conversion objectives from 5 Jan 2026; Reddit-reported 17 tests, -17% CPA, +27% conversions", "I-S13" ], [ "PB-10", "Taboola Realize / Realize+ as platform copilot / agentic activation", "confirmed", "Realize+ announced 23 Apr 2026 after months of beta; phase-2 beta Q2 2026; Claude Skill; Abby since Oct 2024", "I-S14, I-S15" ], [ "PB-11", "Trade Desk Kokai as agentic/AI activation anchor", "confirmed", "Kokai Zuma released 27 Aug 2026 with Koa Assistant; native among supported formats", "I-S19" ], [ "PB-12", "Meridian / Robyn as MMM reconciliation anchors", "confirmed_with_caveat", "Both are open-source MMMs published by Google and Meta respectively; Robyn self-describes as experimental", "I-S20, I-S21" ], [ "PB-13", "MFA's direct share has fallen sharply (ANA)", "partially_supported", "ANA cohort median MFA 0.39-0.5% of spend in Q3 2025 vs 21% of impressions / 15% of spend in 2023 study; cohorts and methods differ; not native-specific", "I-S24, I-S25, I-S27" ], [ "PB-14", "Publicis: Starcom, Zenith, Spark Foundry, Performics, Epsilon, CitrusAd, PMX", "partially_supported", "Starcom, Zenith, Spark Foundry, Performics, PMX confirmed (UK page); CitrusAd brand evolved to 'Epsilon Retail Media'", "I-S34, I-S35" ], [ "PB-15", "Competitive incumbents: Teads, Taboola, Revcontent, MGID, Readpeak, Dianomi", "partially_verified", "Teads and Taboola verified via 10-Ks; MGID product page opened (850M monthly users claim); Revcontent, Readpeak, Dianomi not checked", "I-S03, I-S16, I-S38" ], [ "PB-16", "Dentsu / Havas (not in playbook holdco map)", "gap_in_playbook", "dentsu retains four regions under Sep 2026 mid-term plan after 2025 sale reporting; Havas structure not verified", "I-S31, I-S32, I-S33" ], [ "PB-17", "Hearts & Science Executive MD, $2B+ media across S&P 500 clients; native data sold into Annalect at multi-million ACV", "author_assertion", "Personal track-record claim; not verifiable from public sources", "I-S39" ], [ "PB-18", "Verve Group book at 114% on-target in Q1 2024; LATAM 274%", "author_assertion", "Personal track-record claim; not verifiable from public sources", "I-S39" ], [ "PB-19", "Quota math: 120 opportunities, 20% close, 23 deals, $144-230K ACV, $3.3M+; $3.25M-$4.7M per FTE", "author_assertion (illustrative model)", "Page labels these 'the operator's illustrative model, not claimed client results'; no industry benchmark located", "I-S39" ], [ "PB-20", "Teads Q2 2026 / EngageOS (post-validation events)", "new_since_validation", "EngageOS launched 11 Jun 2026; Q2 2026 revenue -17% YoY, guidance suspended on DR/SME volatility", "I-S04, I-S05" ] ], "units": "verdict categories: confirmed | confirmed_with_date_correction | partially_supported | stale | not_verified | author_assertion", "source_ids": [ "I-S01", "I-S02", "I-S03", "I-S04", "I-S05", "I-S06", "I-S07", "I-S08", "I-S09", "I-S10", "I-S11", "I-S12", "I-S13", "I-S14", "I-S15", "I-S16", "I-S19", "I-S20", "I-S21", "I-S24", "I-S25", "I-S27", "I-S31", "I-S32", "I-S33", "I-S34", "I-S35", "I-S38", "I-S39" ] }, { "name": "native_buying_routes", "columns": [ "route", "who_uses_it_documented", "minimums_or_terms_documented", "evidence", "source_ids" ], "rows": [ [ "Managed service (vendor sales / strategic accounts)", "Teads: 'large global brands' via dedicated strategic-accounts team with consultative services; Taboola: 'mostly large Advertisers' onboarded by sales team", "No public minimum; Teads JBPs ~50 averaging $4M annual spend (non-contractual commitments)", "10-K Business sections", "I-S03, I-S16" ], [ "Vendor self-serve buying interface", "Teads Ad Manager under 'master service agreements ... with agency holding companies' and direct advertisers (93% of Teads 2025 revenue via proprietary platforms); Taboola Realize used by ~2,200 Scaled Advertisers (> $100K trailing-4Q spend) mostly direct, not via agency", "No minimum stated on product pages; third-party blog: floor 'low tens of dollars per day' varying by region (low reliability)", "10-Ks; product pages; blog", "I-S03, I-S16, I-S17, I-S37, I-S36" ], [ "Agentic / AI front ends on vendor platforms", "Taboola Realize+ (beta, phase 2 from Q2 2026) and Claude Skill; Taboola Abby (Oct 2024); Reddit Max campaigns (beta, select advertisers, Jan 2026); Trade Desk Kokai Zuma Koa Assistant (Aug 2026)", "No pricing or minimums disclosed; performance figures vendor-reported", "Press releases; trade press", "I-S14, I-S15, I-S13, I-S19" ], [ "Programmatic via DSP / OpenRTB", "Taboola: 'integrations with leading demand side platforms'; Trade Desk lists native among Kokai formats; ANA cohort routes 81.6% of programmatic spend through PMPs and 92%+ by Q4 2025", "DSP terms not native-specific; ANA guidance recommends direct contracts with DSPs/SSPs/verification vendors and log-level data access", "10-K; TTD release; ANA benchmark", "I-S16, I-S19, I-S24, I-S26, I-S28, I-S29" ], [ "Publisher-side native supply exposed to SSP demand", "Teads EngageOS with Magnite Demand Server: publishers bring Prebid Server-compatible SSP demand into native feed placements (launched 11 Jun 2026; The Arena Group quoted)", "No adoption or pricing figures disclosed", "Press release", "I-S05" ], [ "Attention-guaranteed packages (adjacent, not native)", "Vevo 'Attention Guaranteed' with Adelaide AU across CTV/mobile/desktop (Jan 2026)", "Guarantees a minimum attention score; no make-good/refund terms disclosed; no CPA guarantee", "Press release", "I-S22" ], [ "Other scaled native networks (self-serve)", "MGID advertiser page: '850 million monthly users', '32K+ content websites', '24/7 account and tech-support'", "No minimum deposit or pricing stated on page", "Vendor page", "I-S38" ] ], "units": "text; dollar figures as stated by source", "source_ids": [ "I-S03", "I-S05", "I-S13", "I-S14", "I-S15", "I-S16", "I-S17", "I-S19", "I-S22", "I-S24", "I-S26", "I-S28", "I-S29", "I-S36", "I-S37", "I-S38" ] }, { "name": "ana_programmatic_transparency_benchmark_series", "columns": [ "metric", "2023_study (Sep 2022-Jan 2023)", "Q2_2025", "Q3_2025", "Q4_2025", "notes" ], "rows": [ [ "Participating advertisers", "21", "not stated", "39 participating / 21 contributing LLD", "not stated", "ANA member cohort; self-selected" ], [ "Impressions analysed (billions)", "35.5", "18.6", "17.5", "not stated", "2023 also $123M spend" ], [ "MFA share of impressions", "21", "n/a", "0.5 (median, web+mobile)", "n/a", "2023 aggregate; 2025 median" ], [ "MFA share of spend", "15", "0.75 (web) / 0.8 (all)", "0.40 (web) / 0.39 (all)", "not stated in release", "not native-specific" ], [ "Working media / TrueAdSpend web+mobile", "36", "46.6", "47.1", "56.7 (quality-governed advertisers, 'benchmark-qualified' definition)", "Q4 definition differs" ], [ "TrueAdSpend incl. CTV", "n/a", "37.0", "39.0", "n/a", "" ], [ "PMP share of spend", "n/a", "82.6", "81.6", ">92 (median across environments)", "CTV 100% PMP in Q4" ], [ "CTV share of programmatic spend", "n/a", "44.2", "45.6", "~40 (per release)", "" ], [ "Median domains/apps accessed", "44,000 avg per campaign", "28,958", "26,372", "n/a", "OMP 27,166->21,870; PMP 24,460->19,122" ], [ "Non-viewable impressions (median, all)", "n/a", "48.6", "29.7", "n/a", "CTV 'non-viewable' largely unmeasurable" ], [ "IVT (median)", "n/a", "0.4", "0.4", "n/a", "" ], [ "Low-risk brand-safety share of spend", "n/a", "n/a", "99.1", "n/a", "first Q3 2025 inclusion" ], [ "Estimated waste / efficiency opportunity ($B)", "20 (23% of $88B open-web programmatic) / 22 (practice page)", "n/a", "13.6 'recovered' (extrapolated to $123B market)", "n/a", "extrapolations" ] ], "units": "percent of spend or impressions unless noted; medians for 2025 benchmark; aggregate for 2023 study", "source_ids": [ "I-S24", "I-S25", "I-S26", "I-S27", "I-S29" ] }, { "name": "teads_q2_2026_reported_metrics", "columns": [ "metric", "Q2_2026", "Q2_2025", "yoy_change" ], "rows": [ [ "Revenue", "284.6", "343.1", "-17%" ], [ "Ex-TAC gross profit", "123.4", "144.2", "-14%" ], [ "Adjusted EBITDA", "7.0", "27.0", "-74%" ], [ "Net loss", "-42.5", "-14.3", "n/a" ], [ "CTV share of revenue (%)", "13", "7", "CTV revenue +67%" ], [ "Guidance", "suspended (DR and SME volatility)", "n/a", "n/a" ] ], "units": "USD millions unless noted; period Apr-Jun 2026 vs Apr-Jun 2025; global", "source_ids": [ "I-S04" ] }, { "name": "holdco_media_structures_at_cutoff", "columns": [ "holding_group", "media_unit", "agency_brands_named_in_opened_source", "data_or_tech_named", "status_note", "source_ids" ], "rows": [ [ "Omnicom (incl. IPG)", "Omnicom Media", "OMD, PHD, UM, Initiative, Hearts United (H&S + Mediahub, launched 2026-08-28); MG OMD (UK) per release; site still lists MediaHub", "Omni; Acxiom Real ID; Flywheel; Annalect not named", "IPG closed 2025-11-26; $70B+ buying power and $3.3B H1 2026 new billings are self-reported", "I-S06, I-S07, I-S08" ], [ "WPP", "WPP Media (ex-GroupM, 2025-05-28)", "Mindshare, Wavemaker, EssenceMediacom, Choreograph, The Goat Agency", "WPP Open / Open Media Studio", "~$60B annual media investment (company figure via press)", "I-S09, I-S10" ], [ "Publicis Groupe", "Publicis Media (UK page)", "Starcom, Zenith, Spark Foundry, Performics; PMX trading arm", "Epsilon CORE ID; Epsilon Retail Media (ex-CitrusAd)", "UK-page view; global page not opened", "I-S34, I-S35" ], [ "dentsu", "dentsu (regions: Japan, Americas, EMEA, APAC)", "not named in opened sources", "AI and Data & Technology adoption cited", "2025 sale review reported; Sep 