<b>Our read: end-of-quarter CPM swings in pop are demand-side, not supply</b>
Volume doesn't change much. What changes is the big spenders pausing to true up budgets, which drops the auction and gifts cheap clearing prices.
— The window: roughly the last days of a quarter into the first of the next. Pop floors soften because branded and performance buyers go quiet.
— The play: pre-load your highest-margin offers and lift caps right when the desk buyers step back.
— The trap: don't read the cheap CPM as 'better traffic'. It's the same inventory at a discount because a bidder left the room.
— confidence: medium
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