Sell-side ad platform Magnite said that its third-quarter revenues were boosted by technology, direct-to-consumer and consumer packaged goods marketers increasing their spending on connected TV.
Magnite last week reported that its net loss expanded to $10.5 million from $6.2 million a year ago, but that its revenue nearly doubled to $60.9 million from $37.6 million, including a 51% jump in revenue from CTV advertising.
On Tuesday it said tech advertisers increased their spending by 176%, DTC companies boosted spending by 159% and CPG spending gained 86% in the quarter compared to the third quarter of 2019.
“CTV has been a bright spot in a tumultuous year for publishers and advertisers alike as the move from linear television to connected television is accelerating at an unprecedented rate and our technology is powering this change,” said Katie Evans, COO at Magnite. “With more content than ever being viewed through CTV, including live sports and news, this is really just the beginning of the tipping point...Simply put, CTV is here to stay and our advanced technology is ready to power our publisher partners’ growth.”
Eight of the top 10 demand side platforms Magnite works with more than doubled their CTV spend on Magnite’s platform all of the top 10 grew year over year. Magnite also saw a 57% increase in CTV ad requests over the same time period.
Demand is also increasing for CTV addressability capabilities, the company said. The number of advertisers that used audience targeting features on the Magnite platform jumped 2.5 times.
“Amid a year of many challenges in the space, Magnite has proven to be a trusted partner that unlocked significant CTV opportunities for us,” said Ken Ripley, VP of ad sales at Newsy. “Magnite’s commitment to making the programmatic buying experience more simple, streamlined and effective for CTV will go a long way in connecting more advertisers to our premium inventory.”
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.