2026 plan retains four regions; Takeshi Sano President & Global CEO", "I-S31, I-S32, I-S33" ], [ "Havas", "not verified", "not verified", "not verified", "investor page 404; homepage lists 'Media' among services and 'Converged.AI'", "none opened beyond homepage" ] ], "units": "text; figures as stated by source", "source_ids": [ "I-S06", "I-S07", "I-S08", "I-S09", "I-S10", "I-S31", "I-S32", "I-S33", "I-S34", "I-S35" ] } ], "raw_J": [ { "name": "agentic_capability_map", "columns": [ "vendor_or_platform", "product_or_feature", "capability", "status_label", "date", "independently_observable", "source_ids", "notes" ], "rows": [ [ "Taboola", "Realize", "Self-serve performance platform beyond search/social; native, display, vertical, video, carousel, app formats; CPA/ROAS objectives", "live", "2025-02-26", "yes (public site) / no (performance)", "J-S13; J-S11", "Launch language from Q4 2024 8-K; 600M DAU claim; 11,000+ publishers" ], [ "Taboola", "Realize+", "'Agentic system that turns advertiser goals into outcomes'", "announced (marketing only)", "2026-09 (site as accessed)", "no", "J-S11", "No filing detail, no approval-control or API description" ], [ "Taboola", "Abby: AI Ad Assistant", "Conversational campaign setup, targeting, budget and creative edits; question-led", "live", "2024-10-17 (announced)", "partly (product page)", "J-S12; J-S39", "Vendor claim: 75% faster to live in early tests, no method" ], [ "Taboola", "GenAI Ad Maker", "Generative creative", "live (name only)", "2026-09 (listed in site footer)", "no", "J-S39", "Product page returned 404" ], [ "Taboola", "Realize ID", "Cross-device audience profiling/data product", "live", "2026-09 (site banner)", "no", "J-S11; J-S39", "" ], [ "Teads", "Predictive AI engine / Teads Ad Manager", "Outcome optimisation across screens; TAM self-serve", "live", "2026-08-06", "partly", "J-S17; J-S18", "CTV HomeScreen placements integrated into TAM" ], [ "Teads", "Teads EngageOS", "AI-powered publisher operating system unifying editorial and ad inventory", "live (launched)", "2026-08-06 (Q2 2026 release)", "no", "J-S18", "Publisher-side, not advertiser automation" ], [ "Teads", "Generative creative / agentic buying", "—", "unconfirmed", "2026-09-27", "no", "J-S17; J-S18", "Not named in filing or on home page" ], [ "MGID", "MIA", "Diagnostic AI assistant on live account data; recommendations only", "live", "2026-07-16", "partly (blog)", "J-S15", "'the decision to act remains yours'" ], [ "MGID", "CTR Guard / CPA Tune / smart bidding", "Automated optimisation", "live", "2026-09-27 (site)", "partly", "J-S16", "" ], [ "MGID", "Generative creative tools", "—", "unconfirmed", "2026-09-27", "no", "J-S16", "Not named on pages opened" ], [ "Google", "Ads in AI Overviews", "Search/Shopping ads inside AI Overviews; desktop expansion", "live", "2025-05-21", "yes (public surface)", "J-S19", "Markets not specified in extract" ], [ "Google", "Ads in AI Mode / AI Search ad formats", "Ads in AI Mode; Gemini-built formats tailored to query; Direct Offers pilot", "live (formats expanding)", "2025-05-21 to 2026-05-20", "yes (public surface)", "J-S19; J-S20", "No adoption figures" ], [ "Google", "Ask Advisor / Ads Advisor", "Cross-product Gemini agent; agentic safety/policy features", "announced", "2026-05-20", "no", "J-S20", "Approval model not stated" ], [ "Google", "AI Max for Search; Performance Max; Demand Gen", "Goal-based automated campaigns", "live", "2026-08-27", "yes (product)", "J-S19; J-S21", "Demand Gen '30% increase' claim, internal data H2 2025" ], [ "Google", "Asset Studio Multimodal Video Creation", "Generative video creative", "live (GA)", "2026-08-27", "partly", "J-S21", "" ], [ "Google", "Business Agent for YouTube ads", "Conversational agent inside ads", "beta or limited (US)", "2026-09-16", "no", "J-S22", "" ], [ "Meta", "Advantage+ sales campaigns; Advantage+ creative (gen AI)", "Automated audience/placement/budget; AI creative variations", "live", "2026-09-03", "yes (product)", "J-S23", "Case-study evidence only" ], [ "Meta", "Business Agent (WhatsApp)", "Conversational commerce agent", "live (case study)", "2026-09-03", "no", "J-S23", "" ], [ "Meta", "Ads inside Meta AI assistant", "—", "unconfirmed", "2026-09-27", "no", "", "No primary opened" ], [ "Amazon Ads", "Ads Agent", "Natural-language campaign build/optimisation; SQL over AMC; human approval before launch", "live (GA)", "2025-11-11", "partly (product page)", "J-S25", "AMC users; US DSP Multimedia Solutions users" ], [ "Amazon Ads", "Creative Agent", "Generative display/video/audio creative at no cost", "live (GA, US)", "2025-11-11", "partly", "J-S26", "" ], [ "Amazon Ads", "Campaign Manager", "Unified AI campaign console", "beta or limited", "2025-11 (unBoxed 2025)", "no", "J-S24", "" ], [ "Amazon", "Ads inside Rufus", "—", "unconfirmed", "2026-09-27", "no", "J-S24", "Not found on What's New page; guessed URL 404" ], [ "OpenAI", "ChatGPT Ads", "Ads to free-tier users; product feeds, geo/platform targeting, custom audiences, outcome-optimised bidding; self-serve Ads Manager", "live", "2026-02 (US launch); 2026-05 (Ads Manager); 2026-09-01 (40+ countries)", "reported yes (Wired observation cited by Wikipedia; not opened)", "J-S32; J-S31", "$1B annualised run rate self-reported by OpenAI" ], [ "OpenAI + Stripe", "Instant Checkout / ACP", "Agentic checkout in ChatGPT; merchants pay fee; 'not sponsored' (Sept 2025)", "live (US; approved partners); spec Beta", "2025-09-29", "yes (open spec)", "J-S29; J-S30; J-S28", "Adjacent commerce rail, not advertising" ], [ "Perplexity", "Sponsored answers / follow-up ads", "Ads beneath answers (2024 test)", "retired", "phased out 2025; reported 2026-02-18", "yes (reported)", "J-S34; J-S33", "Subscription-first pivot" ], [ "Microsoft", "Copilot ads", "—", "unconfirmed", "2026-09-27", "no", "", "No primary page located without search" ], [ "The Trade Desk", "Kokai", "AI-driven DSP platform", "live", "2026-02-25", "no (adoption % not in release)", "J-S38", "" ], [ "Apostra (ex-Scope3)", "Agentic media platform on AdCP", "Buyer/seller agents; channels include native", "live (campaigns in 6 named markets)", "2026-09-23", "no (no customer names or volumes)", "J-S36; J-S35", "Rebrand from Scope3" ], [ "Prebid.org", "Prebid Sales Agent", "Open-source MCP/A2A sales agent implementing AdCP 3.1.1; GAM/Broadstreet/Kevel/Triton", "beta or limited (self-labelled alpha)", "2026-09-27 (repo state)", "yes (open repo, 38 stars)", "J-S09; J-S08", "No native format documented" ] ], "units": "status labels and dates (YYYY-MM-DD)", "source_ids": [ "J-S01", "J-S06", "J-S08", "J-S09", "J-S11", "J-S12", "J-S13", "J-S15", "J-S16", "J-S17", "J-S18", "J-S19", "J-S20", "J-S21", "J-S22", "J-S23", "J-S24", "J-S25", "J-S26", "J-S28", "J-S29", "J-S30", "J-S31", "J-S32", "J-S33", "J-S34", "J-S35", "J-S36", "J-S38", "J-S39" ] }, { "name": "agentic_protocol_table", "columns": [ "protocol", "owner", "latest_version_stated", "version_date", "status_stated", "adopters_or_implementations_observed", "native_format_named", "source_ids" ], "rows": [ [ "AdCP (Ad Context Protocol)", "AgenticAdvertising.org (pending 501(c)(6), Delaware)", "stable v3.1.24; rc v3.2.0-rc.6 (site shows 3.2.0-rc.3; docs 3.1.24)", "2026-09-23 (3.1.24); 2026-09-24 (rc.6)", "release candidate on 3.2 line; no 'stable/GA' label on pages opened", "141+ members claimed (Yahoo, PubMatic, Scope3/Apostra, Samba TV, LG Ads, Kargo, Wunderkind, Sightly); implementations: Prebid Sales Agent (alpha, AdCP 3.1.1), Apostra platform; first agent-to-agent buy claimed 2025-10-16 (LG Ads)", "no", "J-S01; J-S02; J-S06; J-S07; J-S09; J-S36" ], [ "AAMP (Agentic Advertising Management Protocols)", "IAB Tech Lab — Agentic Task Force", "AAMP 3.0 (includes OpenProposal); prior 2.3, 2.0", "index: Released 2026-02-26; page last updated 2026-09-22", "Released (umbrella); Buyer/Seller Agent SDKs described as production-ready", "Components: Agentic Direct, Buyer Agent, Seller Agent, Open Proposal, Registry Agent Example, ARTF, Agentic Audiences; page mentions Google Ad Manager integration and a Databricks webinar; no adopter list", "no", "J-S04; J-S05; J-S10" ], [ "ARTF (Agentic Real Time Framework)", "IAB Tech Lab — Agentic Working Group", "v1.0", "2026 (public comment at access)", "Public Comment", "none named", "no", "J-S04; J-S10" ], [ "Agentic Audiences (formerly UCP)", "IAB Tech Lab — Agentic Task Force", "not versioned", "2026", "Development / proof of concept", "none named", "no", "J-S04; J-S10" ], [ "ACP (Agentic Commerce Protocol)", "OpenAI and Stripe (founding maintainers)", "spec release 2026-04-17 (cart, feed, orders, auth, MCP)", "2026-04-17", "Beta", "ChatGPT Instant Checkout (US; Etsy live at launch, Shopify merchants to follow; 'approved partners')", "n/a (commerce)", "J-S29; J-S30; J-S28" ], [ "UCP (Universal Commerce Protocol, Google)", "Google", "not stated", "2026-05-20 (expansion); 2026-09-16 (cart transfer, checkout testing)", "rolling out in US; AU/CA early 2027", "Tapestry, lululemon, Minted named as partners in Sept 2026 post", "n/a (commerce)", "J-S20; J-S22" ], [ "OpenRTB Dynamic Native Ads API", "IAB Tech Lab", "v1.2", "2017-07", "Released (unchanged)", "industry-wide (not enumerated here)", "yes (the native spec)", "J-S04" ], [ "MCP / A2A (transports)", "Anthropic / Google (referenced)", "not stated", "—", "referenced as transports by both AdCP and AAMP", "AdCP planning-time tasks; Prebid Sales Agent; AAMP