Magnite's Q4 2025 earnings reveal a robust 32% CTV growth primarily driven by legacy TV advertisers alongside a rising cohort of SMBs, despite no precise quantification of the split. The accelerated growth benefits from broad advertiser adoption and budget shifts from legacy digital formats.
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Can you quantify the split of Q4 CTV growth between new advertisers (SMBs) and legacy TV advertisers/brands?
Analysis of Q4 2025 CTV Growth Split Between New Advertisers (SMBs) and Legacy TV Advertisers/Brands for Magnite, Inc.
Magnite reported a strong Q4 2025 with CTV (Connected TV) contribution ex-TAC growing 32% excluding political spend impacts, significantly outperforming expectations. This acceleration began in Q3 and strengthened into year-end, making CTV the majority of the business for the first time123.
| Category | Commentary | Quantitative Data / Qualitative Indication |
|---|---|---|
| Total Q4 CTV contribution ex-TAC growth (ex-political) | +32% growth, exceeding expectations | $94 million contribution ex-TAC in Q4, up 32% ex-political1 |
| Spend shift from DV+ to CTV | ~$8-9 million shift expected Q1 2026; part of accelerated growth but included in organic numbers | Not fully separate; growth still 20%+ organic outside shift10 |
| SMB/New advertisers | Growing segment, enabled by better inventory access and tools like ClearLine; MNTN cited as an example | No precise split; broad-based growth but smaller proportion42 |
| Legacy TV/Large brand advertisers | Major contributors with deep platform integrations; studios and large brands such as Netflix, Roku, Paramount | Significant contribution; strong growth across these clients25 |
| Vertical strength | Retail, health, fitness, financial verticals strong; automotive, technology weak for CTV | Confirmed by management; reflects advertiser mix impacts189 |
Magnite's Q4 2025 CTV growth of 32% ex-political was driven by both:
While Magnite has not provided a precise numerical split between growth contributed by SMBs versus legacy TV/brand advertisers, management acknowledged the difficulty in granular segmentation but confirmed the growth is comprehensive and driven by all advertiser types410.
The majority of the robust CTV growth relates to legacy brands expanding programmatic streaming advertising, supplemented by emerging high-growth SMB participation, with the entire combined effect enhanced by budget shifts from DV+ to CTV.
Therefore, although a quantitative percentage allocation cannot be established from disclosed data, the evidence supports that legacy TV advertisers still anchor the majority of CTV growth dollars, while SMBs contribute a meaningful and growing portion within an overall accelerating ecosystem.
References: Excerpts 412785910631112.
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