Observed Signal · Aug 8, 2023 · Analysis · Source: Quo Vadis News · Impact: 2/5 · Sentiment: Neutral
Magnite & Pubmatic: Take Rates Unclear
Quo Vadis analyzes undisclosed take rates in programmatic ad tech, focusing on Magnite and Pubmatic. The piece notes that The Trade Desk (~20%) and Criteo (~40%) have disclosed take rates, while Magnite disclosed a 14.5% take rate prior to 2020; Pubmatic has never disclosed take rates. Using net revenue, cost of ad spend (TAC) and balance-sheet signals, the author estimates FY22 implied take rates for Magnite and Pubmatic in a 22%–30% range, and calculates Pubmatic’s implied gross ad spend around $1.4B given FY22 net revenue of $256M. The article contrasts larger DSPs and SSPs' cash flow cycles, citing 2019 Magnite days to collect from DSPs at 71 days and 96 days to pay publishers, and notes an approximate 120-day average for big DSPs’ receivables versus ~130 days in the supply chain. The discussion highlights opacity around SSP monetization and implications for market share and profitability.
Contains analysis of undisclosed take rates and potential impact on market dynamics; not industry-shifting.
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Key Takeaways & Evidence Grounding
- Magnite disclosed take rate of 14.5% before 2020 (FY19 10K).
- 2022 Magnite revenue ex-TAC $515M; total ad spend ~$4.5B; 2021 revenue ex-TAC $416M; ad spend ~$3.5B.
- Pubmatic has never disclosed take rates (as far as we know); 2022 net revenue $256M.
- Implied FY22 take rates for Magnite and Pubmatic estimated at roughly 22%–30%; Pubmatic gross ad spend around $1.4B.
- Magnite 2019: 71 days to collect from DSPs and 96 days to pay publishers.
Connected Companies & Entities
6 Entities mappedOntology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
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