page", "n/a", "J-S05; J-S06; J-S07; J-S09" ] ], "units": "version strings; dates YYYY-MM-DD", "source_ids": [ "J-S01", "J-S02", "J-S04", "J-S05", "J-S06", "J-S07", "J-S09", "J-S10", "J-S20", "J-S22", "J-S28", "J-S29", "J-S30", "J-S36" ] }, { "name": "reference_financials_for_ai_claimants", "columns": [ "company", "period", "revenue", "revenue_yoy", "ex_tac_gross_profit", "ex_tac_yoy", "adjusted_ebitda", "adj_ebitda_yoy", "other", "source_ids" ], "rows": [ [ "Taboola", "Q2 2026", "476.8", "+2.4%", "192.4", "+11.8%", "55.5", "+22.8%", "FY2026 guidance: revenue 1,930-1,956; ex-TAC GP 772-783; Adj. EBITDA 228-240", "J-S14" ], [ "Taboola", "FY2024", "1,766.2", "n/r", "667.5", "n/r", "200.9", "n/r", "FY2025 guidance: revenue 1,838-1,888; ex-TAC GP 674-690; Adj. EBITDA 201-209", "J-S13" ], [ "Teads Holding Co.", "Q2 2026", "284.6", "-17%", "123.4", "-14%", "7.0", "-74%", "CTV +67% YoY, 13% of revenue (7% in Q2 2025); FY2026 guidance suspended", "J-S18" ], [ "The Trade Desk", "Q4 2025", "847", "+14%", "n/a", "n/a", "n/a", "n/a", "FY2025 revenue 2,896 (+18%); 2025 gross spend 13,400", "J-S38" ] ], "units": "USD millions unless stated; YoY % as reported", "source_ids": [ "J-S13", "J-S14", "J-S18", "J-S38" ] } ], "raw_K": [ { "name": "K-T01 Rule table: instruments governing native disclosure and targeting (US, EU, UK)", "columns": [ "jurisdiction", "instrument", "what_it_requires_for_native_or_disclosure", "effective_date", "scope", "official_url", "source_id" ], "rows": [ [ "US", "FTC Enforcement Policy Statement on Deceptively Formatted Advertisements", "Ad format deceptive under Section 5 if it materially misleads reasonable consumers about commercial nature or source (net impression); applies to advertorials, native/sponsored content, paid search results, infomercials", "2015-12-22", "Legal standard (Commission statement interpreting Section 5 FTC Act); all commercial speech; advertisers and other participants", "https://www.ftc.gov/system/files/documents/public_statements/896923/151222deceptiveenforcement.pdf", "K-S02" ], [ "US", "FTC Native Advertising: A Guide for Businesses", "Disclosure in front of/above headline, prominent, plain terms ('Ad', 'Advertisement', 'Paid Advertisement', 'Sponsored Advertising Content'); 'Promoted'/'Promoted Stories' called ambiguous; applies to advertisers, publishers, agencies, affiliate networks", "2015-12", "Staff guidance (no safe harbour)", "https://www.ftc.gov/business-guidance/resources/native-advertising-guide-businesses", "K-S01" ], [ "US", "FTC Endorsement Guides, 16 CFR Part 255 (2023 revision)", "Clear and conspicuous disclosure of material connections; responsibility on brand and endorser, not platform; '#ad'/'Paid ad' at start of post", "2023-07-26", "Interpretive guides (basis for Section 5 actions); endorsers, advertisers, intermediaries", "https://www.federalregister.gov/documents/2023/07/26/2023-14795/guides-concerning-the-use-of-endorsements-and-testimonials-in-advertising", "K-S05" ], [ "US", "Trade Regulation Rule on the Use of Consumer Reviews and Testimonials, 16 CFR Part 465", "Bans fake/AI-generated reviews and testimonials, paid-sentiment reviews, undisclosed insider reviews, company-controlled 'independent' review sites, review suppression, fake social-media indicators; civil penalties", "2024-10-21", "Binding rule; reviews and testimonials only (not native ad formatting)", "https://www.federalregister.gov/documents/2024/08/22/2024-18519/trade-regulation-rule-on-the-use-of-consumer-reviews-and-testimonials", "K-S08" ], [ "US-CA", "CCPA/CPRA, Civ. Code 1798.135 and 1798.140", "'Do Not Sell or Share' link or honouring opt-out preference signal for sale/sharing; 'sharing' = disclosure for cross-context behavioural advertising", "Sharing provisions since 2023-01-01; current text amended effective 2025-01-01", "Statute; businesses meeting CCPA thresholds", "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CIV§ionNum=1798.135", "K-S14" ], [ "US-CA", "CCPA Regulations s.7025 (opt-out preference signals), 2025 update package", "Compliant signal must be processed as valid opt-out of sale/sharing for the browser/device and associated (incl. pseudonymous) profiles", "Package effective 2026-01-01 (s.7025 in force since 2023)", "Binding regulation", "https://cppa.ca.gov/regulations/pdf/ccpa_updates_cyber_risk_admt_appr_text.pdf", "K-S18" ], [ "US-CA", "AB 566 California Opt Me Out Act (Ch. 465, Stats. 2025)", "Browsers must include consumer-configurable functionality to send an opt-out preference signal", "2027-01-01", "Statute; businesses that develop or maintain a browser", "https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202520260AB566", "K-S19" ], [ "US (19 states)", "Comprehensive state privacy laws (IAPP chart)", "Opt-out of sale; 17 of 19 include opt-out of profiling/targeted advertising", "2020-01-01 (CA) to 2026-01-01 (IN, KY, RI)", "Statutes; thresholds vary by state", "https://iapp.org/media/pdf/resource_center/State_Comp_Privacy_Law_Chart.pdf", "K-S21" ], [ "EU", "Directive 2005/29/EC (UCPD) Annex I items 11 and 11a; Art. 7(2)", "Undisclosed paid editorial promotion and undisclosed paid search results/ranking are unfair in all circumstances; failure to identify commercial intent is a misleading omission", "Item 11 via national transposition (2007); item 11a from 2022-05-28", "Directive transposed in member states; traders", "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02005L0029-20220528", "K-S23" ], [ "EU", "Digital Services Act, Regulation (EU) 2022/2065, Art. 26 and 28 (as summarised by the Commission)", "Ads clearly labelled with advertiser identity and main targeting parameters; no ads based on profiling with sensitive data; no profiling-based ads to minors; VLOP ad repository", "VLOPs/VLOSEs late Aug 2023; all platforms 2024-02-17", "Regulation; online platforms (not pure publisher sites)", "https://digital-strategy.ec.europa.eu/en/faqs/digital-services-act-questions-and-answers", "K-S24" ], [ "EU", "AI Act, Regulation (EU) 2024/1689, Art. 50 (transparency), as amended by AI Omnibus", "Disclose AI interaction; machine-readable marking of AI-generated content; label deepfakes and AI text informing the public", "2026-08-02", "Regulation; providers and deployers of covered AI systems; not advertising-specific", "https://digital-strategy.ec.europa.eu/en/policies/regulatory-framework-ai", "K-S26" ], [ "EU", "AI Omnibus Regulation (OJ L_202601744)", "Delays high-risk rules to 2027-12-02 (Annex III) and 2028-08-02 (Annex I); nudification ban; no Article 50 date change recorded", "2026-07-27 entry into force", "Regulation amending AI Act", "https://digital-strategy.ec.europa.eu/en/news/ai-omnibus-enters-force", "K-S28" ], [ "EU", "Digital Fairness Act (proposal)", "Expected to address dark patterns, addictive design, influencer marketing, personalisation", "Proposal expected Q4 2026 (not adopted at cutoff)", "Not yet law", "https://www.europarl.europa.eu/legislative-train/theme-a-new-plan-for-europe-s-sustainable-prosperity-and-competitiveness/file-digital-fairness-act", "K-S32" ], [ "UK", "CAP Code rules 2.1-2.4", "Marketing communications obviously identifiable; advertorials labelled e.g. 'advertisement feature'; no falsely posing as consumer", "Current edition", "Self-regulatory (ASA); industry practice with statutory backstop", "https://www.asa.org.uk/type/non_broadcast/code_section/02.html", "K-S33" ], [ "UK", "DMCC Act 2024 Schedule 20 paras 12-13", "Undisclosed paid editorial promotion and fake/concealed-incentive reviews unfair in all circumstances", "2025-04-06", "Statute; CMA direct enforcement", "https://www.legislation.gov.uk/ukpga/2024/13/schedule/20", "K-S34" ], [ "US/global", "IAB Native Advertising Playbook 2.0", "All native ad types must carry a disclosure conveying the content is paid, large and visible enough to notice; defers to FTC 2015 documents", "2019-05", "Industry practice, not law", "https://www.iab.com/wp-content/uploads/2019/05/IAB-Native-Advertising-Playbook-2_0_Final.pdf", "K-S22" ] ], "units": "n/a", "source_ids": [ "K-S01", "K-S02", "K-S05", "K-S08", "K-S14", "K-S18", "K-S19", "K-S21", "K-S22", "K-S23", "K-S24", "K-S26", "K-S28", "K-S32", "K-S33", "K-S34" ] }, { "name": "K-T02 US comprehensive state privacy laws signed as of 24 Nov 2025", "columns": [ "state", "statute_or_common_name", "year_enacted", "effective_date", "opt_out_profiling_targeted_ads_flag" ], "rows": [ [ "California", "CCPA (as amended by CPRA)", "2018", "2020-01-01", "no P flag (sale/share opt-out and sensitive-data limit instead)" ], [ "Colorado", "Colorado Privacy Act (SB 190)", "2021", "2023-07-01", "P" ], [ "Connecticut", "Connecticut Data Privacy Act (SB 6)", "2022", "2023-07-01", "P" ], [ "Delaware", "Delaware Personal Data Privacy Act (HB 154)", "2023", "2025-01-01", "P" ], [ "Indiana", "Indiana Consumer Data Protection Act (SB 5)", "2023", "2026-01-01", "P" ], [ "Iowa", "Iowa Consumer Data Protection Act (SF 262)", "2023", "2025-01-01", "no P flag" ], [ "Kentucky", "Kentucky Consumer Data Protection Act (HB 15)", "2024", "2026-01-01", "P" ], [ "Maryland", "Maryland Online Data Privacy Act (SB 541)", "2024", "2025-10-01", "P" ], [ "Minnesota", "Minnesota Consumer Data Privacy Act (HF 4757)", "2024", "2025-07-31", "P" ], [ "Montana", "Montana Consumer Data Privacy Act (SB 384)", "2023", "2024-10-01", "P" ], [ "Nebraska", "Nebraska Data Privacy Act (LB 1074)", "2024", "2025-01-01", "P" ], [ "New