"After a steadier-than-expected start to the fourth quarter, publishers are heading into 2026 feeling... well, less bad. So far, Q4 ad spend is pacing ahead compared to the same quarter last year. For others, it's tracking flat year-over-year with rises expected to come via pending PMP deals and increased premiums on new video products, leading them to expect single-digit year-over-year bumps by the end of 2026."
""Programmatic RPMs even ahead of Thanksgiving, [Black Friday and Cyber Monday] - are way up over last year," said Riva Syrop, president of Apartment Therapy. However, direct sales were down. "Some of our normal big Q4 direct advertisers ended up not running large-scale, non-programmatic campaigns anywhere this quarter. Interestingly, we're in talks with most of them about [first half of] 2026 programs, but Q4 2025 felt like a much more conservative direct sales period," they added."
Q4 ad spend is pacing ahead year-over-year for many publishers, with some outlets flat but expecting gains from pending PMP deals and higher premiums on new video offerings. Several publishers reported higher Q4 ad revenue versus both the prior quarter and Q4 2024, with programmatic RPMs notably stronger around holiday shopping periods. Direct sales softened as some large non-programmatic advertisers held back, though conversations about first-half 2026 programs are underway. Some publishers face delays securing complex content-led deals as marketers shift focus to 2026. Additional industry moves include a news publishers' lawsuit advancing against AI startup Cohere and the FT launching a free Substack aimed at younger readers.
Read at Digiday
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