audiencemp.com

Very few, if any, traditional advertising agencies are buying media directly from exchanges today. There are a few possible reasons for this:

(1) Publishers do not want to sell pre-emptible inventory to the top agencies. This would canabalize their premium inventory.
(2) Agencies make good margins on ad serving. It’s hard to justify charging $0.20 CPMs on ad serving when the cost of media CPMs are only $0.10.
(3) Right Media, the largest exchange today, is still in the business of selling advertising to agencies via Remix Media.
(4) Exchanges require fast payouts and most agencies, do not get paid quickly enough to enable this.

We believe there will be a seismic shift in how traditional brand advertisers buy media. With access to significantly cheaper inventory, these agencies will have to re-engineer their entire business processes.