Hampshire", "SB 255", "2024", "2025-01-01", "P" ], [ "New Jersey", "SB 332", "2024", "2025-01-15", "P" ], [ "Oregon", "Oregon Consumer Privacy Act (SB 619)", "2023", "2024-07-01", "P" ], [ "Rhode Island", "Rhode Island Data Transparency and Privacy Protection Act (H 7787)", "2024", "2026-01-01", "P" ], [ "Tennessee", "Tennessee Information Protection Act (HB 1181)", "2023", "2025-07-01", "P" ], [ "Texas", "Texas Data Privacy and Security Act (HB 4)", "2023", "2024-07-01", "P" ], [ "Utah", "Utah Consumer Privacy Act (SB 227)", "2022", "2023-12-31", "P" ], [ "Virginia", "Virginia Consumer Data Protection Act (SB 1392)", "2021", "2023-01-01", "P" ] ], "units": "n/a", "source_ids": [ "K-S21" ] }, { "name": "K-T03 FTC endorsement/review enforcement matters, 2023-2026", "columns": [ "matter", "date", "conduct_alleged", "legal_basis_if_known", "source_id" ], "rows": [ [ "Roomster Corp", "2023-08", "Paid for fake reviews; charged for phony listings", "not stated in listing", "K-S09" ], [ "FTC warning letters: American Beverage Association, Canadian Sugar Institute, 12 influencers", "2023-11-15", "Inadequate or missing material-connection disclosures in Instagram/TikTok posts", "Endorsement Guides / Section 5; civil penalties up to $50,120 per violation threatened", "K-S12" ], [ "The Bountiful Company", "2024-03", "Review hijacking (first FTC case)", "not stated in listing", "K-S09" ], [ "Hey Dude Inc.", "2024-08", "Suppressed >80% of reviews below four stars", "not stated in listing", "K-S09" ], [ "Fashion Nova, LLC", "2025-01", "Blocked negative reviews from posting", "not stated in listing", "K-S09" ], [ "Sitejabber", "2025-01", "Misrepresented that ratings came from actual customers", "not stated in listing", "K-S09" ], [ "Iconic Hearts Holdings", "2025-09", "Children's data; messages from fake 'people'", "not stated in listing", "K-S09" ], [ "NextMed", "2025-12", "Fake reviews and testimonials; deceptive cost claims", "not stated in listing", "K-S09" ], [ "Rytr LLC", "2025-12", "AI review generator; barred from selling review-generation services", "not stated in listing", "K-S09" ], [ "B.E.S.T. GDR, LLC", "2026-05", "Fake online business listings", "not stated in listing", "K-S09" ], [ "TruHeight (Vanilla Chip LLC)", "2026-04-13 complaint; 2026-07-15 final order", "Employee-written reviews; incentivised 5-star reviews; unsubstantiated height claims", "Section 5 and Reviews and Testimonials Rule (16 CFR 465)", "K-S10" ] ], "units": "n/a", "source_ids": [ "K-S09", "K-S10", "K-S11", "K-S12" ] }, { "name": "K-T04 ASA rulings on recognition of marketing communications, 2024-2026", "columns": [ "advertiser", "ruling_date", "medium", "issue", "cap_code_rules", "outcome", "source_id" ], "rows": [ [ "Marketing VF Ltd t/a The Eco Experts", "2024-12-18", "Paid Facebook ad", "Falsely implied nature of business; commissions not transparent", "not opened", "Upheld", "K-S35" ], [ "Health Bridge Ltd t/a Zava (with Mumsnet Ltd)", "2026-02-18", "Website advertorial on Mumsnet", "Advertorial with 'Created by ZAVA' credit not obviously identifiable as marketing; POM promotion; health professional endorsement", "2.1, 2.3, 2.4, 12.12, 12.18", "Upheld (all three issues)", "K-S36" ], [ "Xinyu International Trading Ltd t/a consumertestreports.org", "2026-04-22", "Paid Google search ad", "Commercial site presented as independent review organisation", "2.3, 3.1", "Upheld", "K-S37" ], [ "Capgroup Inc Ltd", "2026-07-08", "Own website", "Misleading investment claims; regulatory status not transparent", "not opened", "Upheld", "K-S35" ] ], "units": "n/a", "source_ids": [ "K-S35", "K-S36", "K-S37" ] }, { "name": "K-T05 EU AI Act application timeline after the AI Omnibus", "columns": [ "milestone", "date", "source_id" ], "rows": [ [ "AI Act entry into force", "2024-08-01", "K-S26" ], [ "Prohibited practices apply", "2025-02-02", "K-S26" ], [ "GPAI governance and obligations apply", "2025-08-02", "K-S26" ], [ "AI Omnibus proposal adopted by Commission", "2025-11-19", "K-S26" ], [ "AI Omnibus political agreement (Parliament-Council)", "2026-05-07", "K-S27" ], [ "Guidelines on Article 50 transparency obligations published", "2026-07-20", "K-S26" ], [ "AI Omnibus enters into force (OJ L_202601744)", "2026-07-27", "K-S28" ], [ "Article 50 transparency obligations apply; AI Office and national authorities begin enforcement", "2026-08-02", "K-S29" ], [ "High-risk obligations, Annex III (sensitive areas)", "2027-12-02", "K-S26" ], [ "High-risk obligations, Annex I (regulated products)", "2028-08-02", "K-S26" ] ], "units": "date", "source_ids": [ "K-S26", "K-S27", "K-S28", "K-S29" ] } ], "raw_L": [ { "name": "Retirement / absorption / restructuring timeline", "columns": [ "entity", "event", "announce_date", "completion_date", "what_continued", "source_ids" ], "rows": [ [ "Ligatus GmbH (Gruner + Jahr) -> Outbrain", "Acquisition", "not opened (2019)", "2019-04-01", "Ligatus GmbH still listed as a subsidiary in Teads Holding Co. FY2025 Exhibit 21.1; brand status unknown", "L-S19; L-S38" ], [ "Yahoo native supply (Gemini lineage) -> Taboola", "30-year exclusive commercial agreement; Yahoo took 24.99% of Taboola", "2022-11-28", "Closed January 2023; advertiser migration reported complete Q2 2024", "Yahoo remains a >=5% Taboola partner in FY2025; agreement amended at least 7 times to 2026-03-01", "L-S14; L-S13; L-S06; L-S07; L-S09; L-S12" ], [ "Microsoft Start brand -> MSN", "Brand retirement (not product)", "2024-11 (per Wikipedia pointer citing Windows Central 2024-11-11)", "2024-11", "MSN portal/app continued; Microsoft remained a >=5% Taboola partner in FY2025; only filed impact: 'small impact from changes to Microsoft's ad platform' in Q4 2023", "L-S32; L-S12; L-S05" ], [ "Sharethrough -> Equativ", "Acquisition then brand retirement", "2024-06 (acquisition; per Equativ release)", "2025-06-09 (brand unified under Equativ)", "Native continues as one channel in 'Maestro by Equativ'; 750+ staff, 20 countries (vendor claim)", "L-S26" ], [ "Outbrain + Teads -> Teads Holding Co.", "Acquisition (~$900M: $625M cash + 43.75M shares)", "not opened (2024)", "2025-02-03", "Combined company; ~10% headcount cut late 2025; $352.1M goodwill impairment Q4 2025; guidance suspended 2026-08-06", "L-S18; L-S15; L-S17" ], [ "Realize (Taboola)", "Repositioning launch: 'all performance advertising ... beyond search and social'", "2025-02-26", "2025-02 (launch)", "Taboola brand and native supply continue; $1.83M termination costs for launch-related headcount reduction", "L-S04" ], [ "TripleLift", "Layoffs (double-digit %, <20% of 450+) and CEO change", "2025-07-11 (layoffs); CEO Helmreich from 2025-02", "2025-07-11", "Company continues under Vista Equity Partners; third layoff round since 2020", "L-S27" ], [ "Nativo -> Life360", "Acquisition (~$120M; 65% cash / 35% stock)", "2025-11-10", "2026-01-05", "Platform to be combined with Life360 family/location data across app, CTV, mobile, web; brand continuation not stated", "L-S24; L-S25" ], [ "Teads Holding Co. guidance", "Guidance suspension (FY2026 Adj. EBITDA ~$100M withdrawn)", "2026-08-06", "2026-08-06", "Company continues; cites Direct Response/SME volatility and 'open-web headwinds'", "L-S17" ], [ "People Inc. Search segment (Ask Media)", "Google Services Agreement non-renewal (adjacent, not native)", "2025-12-10 (Google notice)", "2026-04-30 (agreement terminated; segment discontinued)", "Publisher (People Inc. Group) continues; illustrates Google-dependency risk", "L-S23" ], [ "Adyoulike", "Lead 'acquired by Opera' - NOT substantiated", "n/a", "n/a", "Independent live site (©2026), offices US/UK/France; zero SEC-filing mentions 2022-2026", "L-S33; L-S37" ], [ "RevContent", "Status check", "n/a", "n/a", "Live site '© 2026, RevContent, LLC'", "L-S34" ], [ "ZergNet", "Status check", "n/a", "n/a", "Live consumer recommendation site", "L-S35" ], [ "plista", "Status check - domain did not resolve", "n/a", "unknown", "plista.com / www.plista.com DNS ENOTFOUND on 2026-09-27; no closure notice opened", "L-S39" ], [ "Content.ad", "Status check - domain did not resolve", "n/a", "unknown", "www.content.ad DNS ENOTFOUND on 2026-09-27", "L-S39" ], [ "Engageya", "Status check - domain did not resolve", "n/a", "unknown", "www.engageya.com DNS ENOTFOUND on 2026-09-27", "L-S39" ] ], "units": "dates (YYYY-MM-DD); USD where stated", "source_ids": [ "L-S19", "L-S38", "L-S14", "L-S13", "L-S06", "L-S07", "L-S09", "L-S12", "L-S32", "L-S05", "L-S26", "L-S18", "L-S15", "L-S17", "L-S04", "L-S27", "L-S24", "L-S25", "L-S23", "L-S33", "L-S37", "L-S34", "L-S35", "L-S39" ] }, { "name": "Leading indicators for the open-web native ecosystem", "columns": [ "indicator", "latest_value", "period", "geography", "source_ids", "what_it_would_signal" ], "rows": [ [ "People Inc. Core Sessions YoY", "-22%", "Q2 2026 vs Q2 2025", "US", "L-S20", "Continued acceleration = AI Overviews eroding search-referred page views on premium publishers; the trend went -5% (FY25) -> -13% -> -17% -> -22%" ], [ "Ozone ad-request volume YoY", "-32% to -37% (US); -39% to -41% (UK)", "Q2 2026 vs Q2 2025", "US, UK", "L-S28", "Supply contraction on premium programmatic display; fewer impressions to host recommendation units" ], [ "Ozone programmatic spend YoY", "-44% (US); -14.3% (UK)", "Q2 2026", "US, UK", "L-S28", "Whether yield (eCPM) offsets volume loss; US did not, UK largely did" ], [ "Ozone eCPM YoY", "+7% (US); +30% (UK)", "June 2026", "US, UK", "L-S28", "Rising