Magnite (MGNI) investor relations material

Business evolution and strategy

• Transitioned from a traditional SSP to a modular, customizable platform through acquisitions of Telaria, SpotX, and SpringServe, enabling differentiated offerings for top streaming clients.

• Positioned as a one-stop platform for programmatic buying and selling across CTV and DV+, attracting major clients seeking integrated solutions.

• Robust two-sided marketplace has led to concentrated agency spend and strong buy-side growth.

• International business now represents 25% of mix and is growing faster than the U.S., with early adoption in markets like Australia and New Zealand.

• M&A focus has shifted to targeted, accretive deals that accelerate the product roadmap, with no plans for large-scale acquisitions.

Key partnerships and growth drivers

• Secured preferred or exclusive programmatic partnerships with top streamers, including Netflix, and OEMs like Roku, LG, Vizio, and Samsung.

• Netflix partnership leverages modular ad serving and programmatic capabilities, with potential to become the largest client by year-end.

• Amazon partnership spans both DSP and publisher sides, with exclusive access to Amazon Fire inventory and rapid growth in programmatic CTV.

• Agency partnerships involve white-labeled, curated exchanges, driving supply path optimization and consolidating spend on the platform.

• Account wins in DV+ from new client types (audio, social) and agency-curated marketplaces are fueling share gains and a virtuous cycle of growth.

Industry trends and regulatory environment

• Early-stage programmatic and streaming adoption are major tailwinds, with SMB advertisers and global expansion driving future growth.

• Regulatory developments in AdTech, particularly the Google antitrust case, present a generational share gain opportunity; every 1% share shift could add $50M in high-margin contribution.

• Behavioral remedies during appeals could level the playing field, especially in premium publisher deals business.

• GenAI-driven changes in search are reducing open web traffic, but diversified inventory and limited desktop exposure mitigate risk.

• Larger publishers may benefit from new licensing or auction-based revenue streams from answer engines and agentic search.