Direct deals vs open auction: the blend

Direct deals vs open auction: the blend
Direct/PMP (private marketplace) inventory pays more but rarely fills 100% — the open auction is your backfill price floor.

— 100% open auction: blended CPM $2.40 ▮▮▮▮▮
— 20% PMP / 80% open: $2.95 ▮▮▮▮▮▮
— 40% PMP / 60% open: $3.60 ▮▮▮▮▮▮▮
— 70% PMP (over-promised, underfilled): $3.10 ▮▮▮▮▮▮ (unfilled gaps)

n=40 mid-size sites, 28d. PMP lifts blended CPM until you over-allocate and leave impressions unsold against guarantees.

So what: sell direct/PMP up to ~40% of inventory, let open auction price the rest. Don't guarantee what you can't fill. PMP 40%: blended CPM ▲ +50%