eCPM with falling volume = scarcity pricing, not demand growth" ], [ "Teads Holding Co. revenue YoY", "-17%", "Q2 2026", "global", "L-S17", "Organic decline in the Outbrain/Teads lineage; watch Q3 for stabilisation" ], [ "Teads Holding Co. guidance status", "Suspended (FY2026 Adj. EBITDA ~$100M withdrawn)", "2026-08-06", "global", "L-S17", "Management cannot forecast its Direct Response/SME (recommendation-heavy) business" ], [ "Teads Holding Co. adjusted free cash flow", "-$37.9M", "H1 2026", "global", "L-S17", "Cash burn against $605.1M of 10% senior secured notes due 2030" ], [ "Teads Holding Co. goodwill impairment", "$352.1M", "Q4 2025", "global", "L-S15", "Board-level write-down of the acquired value less than a year after closing" ], [ "Taboola ex-TAC gross profit YoY", "+11.8%", "Q2 2026", "global", "L-S01", "Net-revenue growth in the largest native vendor; the key disconfirming signal" ], [ "Taboola gross revenue YoY", "+2.4% (missed own $492-505M guidance)", "Q2 2026", "global", "L-S01; L-S03", "Gross revenue decoupling from ex-TAC; watch for gross-to-net or TAC-mix explanation" ], [ "Taboola FY2026 revenue guidance midpoint", "$1,943M (Aug) vs $2,034M (May) vs $2,023.5M (Feb)", "2026 guidance cycle", "global", "L-S01; L-S02; L-S03", "Top-line expectations lowered while profit expectations rose" ], [ "Taboola FY2026 ex-TAC guidance midpoint", "$777.5M (Aug) vs $770.5M (May) vs $763.5M (Feb)", "2026 guidance cycle", "global", "L-S01; L-S02; L-S03", "Net revenue expectations raised twice" ], [ "Yahoo agreement amendment count", "7 (latest effective 2026-03-01)", "2023-05-01 to 2026-03-01", "global", "L-S09; L-S10; L-S11", "Frequent re-basing of performance measurement in the single largest native supply contract" ], [ "Dianomi plc revenue YoY", "+2% H1 2026 (+4.5% cc); +14% Jul-Aug 2026", "H1 2026; Jul-Aug 2026", "UK/US", "L-S31", "Small-cap financial-content native recovering from FY2025 -2.1%" ], [ "TripleLift workforce reduction", "double-digit %, <20% of 450+", "2025-07-11", "US", "L-S27", "PE-owned native SSP cutting cost for the third time since 2020" ], [ "People Inc. Digital revenue YoY", "+6%", "Q2 2026", "US", "L-S20", "Premium publishers can offset traffic loss with rates, commerce and licensing; long-tail cannot" ], [ "Ad-blocking prevalence (measured)", "not obtained", "n/a", "n/a", "", "Left open: no primary GWI/Blockthrough figure could be opened" ] ], "units": "as stated per row", "source_ids": [ "L-S20", "L-S28", "L-S17", "L-S15", "L-S01", "L-S03", "L-S02", "L-S09", "L-S10", "L-S11", "L-S31", "L-S27" ] }, { "name": "Taboola guidance evolution 2024-2026", "columns": [ "guidance_date", "fiscal_year", "revenues", "ex_TAC_gross_profit", "adjusted_EBITDA", "note", "source_ids" ], "rows": [ [ "2024-02-28", "FY2024", "1,892-1,942", "656-679", "200+", "Initial; Yahoo '$100M+ in Q1 2024'", "L-S05" ], [ "2024-05-08", "FY2024", "~2,000 (as extracted; 'reiterating 2024 guidance')", "~670", "200+", "Reiterated; 'on track to complete the migration by mid-year'", "L-S06" ], [ "2024-08-07", "FY2024", "1,735-1,765", "667", "200+", "Revenue lowered: 'some Yahoo revenue ... will now only be reflected in ex-TAC'", "L-S07" ], [ "2025-02-26 (actual)", "FY2024", "1,766.2", "667.5", "200.9", "Actual FY2024", "L-S04" ], [ "2025-02-26", "FY2025", "1,838-1,888", "674-690", "201-209", "Initial FY2025; Realize launch", "L-S04" ], [ "2026-02-25 (actual)", "FY2025", "~1,900", "713.5", "215.5", "Actual FY2025 (beat initial guidance)", "L-S02" ], [ "2026-02-25", "FY2026", "1,993-2,054", "753-774", "222-236", "Initial FY2026", "L-S02" ], [ "2026-05-06", "FY2026", "2,006-2,062", "760-781", "222-240", "Raised", "L-S03" ], [ "2026-08-05", "FY2026", "1,930-1,956", "772-783", "228-240", "Revenue cut; ex-TAC and EBITDA raised", "L-S01" ] ], "units": "USD millions", "source_ids": [ "L-S05", "L-S06", "L-S07", "L-S04", "L-S02", "L-S03", "L-S01" ] }, { "name": "Teads Holding Co. quarterly trajectory 2025-2026", "columns": [ "period", "revenue", "revenue_yoy", "ex_TAC_gross_profit", "ex_TAC_yoy", "net_income_loss", "adjusted_EBITDA", "free_cash_flow", "guidance_status", "source_ids" ], "rows": [ [ "FY2025", "1,300.5", "+46% (scope-driven; Teads from 2025-02-03)", "529.7", "+124%", "-517.1 (incl. 352.1 goodwill + 15.6 intangible impairment)", "93.4", "6.0 (adjusted)", "FY2026 Adj. EBITDA ~100 set", "L-S15" ], [ "Q4 2025", "352.2", "+50%", "151.8", "+122%", "-428.2", "36.5", "2.6 (adjusted)", "Q1 2026 ex-TAC 102-106; Adj. EBITDA 0-3", "L-S15" ], [ "Q1 2026", "266.0", "-7%", "107.9", "+5%", "-38.8", "0.8", "-41.1", "FY2026 ~100 reaffirmed; Q2 ex-TAC 121-131, Adj. EBITDA 14-22", "L-S16" ], [ "Q2 2026", "284.6", "-17%", "123.4", "-14%", "-42.5", "7.0", "3.2", "All guidance suspended 2026-08-06", "L-S17" ], [ "H1 2026", "550.6", "-13%", "231.3", "-6%", "-81.3", "7.7", "-37.9 (adjusted)", "", "L-S17" ] ], "units": "USD millions; YoY %", "source_ids": [ "L-S15", "L-S16", "L-S17" ] }, { "name": "People Inc. sessions and digital revenue series", "columns": [ "period", "total_sessions", "total_sessions_yoy", "core_sessions", "core_sessions_yoy", "digital_revenue", "digital_revenue_yoy", "company_attribution", "source_ids" ], "rows": [ [ "FY2025", "n/a", "n/a", "8,602 (vs 9,062)", "-5.1% (derived)", "1,162", "+7%", "Google AI Overviews", "L-S23" ], [ "Q4 2025", "2,241 (vs 2,666)", "-16%", "2,021 (vs 2,327)", "-13%", "355", "+14%", "'growing prominence of Google AI Overviews on Google search sessions'", "L-S22" ], [ "Q1 2026", "2,041 (vs 2,484)", "-18%", "1,841 (vs 2,211)", "-17%", "253.2", "+8%", "'growing prominence of Google AI Overviews on Google search results'", "L-S21" ], [ "Q2 2026", "1,891 (vs 2,444)", "-23%", "1,707 (vs 2,202)", "-22%", "289.9", "+6%", "'growing prominence of Google AI Overviews on Google search results'", "L-S20" ] ], "units": "sessions in millions; revenue USD millions; YoY %", "source_ids": [ "L-S23", "L-S22", "L-S21", "L-S20" ] } ], "raw_U": [ { "name": "vendor_universe", "columns": [ "row_id", "name", "legal_entity_or_owner", "hq_country", "scope_group", "primary_native_formats", "buying_routes", "main_geographies", "status_at_cutoff", "status_date_or_evidence", "source_ids", "notes" ], "rows": [ [ "U-V01", "Taboola", "Taboola.com Ltd. (Nasdaq: TBLA)", "US business address (New York); incorporated outside US per EDGAR code L3", "core native", "native recommendation units; native, display, carousel, vertical, motion, performance video, app promotion", "self-serve (Realize), managed; programmatic not verified on opened pages", "global; US-led", "active", "8-K Q2 2026 results 2026-08-05", "U-S01;U-S02;U-S03;U-S04", "Q2 2026 revenue $476.8M (+2.4% YoY); '17 years of unique publisher data'" ], [ "U-V02", "Realize (Taboola ad platform)", "Taboola.com Ltd.", "US (New York)", "core native", "native, display, performance video, vertical, carousel, app promotion across 'mail, mobile, and premium editorial environments'", "self-serve; managed (dedicated account management for agencies); CPC/CPA objectives", "global (8 language versions)", "active", "realize.com live 2026-09-27; cited in 8-K 2026-08-05", "U-S02;U-S03", "Claims 11,000+ premium publishers and 600M+ DAU; placements named: ABC, Yahoo, CBS, MSN, USA Today, Business Insider, Fox News" ], [ "U-V03", "Teads Holding Co. (Outbrain lineage)", "Teads Holding Co. (Nasdaq: TEAD), Delaware; formerly Outbrain Inc. until 2025-06-09", "US (New York)", "core native", "native recommendation (Outbrain lineage), in-read native video, display, CTV; 'Ad Formats' and Teads Studio", "managed (Enterprise), self-serve (Growing Brands), programmatic via ad manager/Zemanta DSP", "global; 50 markets claimed; 30+ countries staffed", "active", "8-K Q2 2026 results 2026-08-06", "U-S05;U-S06;U-S07", "Q2 2026 revenue $284.6M (-17% YoY); >10,000 publishers, 20,000 advertisers claimed; teads.com does not mention Outbrain" ], [ "U-V04", "Zemanta (Teads DSP)", "Teads Holding Co.", "US (parent)", "core native", "native DSP buying across 'extended Teads inventory'", "self-serve DSP / programmatic", "global", "active (product absorbed)", "zemanta.com states 'Zemanta / Outbrain DSP is now part of the Teads offering' (accessed 2026-09-27)", "U-S08", "Brand persists as a landing page pointing to Teads" ], [ "U-V05", "MGID", "MGID Inc.", "not stated on opened page", "core native", "native recommendation widgets, Exit Story, rich media, contextual targeting, internal recirculation", "self-serve, managed, programmatic", "global", "active", "© 2026 MGID Inc.", "U-S09;U-S70", "Claims 850M+ monthly unique visitors, 185B+ monthly recommendations; powers Azerion Native (ex-Strossle)" ], [ "U-V06", "Revcontent", "RevContent, LLC", "not stated on opened page", "core native", "native widgets; cookieless native; email monetization", "self-serve ('no minimum spending requirements'); managed/programmatic not detailed", "not stated (US publisher logos)", "active", "© 2026 RevContent, LLC", "U-S10", "No quantified scale metrics on page" ], [ "U-V07", "Dianomi", "Dianomi (UK Company Reg. 4513809)", "UK", "core native", "native placements next to financial/business editorial; premium native and contextual display; Apple News partnership", "marketplace/managed; pay-per-engagement", "US, UK, Australia (offices NY/London/Sydney)", "active", "© Dianomi 2026", "U-S11", "Claims 320+ publishers, 8B+ native impressions monthly; AIM listing not verified on page" ], [ "U-V08", "Readpeak", "Readpeak Inc. (per footer)", "unresolved (footer 'Inc.'; Nordic/European operations)", "core native", "Content Native, Product Native, Instant Article, Video Native", "self-serve programmatic native platform", "Europe (Nordics, Benelux, DACH, FR, IT)", "active", "© 2026 Readpeak Inc.", "U-S12", "Claims 3,000+ clients, 250+ agencies" ], [ "U-V09", "Nativo (Life360 Ads)", "Nativo, Inc. (Delaware), owned by Life360, Inc.", "US (El Segundo, CA)", "core native", "custom native formats via advanced ad renderer; sponsored content", "managed, programmatic (SSP), self-serve", "US", "acquired (active under Life360)", "acquisition completed 2026-01-05 (~$120M, 65% cash/35% stock); nativo.com 301 to ads.life360.com", "U-S13;U-S14", "Life360 claims 50M+ US MAU" ], [ "U-V10", "TripleLift", "TripleLift (ownership not stated on page)", "US (New York)", "core native", "native Image, Cinemagraph, Scroll, Window, Carousel, Reveal, Pharma; also outstream/instream video, CTV, retail media, display", "TL Direct (self-serve), DSP integrations, managed service", "North America; US/Canada/UK named for some formats", "active", "© 2026 footer", "U-S15", "Cites vendor-commissioned Forrester TEI (272% ROI) — not independent" ], [ "U-V11", "Sharethrough", "Equativ Group (Sharethrough 'An Equativ Group Company')", "France (Equativ); Sharethrough HQ not stated", "core native", "native, enhanced display/video/CTV ad enhancements, curation", "programmatic exchange (SSP), direct", "global", "acquired/merged", "footer statement observed 2026-09-27; no date on page", "U-S16", "Attention claims (91%/52%) are vendor research" ], [ "U-V12", "Kargo", "Kargo", "not stated on opened page", "core native (positioning now 'high-impact')", "high-impact creative formats across display, OLV, CTV, social, retail media; native not foregrounded on homepage", "managed, programmatic; 'invitation-only marketplace'", "not stated", "active", "homepage live 2026-09-27 ('Over two decades strong')", "U-S17", "No HQ, copyright year or scale metrics on page" ], [ "U-V13", "StackAdapt (native channel)", "StackAdapt Inc.", "Canada", "adjacent-substitute (DSP with native channel)", "in-feed native, content recommendation, in-ad native, native video, outstream, mobile in-app native", "self-serve DSP, managed", "global (EMEA, NORAM, APAC)", "active", "© 2014–2026 StackAdapt Inc.", "U-S18;U-S19;U-S20", "Also lists 'ChatGPT ads' as a channel (see U-V57)" ], [ "U-V14", "Yieldmo", "Yieldmo", "not stated on opened page", "core native (historic); now 'creative and media results company'", "interactive display, enriched video, custom builds, CTV; native not named on homepage", "programmatic; end-to-end managed service; contextual curation", "not stated", "active", "© 2026 Yieldmo", "U-S21", "Claims 450+ premium publisher partners, 40+ patents" ], [ "U-V15", "Media.net", "Media.net (ownership not stated)", "not stated on opened page", "core native (contextual/native SSP)", "'unique formats that match how users consume content in walled gardens'; contextual", "SSP/programmatic with DSP partners (The Trade Desk, Criteo, DV360)", "global", "active", "© 2025 Media.net", "U-S22", "SearchSignals audience graph; publisher partners TIME, NY Post, WebMD, Yahoo" ], [ "U-V16", "Adyoulike / Opera Ads", "Adyoulike (Opera relationship unverified)", "France/UK/US offices (Neuilly-sur-Seine, London, New York)", "core native", "Automatic Stories, Native Stories, Native Social, Native Video, Native Display, Retail Stories", "programmatic (50 DSPs connected claimed); direct publishers", "US, UK, France", "active; Opera link unconfirmed", "© 2026 adyoulike.com; no Opera mention", "U-S23", "Claims 50B monthly impressions, 3,000 direct publishers; ads.opera.com not opened" ], [ "U-V17", "plista", "unknown", "Germany (historic)", "core native (historic)", "content recommendation/native widgets (historic)", "unknown", "DACH (historic)", "unconfirmed / likely retired", "plista.com DNS ENOTFOUND 2026-09-27; plista.de 301 to unrelated online-digitalx.de", "U-S72;U-S24", "No archived capture reachable" ], [ "U-V18", "Engageya", "unknown", "Israel (historic)", "core native (historic)", "content recommendation widgets (historic)", "unknown", "unknown", "unconfirmed / likely retired", "engageya.com and www DNS ENOTFOUND 2026-09-27", "U-S72", "" ], [ "U-V19", "ZergNet", "Static Media", "US", "excluded from core (organic editorial recommendation)", "editorial recommendation widgets, 'ad-free', '100% pure editorial content'", "publisher network participation; no paid ad buying route stated", "US", "active (not a paid native seller)", "© 2026 ZergNet.com; About page", "U-S25", "Claims 1B+ articles recommended daily, 3M+ daily visitors; founded 2012" ], [ "U-V20", "Content.ad", "unknown", "US (historic)", "core native (historic)", "native widgets (historic)", "unknown", "unknown", "unconfirmed / likely retired", "content.ad and www DNS ENOTFOUND 2026-09-27", "U-S72", "" ], [ "U-V21", "NewsBreak", "Particle Media, Inc.", "US", "core native (app feed)", "in-feed native, in-article, related article, in-feed/immersive video, carousel, newsletter", "self-serve (Target CPA; CPM/CPC), managed support", "US (local)", "active", "© 2026 Particle Media, Inc.", "U-S26", "Claims 40M monthly users" ], [ "U-V22", "SmartNews", "SmartNews, Inc.", "Japan/US", "core native (app feed)", "in-feed native ('Ads as Content')", "SmartNews Ads self-serve (launched July 2025), managed", "Japan, US", "active", "corporate site news items dated 2025", "U-S27", "smartnews-ads.com homepage is a stub; SmartNews+ 100,000 subscribers 2025-07-23" ], [ "U-V23", "Primis", "Primis; page states part of Interpublic Group (IPG) and Omnicom portfolio", "Israel (Tel Aviv)", "core native (native video discovery)", "video discovery player/units for publishers; pre-roll opportunities", "programmatic marketplace/auction", "global", "active", "© 2026 footer", "U-S28", "Claims 442M+/450M+ monthly uniques, 10.3B+/10.8B+ monthly video opportunities (page shows two values)" ], [ "U-V24", "Connatix / JWP Connatix / JWX", "JWP, Inc. (JWX)", "not stated on opened page", "core native (in-article/outstream video)", "publisher video platform; premium ad formats; QuantumPath advertising orchestration", "programmatic, managed", "not stated", "merged/rebranded (active as JWX)", "redirect chain connatix.com -> jwpconnatix.com -> jwx.com observed 2026-09-27; © 2026", "U-S29", "Claims 18B monthly ad impressions, 5B monthly video plays" ], [ "U-V25", "Seedtag", "Seedtag", "not stated on opened page", "core native (contextual in-image/in-article lineage; now 'Contextual OS')", "display, OLV, CTV via contextual AI 'Liz'; in-image/in-article not named on homepage", "curation platform; managed/programmatic not detailed", "EN/ES/PT/FR/DE/IT markets", "active", "homepage live 2026-09-27", "U-S30", "3.5x neural engagement claim is vendor research" ], [ "U-V26", "GumGum", "GumGum, Inc.", "US", "core native (in-image/in-screen lineage; now high-impact/SSP)", "high-impact (Hang Time, desktop skin, in-video squeezeback), CTV, OLV, display", "managed, programmatic ('Top 15 global omnichannel SSP')", "19 markets; US, Japan, France, Spain, Denmark sites", "active", "© 2025 GumGum, Inc. footer", "U-S31", "Claims ~500B monthly impressions, ~1B monthly uniques, 40k MFA-free publishers" ], [ "U-V27", "Undertone", "Perion Network Ltd. (Nasdaq)", "Israel", "core native/high-impact (brand absorbed)", "high-impact formats (historic); Perion One channels: CTV, DOOH, audio, retail, web, search", "managed/platform (Perion One)", "40+ markets", "brand retired/absorbed", "undertone.com 301 to perion.com; no Undertone mention; © 2026 Perion Network Ltd.", "U-S32", "" ], [ "U-V28", "Sovrn", "Sovrn, Inc.", "US", "adjacent-substitute (exchange + affiliate)", "omnichannel ad exchange; native not named in extract; commerce/affiliate tools; Signal attention yield", "programmatic", "not stated", "active", "homepage live 2026-09-27", "U-S33", "50K+ merchants in creator solutions" ], [ "U-V29", "Ezoic", "Ezoic Inc.", "US", "core native (publisher monetization incl. native placements)", "native 'woven into the article', sticky video, anchor, rewarded, interstitial", "direct campaign launch via bid system; sales team", "open web (not stated)", "active", "© 2026 Ezoic Inc.", "U-S34", "Claims 5K+ sites, 768M monthly pageviews, Google Premier Partner" ], [ "U-V30", "PropellerAds", "Propeller Ads Ltd (Cyprus, HE353513)", "Cyprus", "adjacent-substitute (performance/push network)", "popunder, push, in-page push, interactive, Telegram Mini Apps, social; native not headline format", "self-serve (NIKO AI), managed, DSP/oRTB", "195+ geos; Tier-1 and emerging", "active", "homepage live 2026-09-27; founded 2011", "U-S35", "Claims 15B+ daily impressions" ], [ "U-V31", "Adsterra", "AD MARKET LIMITED", "Cyprus", "adjacent-substitute (performance network with native banners)", "Native Banners, popunder, Social Bar, in-page push, interstitial, banners, SmartLink", "self-serve, managed, RTB", "248 geos", "active", "© 2013–2026 Adsterra.com", "U-S36", "Claims 12B monthly pop impressions, 10B Social Bar impressions, 45K+ publishers" ], [ "U-V32", "AdNow", "RENODO MEDIA LTD", "Bulgaria (Plovdiv)", "core native (long-tail widgets)", "native widgets: content discovery, product recommendations", "self-serve (adnow.one), SSP for publishers", "114 countries claimed; many localized sites", "active", "© 