Key Points

  • Ad curation has triggered a major power shift across the programmatic ecosystem, fundamentally altering how business gets done
  • Traditional roles between DSPs, SSPs, and publishers are blurring rapidly as each player fights for position and revenue
  • Understanding this power struggle helps publishers make strategic partnership decisions to avoid being left behind
  • The winners in this new landscape will be those who add unique value through data and relationships, not just extract fees

Battle Lines Being Drawn in the Ad Tech Sand

The programmatic landscape is experiencing a high-stakes turf war. Right now, behind closed doors in ad tech boardrooms, existential questions echo: Who controls the advertiser relationship? Who owns the data? And most importantly, who gets to extract those lucrative fees from the supply chain?

Curation has become the catalyst for this power struggle, creating a seismic shift in programmatic advertising. For publishers, understanding this reshuffling of the deck could mean the difference between capturing incremental revenue and watching from the sidelines as others profit from your inventory.

This isn't just another ad tech buzzword or minor evolution. This is a fundamental power grab that's reshaping who controls the programmatic ecosystem and who gets paid for what. As a publisher, you can't afford to ignore it.

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The Traditional Programmatic Landscape: How It Used to Work

The programmatic supply chain once operated with clearly defined roles and responsibilities. Each player knew their lane and stayed in it, creating a relatively orderly (if inefficient) path from publisher to advertiser.

DSPs controlled the demand side, making buying decisions and curating inventory for advertisers. They owned the data science capabilities that determined which impressions to buy and at what price. This position gave them enormous power and allowed them to capture significant fees.

SSPs operated as the supply-side technology, connecting publisher inventory to multiple demand sources. They facilitated the auction but generally didn't interfere with how DSPs valued or selected inventory. Their role was more technical and operational than strategic.

Publishers simply made their inventory available and hoped for the best. With limited visibility into the auction dynamics and advertiser preferences, publishers largely trusted their SSPs to maximize yield and protect their interests.

This traditional structure is crumbling as curation redefines who does what in the programmatic ecosystem.

Curation: The Catalyst for Change

Curation refers to the practice of bundling select publisher inventory into discrete PMP "deals" that are surfaced to DSPs and their advertisers. This seemingly simple concept has unleashed a power struggle with far-reaching implications.

Curation emerged primarily due to signal loss and transparency concerns. With cookie deprecation and various privacy changes from iOS and Android, advertisers suddenly found themselves struggling to identify and verify quality inventory in the open exchange. Curation promised a solution: pre-filtered inventory based on strong KPIs, brand safety guarantees, audience relevance, and premium contextual signals.

The IAB Tech Lab has even rebranded their "Seller Defined Audiences" as "Curated Audiences" in an attempt to establish a common framework and interoperability. Despite this standardization effort, the curation landscape remains fragmented and confusing for many publishers.

The real battle isn't about technology but about who controls the relationship with advertisers and thus, who gets to extract value from the supply chain.

DSPs: Fighting to Maintain Control

Demand-side platforms face an existential threat from curation. They've traditionally owned the curation function, using their data and algorithms to select the most performant impressions from the open exchange. This position allowed them to justify their fees and maintain their relationships with advertisers.

The Trade Desk's OpenPath initiative represents a clear defensive move. By going directly to publishers, they're attempting to maintain control over inventory selection while cutting out SSPs entirely. This direct-to-publisher approach signals just how seriously DSPs view the threat from other players moving into their territory.

DSPs face difficult strategic decisions: Do they restrict their PMPs from being curated by SSPs to protect their walled garden of demand? Do they double down on direct publisher relationships? Or do they develop their own enhanced curation capabilities to compete with what SSPs are building?

If DSPs lose their position as primary curators, they risk margin compression and diminished value in the eyes of advertisers. This isn't just a minor business challenge – it's a fight for survival.

SSPs: The Strategic Power Play

Supply-side platforms have seized the curation opportunity with both hands. They recognize it as a chance to capture more value and potentially disintermediate DSPs by going directly to advertisers.

One SSP stands out as a leader in this space, with 48% of its revenue flowing through curated PMPs in our recent state of curation report. This significant shift demonstrates how quickly SSPs have moved to capitalize on curation as a strategic opportunity. Their position closer to publishers gives them access to user engagement data that DSPs simply don't have.

Strategic partnerships are forming rapidly as SSPs position themselves for the curation era. Index Exchange's partnership with Permutive (a DMP) creates a powerful combination of inventory access and data capabilities. Meanwhile, tier 2 and tier 3 SSPs face consolidation pressure, with companies partnering to leverage their DSP relationships.

The race is on among SSPs to demonstrate unique value and avoid being seen as just another middleman extracting fees without adding value.

Publishers: Finding Their Place in the New Landscape

Publishers face both opportunity and uncertainty in this rapidly evolving curation landscape. The central question remains unanswered: Does curation actually drive incremental revenue for publishers?

