"Pubstack has published the UK edition of its State of Programmatic 2025, highlighting a market where volume growth no longer protects value. In 2025, UK programmatic impressions increased +10.51% year-on-year, while programmatic revenue declined by -2.29% year-on-year, driven by a -10.54% year-on-year drop in eCPM. The findings point to a structural shift: publishers sustained delivery through higher volume, but pricing pressure eroded monetisation outcomes - with the annual decline heavily concentrated in Q4 (-13.55% year-on-year revenue)."
"Revenue: -2.29% year-on-year in 2025, despite positive Q1-Q3, with a sharp Q4 reset (-13.55%). Impressions: +10.51% year-on-year, indicating volume resilience but not value protection. eCPM: -10.54% year-on-year, confirming a price-led downturn. Demand mix shift: Google share down -3.64pp, Prebid up +3.79pp year-on-year. For UK premium publishers, the report provides a practical benchmark to identify where value is leaking - pricing, quality, demand mix, or auction efficiency."
UK programmatic impressions rose 10.51% year-on-year in 2025 while programmatic revenue declined 2.29% year-on-year, driven by a 10.54% fall in eCPM. The annual revenue decline was heavily concentrated in Q4, which saw a 13.55% year-on-year reset despite positive performance in Q1–Q3. Demand mix shifted with Google share falling 3.64 percentage points and Prebid rising 3.79 points. Publishers maintained delivery via higher volume but experienced pricing pressure that eroded monetisation. Premium publishers can benchmark CPM trends, demand mix, viewability, and bidder efficiency to identify and address value leakage.
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