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Programmatic·9 min read·December 5, 2025

The Consolidation That Never Came: Still Too Many Platforms

Everyone predicted the buying landscape would collapse into two or three platforms. It went the other way, and the reasons are structural.

PR
Priya Raghunathan
Director of Research, Deep Thought
7.3
DSPs per agency, up from 4.8

The prediction

The consensus a few years ago was straightforward: identity deprecation and scale economics would force demand-side platform consolidation, leaving buyers with a handful of major options and much simpler operations.

Instead the average number of platforms a team operates has risen substantially.

Why it reversed

Three forces. New inventory types arrived with their own buying stacks — retail media networks and connected TV chief among them, each with reasons buyers cannot ignore them. Supply-path differentiation gave individual platforms exclusive or preferred access worth maintaining a seat for. And walled gardens got more walled, not less.

Consolidation requires substitutability. None of these are substitutes.

The operational consequence

Every added platform multiplies trafficking work, adds a reporting format, and creates another reconciliation. Teams did not grow to match, so the burden landed on process and QA — the two things that fail invisibly.

It also makes cross-channel frequency management effectively impossible without a layer above the platforms.

What to do instead of waiting

Stop planning for consolidation that is not coming. Build the layer yourself: one brief format, one naming convention, one normalized reporting table, one team accountable across all of it. The platform count becomes an implementation detail rather than a strategic problem.

For advertisers, the read-across is simple. The complexity is real and it is not going away, which is precisely why paying someone to absorb it is rational — and why paying a percentage of your spend for it is not.

The short version

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