2026", "U-S37", "Claims 160,000 publishers, 1B daily recommendations, 1,700 advertisers" ], [ "U-V33", "BidVertiser", "BidVertiser / Bpath, LTD", "not stated on opened page", "adjacent-substitute (direct/performance network)", "Native Ads, direct navigation, pop under, push, in-page push, contextual pops", "self-serve", "not stated", "active", "'Serving you Since 2008'", "U-S38", "Explicitly covers mainstream and adult categories — flag for matrix inclusion" ], [ "U-V34", "Google AdSense native", "Google LLC", "US", "core native (platform)", "In-feed, In-article, Multiplex (content-recommendation-style grid)", "publisher self-serve; demand via Google Ads auction", "global", "active", "help page shows all three formats with no deprecation notes (accessed 2026-09-27)", "U-S39", "" ], [ "U-V35", "Google Ad Manager native", "Google LLC", "US", "core native (platform)", "native styles (element-based, publisher-styled) with required 'Ad/Sponsored' badge and AdChoices", "direct-sold and programmatic via Ad Manager; OpenRTB native not verified on opened page", "global", "active", "help page accessed 2026-09-27", "U-S40", "" ], [ "U-V36", "Amazon Ads display (formerly Sponsored Display)", "Amazon.com, Inc. (Amazon Ads)", "US", "adjacent-substitute (retail media off-site display)", "display on Amazon properties (Twitch, Fire TV, Echo Show) and 'premium placements across the open internet'; Amazon-generated or own creative", "self-serve via Ads Console Campaign Manager", "not stated", "active (renamed)", "page states 'Sponsored Display is now known as display ads' (accessed 2026-09-27)", "U-S41", "Native classification is analyst judgement; page does not use the word native" ], [ "U-V37", "Amazon Publisher Services (APS)", "A9.com LLC (Amazon)", "US", "adjacent-substitute (publisher supply infrastructure)", "TAM, UAM header bidding; Connections Marketplace; Signal IQ; Amazon Publisher Cloud; formats not specified", "server-to-server marketplace for publishers", "not stated", "active", "© 2025 A9.com LLC", "U-S42", "'majority of Comscore top 250 publishers' claim" ], [ "U-V38", "Amazon Sponsored Products", "Amazon.com, Inc. (Amazon Ads)", "US", "adjacent-substitute (retail search native)", "sponsored product units in shopping results and product pages; also other Amazon O&O and third-party destinations", "self-serve, CPC, no monthly fees", "multi-country (page lists Americas, EU, UK, MENA, AU, IN, JP, SG, ZA)", "active", "page accessed 2026-09-27", "U-S43", "No mention of Rufus/Alexa for Shopping placements" ], [ "U-V39", "Microsoft Advertising native (Audience ads)", "Microsoft Corporation", "US", "core native (platform)", "native audience ads matching 'news feed, article page, inbox, or content recommendation area'; display audience ads", "Microsoft Advertising self-serve", "not stated; 'up to 1 billion customers'", "active", "page accessed 2026-09-27", "U-S45", "Placements: Edge, Outlook, Bing, Casual Games, other Microsoft experiences, partner publishers" ], [ "U-V40", "Microsoft pubCenter", "Microsoft Corporation", "US", "core native (publisher side)", "native/display for publishers (not verified)", "publisher self-serve (not verified)", "unknown", "unconfirmed", "pubcenter.microsoft.com HTTP 403 on 2026-09-27", "U-S72", "" ], [ "U-V41", "Meta Audience Network native", "Meta Platforms, Inc.", "US", "core native (in-app platform)", "Native Ad API units: Sponsored label, AdOptionsView, advertiser name, title, CTA, image, icon", "Meta Ads auction demand; publisher SDK integration (iOS/Android)", "global", "active", "developer docs accessed 2026-09-27", "U-S46", "" ], [ "U-V42", "AppLovin MAX native", "AppLovin Corporation", "US", "core native (in-app platform)", "native ads (manual integration); Ad Placer auto-insertion into RecyclerView streams", "MAX mediation/auction; templates deprecated (no-fill from end Q2 2025)", "global", "active", "docs accessed 2026-09-27", "U-S47", "" ], [ "U-V43", "Unity Ads / LevelPlay native", "Unity Software Inc.", "US", "core native (in-app platform)", "native format not listed on Grow hub", "LevelPlay mediation; Unity/ironSource exchanges", "global", "unconfirmed", "legacy ironSource native guide 301s to docs.unity.com/en-us/grow; two LevelPlay native URLs 404 (2026-09-27)", "U-S48;U-S72", "" ], [ "U-V44", "Digital Turbine", "Digital Turbine, Inc. (Nasdaq: APPS)", "US (Austin, TX)", "adjacent-substitute (on-device app distribution / in-app)", "on-device integrations, Launchpad app distribution (2026-06-02); native format not specified", "platform/managed via device and app partners", "global (1B+ devices claimed)", "active", "FQ1 2027 results 2026-08-04", "U-S49", "" ], [ "U-V45", "Meta Feed/Reels (Facebook, Instagram)", "Meta Platforms, Inc.", "US", "adjacent-substitute (social in-feed)", "in-feed and Reels ads", "Ads Manager self-serve, managed, Marketing API (routes not on opened page)", "global", "active", "Q2 2026 results 2026-07-29", "U-S50", "Q2 2026 ad revenue $59.363B (+27%), impressions +14%, price per ad +12%, DAP 3.60B" ], [ "U-V46", "TikTok", "TikTok (ByteDance; legal entity not on page)", "not stated", "adjacent-substitute (social in-feed)", "in-feed full-screen sound-on ads on For You feed", "TikTok Ads Manager self-serve; minimum budgets $30 NA/EMEA, $20 APAC", "global; 'over a billion users'", "active", "© 2026 site", "U-S51", "Help article for in-feed ads returned not-found" ], [ "U-V47", "LinkedIn Sponsored Content", "LinkedIn Corporation (Microsoft)", "US", "adjacent-substitute (professional in-feed)", "single image, video, carousel, document, event, thought leader, CTV, article/newsletter ads", "Campaign Manager self-serve; LinkedIn Audience Network", "global", "active", "page accessed 2026-09-27", "U-S52", "" ], [ "U-V48", "X (formerly Twitter)", "X Corp.", "US", "adjacent-substitute (social in-timeline)", "promoted posts (not verified)", "X Ads self-serve/managed (not verified)", "global", "unconfirmed", "business.x.com HTTP 402; developer.x.com 402; help.x.com 403 (2026-09-27)", "U-S71", "" ], [ "U-V49", "Reddit", "Reddit, Inc. (Delaware)", "US (San Francisco)", "adjacent-substitute (community in-feed)", "in-feed/conversation placements (formats not verified on opened page)", "Reddit Ads self-serve/managed (not verified)", "global", "active (entity); formats unconfirmed", "EDGAR 8-K results filings 2026-07-30, 2026-04-30; marketing domains blocked", "U-S64;U-S72", "" ], [ "U-V50", "Pinterest", "Pinterest (entity not on page)", "US", "adjacent-substitute (discovery in-feed)", "image, video, carousel, collections, showcase, quiz, idea, premiere spotlight", "Ads Manager self-serve; managed consultation", "US site; global", "active", "page accessed 2026-09-27", "U-S53", "No audience numbers on page" ], [ "U-V51", "Snap", "Snap Inc.", "US", "adjacent-substitute (social/stories)", "single image/video, story ads, collection, AR lenses, Spotlight, dynamic product ads", "Snapchat Ads Manager self-serve; managed/partners", "25+ countries claimed", "active", "page accessed 2026-09-27 (data footnotes 2024)", "U-S54", "443M daily users figure on page" ], [ "U-V52", "Google Demand Gen / Discover", "Google LLC", "US", "adjacent-substitute (feed-style across Google surfaces)", "image (1.91:1, 4:5, 1:1), video, carousel (2–10 cards), product feeds on YouTube incl. Shorts, Discover, Gmail, Maps, GDN", "Google Ads self-serve; 'social-like buying flow'", "global", "active", "help page; GDN campaigns migrating from June 2026", "U-S58", "Claims up to 3B MAU" ], [ "U-V53", "Criteo (commerce media)", "Criteo S.A.", "France", "adjacent-substitute (commerce media / retail media)", "onsite sponsored products, offsite commerce display; Commerce Growth, Commerce Max (DSP), Commerce Yield (retail media), Commerce Grid (SSP)", "self-serve and managed DSP/SSP", "global", "active", "© Criteo 2026", "U-S55", "Claims 740M DAU, 2.5B users, $1T yearly sales" ], [ "U-V54", "Amazon DSP", "Amazon.com, Inc. (Amazon Ads)", "US", "adjacent-substitute (DSP)", "audio, display, online video, Streaming TV, in-store; Prime Video, Twitch, Fire TV, Amazon Publisher Direct, third-party exchanges", "self-service; managed ($50k typical minimum); RTB, PMP, private auction, programmatic guaranteed", "US, CA, MX, BR, 8 EU, 2 ME, 4 APAC (per page)", "active", "page accessed 2026-09-27", "U-S44", "Native not named as a format" ], [ "U-V55", "The Trade Desk", "The Trade Desk, Inc.", "US", "adjacent-substitute (DSP with native channel)", "Native listed among channels (CTV, display, native, audio, video, DOOH, mobile)", "self-service DSP (Kokai)", "global", "active", "Kokai Zuma release 2026-08-27 per page; © 2026", "U-S56", "" ], [ "U-V56", "Google Display & Video 360", "Google LLC", "US", "adjacent-substitute (DSP)", "display, video, YouTube (Google Preferred, Reserve, TrueView), CTV; native not named on opened page", "programmatic DSP with automated bidding", "global", "active", "page accessed 2026-09-27", "U-S57", "Native creative support to be verified in DV360 help" ], [ "U-V57", "OpenAI — ads in ChatGPT", "OpenAI", "US", "emerging AI surface", "labeled sponsored unit at bottom of answers (OpenAI); via StackAdapt: 1:1 256x256 image + headline + body 'below relevant conversations as clearly labeled, separate responses'", "OpenAI: US testing on Free and Go tiers (post undated); StackAdapt DSP resells programmatically", "US (OpenAI test); 26 countries targetable via StackAdapt", "live