Despite the industry hype, no conclusive data exists showing whether curation truly benefits publishers' bottom lines. The fear is legitimate: what if curation simply takes inventory already available on the open market, passes it through additional layers where fees are extracted, and delivers no net benefit to publishers?

While SSPs report higher CPMs for curated inventory (often 2-3x higher than open exchange), the overall impact on publishers' revenue per session (RPS) remains unclear. Testing this would require publishers to opt out of curation partially, which few SSPs make easy to do.

Publishers also face challenges in understanding what makes their inventory "unique" in the eyes of advertisers. It's no longer enough to have quality content or specific audience demographics. Buyers increasingly value engagement signals that only publishers can provide: scroll depth, session duration, bounce rates, and similar behavioral metrics.

The stark reality is that individual publishers, especially smaller ones, face significant barriers to participating effectively in curation without strategic partnerships. They need relationships, context, and expertise to package their unique first-party data in ways that buyers value.

For publishers, the power struggle presents a clear dilemma: how to ensure they capture fair value from their inventory as others battle to control its curation and distribution.

New Entrants: Disrupting the Disruption

The curation gold rush has attracted new specialized players who see opportunity in the chaos. These companies are positioning themselves as neutral platforms that can connect buyers and sellers more efficiently than traditional players.

Curated Media represents an interesting example of this trend. Their non-gated platform allows buyers to browse available curated packages across multiple SSPs and activate PMPs within minutes. This centralized marketplace aims to streamline the discovery and activation process while potentially shifting fees from CPMs to media budgets.

These new entrants focus on solving specific friction points in the curation workflow rather than replacing existing players entirely. Their value proposition centers on efficiency, transparency, and ease of use rather than technological differentiation.

The emergence of these specialized platforms suggests that the curation landscape remains immature and fragmented. As the market evolves, these companies may either be acquired by larger players or establish themselves as essential infrastructure for the new curation ecosystem.

The success of these new entrants ultimately depends on their ability to reduce complexity while adding genuine value to both buyers and sellers.

Following the Money: Fee Compression and Value Redistribution

The curation battle ultimately comes down to who captures fees in the programmatic supply chain. With overall ad spend growth slowing, players are fighting over their slice of an existing pie rather than expanding the market.

SSPs typically charge different rates for curated inventory compared to open exchange inventory. Some have implemented "access fees" just to participate in their curated deals program. These fees come in addition to their standard revenue share on transactions.

This fee structure raises questions about transparency and value. Are publishers aware of how their inventory is being monetized through curation? Do they understand the economics of these arrangements? In many cases, SSPs enable curated PMPs without explicit publisher consent, potentially leading to margin compression without offsetting revenue gains.

More innovative approaches are emerging that could benefit publishers. Some companies are exploring models that add curation fees to advertisers' budgets rather than extracting them from publisher CPMs. This approach would preserve publisher economics while still allowing for curation services.

The ultimate question remains: does the value added through curation justify the fees being extracted? The answer likely varies dramatically depending on the specific implementation and the players involved.

The Fight for Relationships: Who Owns the Connection?

Behind the technical aspects of curation lies a more fundamental battle: who owns the relationship with buyers and sellers? These relationships represent the true long-term value in the ecosystem.

DSPs have traditionally owned advertiser relationships, while SSPs maintained publisher relationships. Curation is blurring these boundaries, with SSPs increasingly going direct to buyers and DSPs connecting directly with publishers.

Some players are attempting to play both sides. T-Mobile, for example, works with SSPs to set up PMPs while simultaneously pursuing direct publisher relationships. This dual approach demonstrates how fluid the situation has become.

For publishers, relationship ownership matters tremendously. Working with partners who have strong buyer relationships can unlock access to premium demand that might otherwise be unavailable. Similarly, maintaining direct relationships with key buyers provides leverage and insights that can drive strategy.

The most successful publishers will be those who strategically cultivate relationships across the ecosystem while maintaining control of their most valuable asset: their first-party data.

Data: The Ultimate Battleground

First-party data has emerged as the new currency in the curation era. With third-party cookies disappearing and privacy regulations tightening, the value of publisher-owned data has skyrocketed.

Publishers possess unique engagement data that DSPs simply cannot access: scroll depth, session duration, bounce rates, multi-page visits, and similar behavioral metrics. This data allows for the creation of high-value segments that can command premium prices from advertisers.

Examples of particularly valuable data segments include:

  • Active scrollers who reach at least 50% of page depth before an ad appears
  • Users on their second or third article in a single session
  • Visitors with above-average time on page
  • First impression (non-refreshed) inventory
  • Bounce-proof users who consistently navigate to multiple pages

The challenge for publishers is understanding which of these data points are most valuable to advertisers and how to surface them effectively through curation partners. Without this knowledge, publishers risk undervaluing their unique data assets.

The winners in this data battle will be those who can collect, organize, and activate first-party data at scale while maintaining compliance with evolving privacy regulations.

