Lessons from the 2025 ANA Benchmark
The term “programmatic” still conjures visions of efficiency at scale yet every new transparency study peels back another layer of complexity. In 2020, the UK’s ISBA, the Association of Online Publishers (AOP) and PwC mapped programmatic supply chains end‑to‑end. Their findings were stark: at the premium end of the market, only about half of advertiser spend reached publishers and 15 % couldn’t be accounted for. A follow‑up study released in January 2023 showed improvement but hardly a victory lap: the unknown “delta” fell to 3 %, while the proportion of spend reaching publishers climbed to 65 %.
The ANA’s 2023 investigation amplified the alarm in the U.S. Its Programmatic Media Supply‑Chain Transparency Study found that Made‑for‑Advertising (MFA) websites accounted for 21 % of impressions and 15 % of spend (ana.net). In other words, roughly one in five impressions went to low‑quality click‑bait inventory. The ANA urged brands to lean in, take direct contracts and avoid MFA inventory.
A Brand‑New 2025 Benchmark
This summer’s Q2 2025 Programmatic Transparency Benchmark provides fresh evidence that progress has been made and underscores how far we still have to go. Released in mid‑August by the ANA and TAG TrustNet, the new benchmark shows that around $26.8 billion in global programmatic media value is still lost each year due to redundant supply paths, measurement gaps and low‑quality inventory. The report’s “TrueCPM” efficiency index slipped from 37.8 % to 36.5 %, illustrating the persistent gap between the CPM paid and the quality of impressions delivered.
Despite those inefficiencies, there are bright spots. Private marketplace (PMP) deals now represent 87.8 % of programmatic spend, up from 64.5 % the prior quarter. MFA exposure has plummeted to a median of just 0.8 % of spend… a dramatic improvement from the 15 % share in 2023. Yet even with this progress, the benchmark estimates tens of billions of dollars in waste, and only 21 of the 39 participating advertisers could provide full log‑level data, highlighting ongoing transparency gaps.
Screens, Streets and Beyond: The Campfire Approach
A common thread runs through all these studies, which is that working directly with publishers and focusing on quality inventory delivers better outcomes. PwC’s Sam Tomlinson noted that in well‑curated PMPs, publisher revenue exceeded 70 %. Digiday experts likewise urged brands to curate PMPs with selected publishers. The ANA’s recommendations include demanding direct contracts with supply‑chain partners and building inclusion lists rather than chasing cheap CPMs. But this idea of curation has been around for well over a decade among those who truly understand media, and ‘curation’ has become one of the biggest buzzwords of 2024–2025.
At Campfire, we take this concept beyond the browser. Our model is built on direct relationships with publishers across the entire media ecosystem — digital, broadcast, print, out‑of‑home (OOH) and event‑based. We believe every channel ultimately leads to a digital connection, and today’s consumers move fluidly between screens, streets and shared experiences. When we partner with a local newspaper, we’re not just buying half-pages or banner ads; we’re sponsoring community events and aligning content across print, web and social channels. When we collaborate with a streaming network, we consider how that video exposure can drive search lift and in‑store engagement. Our OOH activations are designed to spark conversations online as much as they build awareness offline.
These integrated partnerships yield several advantages:
Authentic community engagement: By supporting publisher initiatives in‑person (live broadcasts, local events, pop‑ups), brands become part of the community, not just a line item in a media plan.
Cleaner data loops: Direct deals across channels give us clearer log‑level data, making it easier to trace impressions and optimise spend.
Cross‑platform resonance: Messaging resonates when it’s consistent across a magazine ad, a digital video and a street mural. Instead of chasing scale for its own sake, we connect the dots between touchpoints.
What Challenger Brands Should Do Now
Audit your supply chain. If you can’t account for your spend, you’re likely feeding the unknown delta. Ask for log‑level data and demand transparency at each hop in the chain.
Prioritise quality over cheap CPMs. The ANA’s studies show that low‑cost MFA inventory provides little incremental reach and higher carbon emissions. Build inclusion lists of publishers that meet your brand‑suitability standards.
Think beyond the screen. Working with publishers means more than buying impressions; it means tapping into their communities across print, broadcast, OOH and events. Use each touchpoint to reinforce the others.
Blend direct, programmatic and social intentionally. Direct media deals provide transparency and brand equity; curated programmatic brings scale; social drives engagement and conversation. Each element should play a defined role.
The programmatic supply chain has made meaningful progress. The unknown delta is shrinking and MFA exposure is down, yet billions remain trapped in the maze. For challenger brands, the path forward isn’t hidden in more ad‑tech layers; it’s in simplifying the supply chain, integrating online and offline media and nurturing community connections. By partnering directly with publishers across screens and streets, brands can turn wasted spend into meaningful moments.
In today’s complex media landscape, aligning your media mix to your audience’s needs requires careful strategy. Ready to see how your brand can turn media investment into impact? Let’s talk. Together, we’ll ensure your dollars build both business outcomes and community trust.
