Direct vs programmatic advertising: the honest math in 2026
eCPM, SSP fees, fraud, cookies: what programmatic really costs you and why direct sales are winning back publishers.
July 24, 2026
TL;DR
Programmatic takes 40-60 % of the value before it reaches the publisher. Direct sales return 90 %.
The real math
- Advertiser programmatic CPM: EUR 4
- DSP + SSP + ad-server fees: EUR 1.80-2.40
- Publisher net: EUR 1.60-2.20
Direct on Addirectly, the same slot sells for EUR 3-6, publisher nets EUR 2.70-5.40.
Fraud and brand safety
15-25 % of programmatic traffic is still fraudulent (MRC 2024). Direct sales eliminate the problem: advertisers and publishers know each other.
FAQ
Is programmatic dead? No, but it becomes a fallback, not a primary source.
Can I combine both? Yes — direct first, programmatic as fill.
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