Winners and Losers: Who's Positioned to Dominate

Early indicators suggest that SSPs have gained the most ground in the curation battle, with some already generating nearly half their revenue through curated deals. Their position between publishers and buyers gives them natural advantages in facilitating curation.

DSPs face the greatest threat as their traditional role as inventory curators comes under direct attack. Their defensive moves into publisher-direct relationships signal their recognition of this existential challenge.

Among SSPs, clear stratification is occurring. Larger platforms with robust data capabilities and direct advertiser relationships are pulling ahead, while smaller players face consolidation pressure or irrelevance. This trend will likely accelerate in the coming year.

Publishers face a mixed outlook. Those with scale, unique content, and first-party data strategies are well-positioned to benefit from curation. Smaller publishers without strategic partners may find themselves at a disadvantage as the ecosystem complexity increases.

The market will likely take 18-24 months to stabilize as players adjust their strategies and consolidation occurs. During this period, experimentation and relationship building will be critical for all participants.

Strategic Considerations for Publishers

Publishers need a thoughtful approach to navigate the curation landscape effectively. This requires asking tough questions of potential partners and making strategic decisions about data and relationships.

When evaluating curation partners, publishers should ask:

  • How are curated packages created and what data is used?
  • What fees are being charged for curation and how are they structured?
  • Can you provide transparency into performance differences between curated and non-curated inventory?
  • What unique demand relationships do you bring to the table?
  • How will my inventory be represented to buyers?

Red flags include partners who cannot clearly articulate their value proposition beyond "access to demand" or who are unwilling to provide transparency into fee structures and performance metrics.

For most publishers, especially those without massive scale, working with a partner like Playwire provides crucial advantages in the curation game. Our relationships with SSPs, expertise in data packaging, and ability to aggregate inventory across publishers creates opportunities that would be unavailable to individual sites.

The most successful publishers will be those who remain agile, continuously testing new approaches while maintaining control of their most valuable assets.

The Future Landscape: Where Curation Is Heading

Curation appears poised to establish itself as the new "middle ground" between direct sales and the open exchange. Rather than replacing existing channels, it creates a new tier with greater control and transparency than the open market but less friction than traditional direct deals.

The market will likely consolidate into fewer, more powerful curation platforms as capabilities mature and standards emerge. The IAB's efforts to standardize "Curated Audiences" represents an important step toward interoperability, though adoption remains uneven.

Regulatory developments, particularly around privacy and competition, could significantly impact how curation evolves. Increased scrutiny of data practices and supply chain transparency might force further changes to current approaches.

Technology will continue to drive innovation in this space. AI-powered optimization of curated packages and more sophisticated publisher data tools will create new opportunities for value creation and capture.

The ultimate winners in this landscape will be those who add genuine value rather than simply extracting fees. Publishers, advertisers, and technology providers who focus on delivering measurable improvements in performance and efficiency will thrive in the curation era.

How Playwire Navigates the Curation Power Struggle

Playwire's position as an aggregator of premium publisher inventory provides unique advantages in the curation landscape. By representing multiple publishers, we create scale and data depth that individual sites cannot achieve on their own.

Our strategic relationships with leading SSPs and DSPs give us visibility into emerging curation strategies and the ability to ensure our publishers' inventory is included in high-performing packages. These relationships have been cultivated over years and provide access that would be difficult for individual publishers to replicate.

Playwire's technical infrastructure allows us to surface valuable engagement data that makes our publishers' inventory more attractive for curation. This includes session depth, scroll behavior, and other signals that buyers increasingly value.

We continuously monitor performance across various curation implementations to ensure they're truly delivering incremental value rather than simply redistributing existing demand. This testing and optimization process allows us to focus on approaches that genuinely benefit our publishers.

Our expertise in data segmentation and packaging helps publishers present their unique inventory attributes in ways that resonate with buyers. Rather than simply accepting whatever curation packages SSPs create, we actively shape how our publishers' inventory is represented in the marketplace.

Navigate the Curation Era with Confidence

Curation represents both opportunity and risk for publishers in today's evolving programmatic landscape. The power struggle between DSPs, SSPs, and new entrants will continue to reshape how inventory is bought and sold.

Publishers cannot afford to be passive observers in this transformation. Strategic decisions about data, partnerships, and technology will determine whether curation delivers incremental value or simply extracts additional fees from the supply chain.

The most successful publishers will focus on understanding what makes their inventory truly unique and valuable to advertisers. They'll work with partners who provide transparency into performance and fees while leveraging relationships across the ecosystem.

For most publishers, navigating this complexity alone is challenging. Working with a partner like Playwire who has the relationships, technical capabilities, and scale to effectively participate in curation creates opportunities that would otherwise be inaccessible.

As the curation landscape continues to evolve, one thing remains clear: publishers who take an active, strategic approach to this power struggle will be best positioned to capture their fair share of value in the new programmatic reality.

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