{"page":"/blog/working-media-benchmark","modified":"2026-10-18","license":"https://creativecommons.org/licenses/by/4.0/","columns":["Period","Data window","Released","Marketers (participating / contributing)","Impressions","Spend","TrueAdSpend, all environments","TrueAdSpend, web and mobile","Transaction costs","Seller revenue","CTV share of spend","MFA share","Source"],"rows":[["2023 study","Sep 2022 to Jan 2023","Jun 2023 (First Look), Dec 2023 (complete)","21 / 21","35.5 billion","$123 million","36% (index 36.2)","Same (CTV not included)","29%","71%","Not included","15% of spend in the waterfall; 10% median","ANA, Dec 2023; ANA Benchmark, Q1 2025"],["Q4 2024","Apr to Sep 2024","12 Dec 2024","37 / 21","38.5 billion","$235 million","43.9%","n/d","29.8%","70.2% (calculated as 100 minus transaction costs)","27.9%","6.2% average; 1.1% median","ANA, 12 Dec 2024; ANA Benchmark, Q1 2025"],["Q1 2025","Nov 2024 to Mar 2025","Mid-2025 (report undated)","39 / 23","41.9 billion","$242 million","41.0%","n/d","26.1%","73.9%","30.4%","0.4% in the waterfall; 2.3% median","ANA Benchmark, Q1 2025"],["Q2 2025","Apr to Jun 2025","Aug 2025","39 / 21","18.6 billion","$146 million","37.0%","46.6%","25.2%","74.8%","44.2%","0.8% median","ANA Benchmark, Q3 2025; Measured, 15 Aug 2025"],["Q3 2025","Jul to Sep 2025","5 Nov 2025","39 / 21","17.5 billion","$142 million","39.0%","47.1%","23.8%","76.2%","45.6%","0.5% in the waterfall; 0.39% median","ANA, 5 Nov 2025; ANA Benchmark, Q3 2025"],["Q4 2025","Oct to Dec 2025","About Mar 2026 (gated)","n/d","n/d","n/d","n/d (ANA refers to \"Q4 2025's volatility\"); top-performing cohort 56.7%","n/d","n/d","n/d","n/d","n/d","ANA, 1 Jun 2026; TAG TrustNet, accessed 17 Oct 2026"],["Q1 2026","Jan to Mar 2026","27 May 2026 (release), 1 Jun 2026 (report)","86 / 66","n/d","n/d","43.3%","n/d","n/d (cohorts differed by 2.4 points)","n/d","n/d","1.1%","ANA, 27 May 2026"],["Q2 2026","Apr to Jun 2026","6 Aug 2026 (release), 26 Aug 2026 (report)","n/d","n/d","n/d","45.1%","n/d","27.2%","n/d","41.6%","n/d","ANA via Fiducia, 6 Aug 2026; ANA, 26 Aug 2026"],["Q3 2026","Jul to Sep 2026","Expected Nov 2026","pending","pending","pending","pending","pending","pending","pending","pending","pending","Next review 1 Dec 2026"]],"sourceUrls":[["https://www.adslot.com/wp-content/uploads/2023/12/ana-programmatic-media-supply-chain-transparency-study.pdf","https://s3.amazonaws.com/media.mediapost.com/uploads/ANAQ12025Programmatic.pdf"],["https://www.ana.net/content/show/id/pr-2024-12-programmatic","https://s3.amazonaws.com/media.mediapost.com/uploads/ANAQ12025Programmatic.pdf"],["https://s3.amazonaws.com/media.mediapost.com/uploads/ANAQ12025Programmatic.pdf"],["https://s3.amazonaws.com/media.mediapost.com/uploads/Q32025ProgrammaticTransparencyBenchmark.pdf","https://www.measured.com/blog/ana-finds-26-8b-in-programmatic-waste-what-marketers-can-do-now/"],["https://www.ana.net/content/show/id/pr-2025-11-transparency","https://s3.amazonaws.com/media.mediapost.com/uploads/Q32025ProgrammaticTransparencyBenchmark.pdf"],["https://www.ana.net/magazines/index/id/survey-reports","https://www.tagtrust.net/insights"],["https://www.ana.net/content/show/id/pr-2026-05-programmatic"],["https://www.fiducia.eco/post/ana-programmatic-transparency-benchmark-q2-2026-working-media-efficiency-reaches-a-record-45","https://www.ana.net/miccontent/show/id/rr-2026-08-programmatic-transparency-benchmark-q2"],[]]}