via reseller (vendor claim); OpenAI direct status unconfirmed", "StackAdapt page live 2026-09-27; OpenAI post via proxy, undated", "U-S61;U-S20;U-S18", "'Ads do not influence the answers ChatGPT gives you' (OpenAI)" ], [ "U-V58", "Perplexity ads", "Perplexity AI", "US", "emerging AI surface", "sponsored follow-up questions; paid media beside answers; 'sponsored' label", "direct with launch partners (Indeed, Whole Foods Market, UM, PMG)", "US to start", "announced/experimental; 2026 status unconfirmed", "post via proxy, undated; direct fetch 403", "U-S62;U-S72", "" ], [ "U-V59", "Google AI Mode / AI Overviews ads", "Google LLC", "US", "emerging AI surface", "Conversational Discovery ads; Highlighted Answers (sponsored suggestions in AI Mode lists); AI-powered Shopping ads; Business Agent for Leads", "Google Ads via AI Max for Search, AI Max for Shopping, Performance Max; Direct Offers pilot (Jan 2026)", "not specified", "testing/announced", "announced 2026-05-20", "U-S60;U-S59", "" ], [ "U-V60", "Microsoft Copilot ads", "Microsoft Corporation", "US", "emerging AI surface", "unverified (Showroom ads/dynamic filters not confirmed on openable page)", "Microsoft Advertising campaigns (unverified)", "unknown", "unconfirmed", "product URLs 404; blog index shows no Copilot ad posts (2026-09-27); Audience Network page cites Bing and 'other Microsoft experiences'", "U-S72;U-S73;U-S45", "" ], [ "U-V61", "Amazon Rufus / Alexa for Shopping ads", "Amazon.com, Inc.", "US", "emerging AI surface", "no ad unit documented on opened pages", "n/a", "US", "unconfirmed", "Rufus renamed 'Alexa for Shopping' 2026-05-13; no ads mention on About Amazon or Sponsored Products pages", "U-S63;U-S43", "" ], [ "U-V62", "Dable", "Dable Inc.", "South Korea (Seoul)", "core native (unseeded; Asia)", "DNA content-ad network native units; wheres.ai app DSP; SalesBoost retail media", "network/managed; DSP", "Korea, Asia", "active", "© 2026 Dable Inc.", "U-S65", "Claims 2,000+ media partners, 1B daily behavioural events" ], [ "U-V63", "popIn Discovery", "popIn Corporation (ownership not shown)", "Japan (Tokyo)", "core native (unseeded; APAC)", "native and display via DSP with funnel prediction", "DSP; exchanges incl. Google ADX, Microsoft, Yahoo, Amazon, MGID, Xandr", "Japan, APAC (JA/EN/ZH/KO)", "active", "site live 2026-09-27", "U-S66", "Claims 5B monthly impressions, 2B monthly global uniques" ], [ "U-V64", "LiveIntent", "LiveIntent (agreed to be acquired by Zeta Global)", "US (not stated on page)", "core native (unseeded; email/newsletter native)", "Native Curated Packages, Native Ad Blueprints in email/newsletters", "programmatic and direct-sold", "not stated", "acquired (agreement stated on page)", "© LiveIntent 2025", "U-S67", "Claims 2,500+ companies on platform" ], [ "U-V65", "EX.CO", "EX.CO", "not stated on opened page", "core native (unseeded; in-content video)", "in-content video player, contextual video recommendations, premium video content marketplace; CTV", "programmatic (ML yield engine), managed", "global", "active", "site live 2026-09-27 (data to mid-2025)", "U-S68", "Publishers named: USA Today, Hearst, Slate, Quizlet" ], [ "U-V66", "Bidtellect", "Simpli.fi", "US", "core native (unseeded; native DSP absorbed)", "contextual and native advertising capabilities within Simpli.fi", "Simpli.fi programmatic platform", "US", "acquired", "'Bidtellect is now part of Simpli.fi' (© 2023)", "U-S69", "" ], [ "U-V67", "Strossle / Azerion Native", "Azerion Group ('Powered by MGID')", "Sweden (Stockholm) / Netherlands (Azerion)", "core native (unseeded; Nordic/European)", "native/content recommendation for publishers and advertisers", "via Azerion; MGID technology", "Nordics, Europe", "rebranded/absorbed", "strossle.com notice observed 2026-09-27", "U-S70", "" ], [ "U-V68", "Yahoo native inventory (via Taboola Realize)", "Yahoo Inc. (supply); sold through Taboola.com Ltd.", "US", "core native (supply partner)", "native units on Yahoo mail/editorial properties listed as Realize placements", "via Realize self-serve/managed", "US-led", "active (as Realize placement)", "realize.com lists Yahoo among placements (2026-09-27)", "U-S02", "Contract terms/duration not verified in this stream" ] ], "units": "text", "source_ids": [ "U-S01", "U-S02", "U-S03", "U-S04", "U-S05", "U-S06", "U-S07", "U-S08", "U-S09", "U-S10", "U-S11", "U-S12", "U-S13", "U-S14", "U-S15", "U-S16", "U-S17", "U-S18", "U-S19", "U-S20", "U-S21", "U-S22", "U-S23", "U-S24", "U-S25", "U-S26", "U-S27", "U-S28", "U-S29", "U-S30", "U-S31", "U-S32", "U-S33", "U-S34", "U-S35", "U-S36", "U-S37", "U-S38", "U-S39", "U-S40", "U-S41", "U-S42", "U-S43", "U-S44", "U-S45", "U-S46", "U-S47", "U-S48", "U-S49", "U-S50", "U-S51", "U-S52", "U-S53", "U-S54", "U-S55", "U-S56", "U-S57", "U-S58", "U-S59", "U-S60", "U-S61", "U-S62", "U-S63", "U-S64", "U-S65", "U-S66", "U-S67", "U-S68", "U-S69", "U-S70", "U-S71", "U-S72", "U-S73" ] }, { "name": "financials_q2_2026_reference", "columns": [ "company", "metric", "value", "yoy_change", "period", "geography", "source_id" ], "rows": [ [ "Taboola.com Ltd.", "Revenues", "476.8", "+2.4%", "Q2 2026", "global", "U-S03" ], [ "Taboola.com Ltd.", "Ex-TAC gross profit (non-GAAP)", "192.4", "+11.8%", "Q2 2026", "global", "U-S03" ], [ "Teads Holding Co.", "Revenue", "284.6", "-17%", "Q2 2026", "global", "U-S06" ], [ "Teads Holding Co.", "Ex-TAC gross profit (non-GAAP)", "123.4", "-14%", "Q2 2026", "global", "U-S06" ], [ "Teads Holding Co.", "CTV revenue growth", "n/a", "+67%", "Q2 2026", "global", "U-S06" ], [ "Meta Platforms, Inc.", "Total revenue", "60801", "+28%", "Q2 2026", "global", "U-S50" ], [ "Meta Platforms, Inc.", "Advertising revenue", "59363", "+27%", "Q2 2026", "global", "U-S50" ], [ "Meta Platforms, Inc.", "Ad impressions (Family of Apps)", "n/a", "+14%", "Q2 2026", "global", "U-S50" ], [ "Meta Platforms, Inc.", "Average price per ad", "n/a", "+12%", "Q2 2026", "global", "U-S50" ], [ "Meta Platforms, Inc.", "Family daily active people (billions)", "3.60", "+3%", "June 2026 average", "global", "U-S50" ], [ "Life360, Inc.", "Nativo acquisition consideration (approx.)", "120", "n/a", "completed 2026-01-05", "US", "U-S14" ] ], "units": "USD millions unless stated; YoY = year over year", "source_ids": [ "U-S03", "U-S06", "U-S50", "U-S14" ] }, { "name": "vendor_scale_claims_unaudited", "columns": [ "vendor", "claim", "value", "unit", "date_basis", "source_id" ], "rows": [ [ "Taboola/Realize", "daily active users reached", "600M+", "DAU", "press release 2026-08-05", "U-S03" ], [ "Realize", "premium publishers", "11,000+", "publishers", "page undated", "U-S02" ], [ "Teads", "publishers / advertisers", "10,000+ / 20,000", "count", "press release 2026-08-06", "U-S06" ], [ "Teads", "consumers reached / properties / markets", "2B+ / 10,000 / 50", "count", "homepage undated", "U-S07" ], [ "MGID", "unique visitors", "850M+", "monthly", "© 2026", "U-S09" ], [ "MGID", "content recommendations", "185B+", "monthly", "© 2026", "U-S09" ], [ "Dianomi", "premium publishers / native impressions", "320+ / 8B+", "count / monthly impressions", "© 2026", "U-S11" ], [ "Readpeak", "clients / agencies", "3,000+ / 250+", "count", "© 2026", "U-S12" ], [ "Life360", "US MAU", "50M+", "MAU", "2026-01-05", "U-S14" ], [ "Adyoulike", "DSPs / impressions / direct publishers", "50 / 50B monthly / 3,000", "count", "© 2026", "U-S23" ], [ "StackAdapt", "brands and agencies", "40,000+", "count", "© 2026", "U-S18" ], [ "Yieldmo", "premium publisher partners", "450+", "count", "© 2026", "U-S21" ], [ "NewsBreak", "monthly users", "40M", "monthly users", "© 2026", "U-S26" ], [ "Primis", "monthly unique users", "442M+ (also shows 450M+)", "monthly uniques", "© 2026", "U-S28" ], [ "JWX", "ad impressions", "18B", "monthly", "© 2026", "U-S29" ], [ "GumGum", "impressions / uniques / publishers / markets", "~500B monthly / ~1B monthly / 40k / 19", "mixed", "© 2025 footer", "U-S31" ], [ "Ezoic", "sites / pageviews", "5K+ / 768M monthly", "count / monthly", "© 2026", "U-S34" ], [ "PropellerAds", "daily impressions / geos", "15B+ / 195+", "daily / count", "undated", "U-S35" ], [ "Adsterra", "popunder impressions / direct publishers / geos", "12B monthly / 45K+ / 248", "mixed", "© 2013–2026", "U-S36" ], [ "AdNow", "publishers / daily recommendations / countries / advertisers", "160,000 / 1B / 114 / 1,700", "count", "© 2026", "U-S37" ], [ "Microsoft Audience Network", "customers reachable", "up to 1B", "people", "undated", "U-S45" ], [ "Google Demand Gen", "monthly active users reachable", "up to 3B", "MAU", "undated", "U-S58" ], [ "Digital Turbine", "devices / apps", "1B+ / 80K+", "count", "IR boilerplate 2026-08", "U-S49" ], [ "Criteo", "daily active users / product SKUs", "740M / 5B", "count", "© 2026", "U-S55" ], [ "Dable", "media partners", "2,000+", "count", "© 2026", "U-S65" ], [ "popIn Discovery", "impressions / global uniques", "5B monthly / 2B monthly", "count", "undated", "U-S66" ], [ "StackAdapt (ChatGPT ads page)", "ChatGPT weekly active users (attributed)", "900M", "WAU", "undated", "U-S20" ], [ "Snap", "daily users", "443M", "DAU", "page undated (footnotes 2024)", "U-S54" ] ], "units": "as stated per row", "source_ids": [ "U-S02", "U-S03", "U-S06", "U-S07", "U-S09", "U-S11", "U-S12", "U-S14", "U-S18", "U-S20", "U-S21", "U-S23", "U-S26", "U-S28", "U-S29", "U-S31", "U-S34", "U-S35", "U-S36", "U-S37", "U-S45", "U-S49", "U-S54", "U-S55", "U-S58", "U-S65", "U-S66" ] } ] }