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).

Ronan Murphy, country manager UK at Pubstack, said: "The UK signal is clear: volume grew, value fell. In 2026, performance will come from turning quality signals into captured revenue."

Key UK findings from the report

• 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.

Download the UK report to benchmark your CPM trend, demand mix, viewability, and bidder efficiency against the market here.

Pubstack

Pubstack, founded in Paris in 2018, is the leading Enterprise Ad Management Platform empowering publishers to streamline operations, reduce costs, and maximise ad revenue. Trusted by over 100 premium publishers, including Le Monde, The Independent...

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