During the last year, VeraViews has undergone significant growth, and with it a multitude of new features and functionality has been rolled out. In early 2023, we announced that new integration options would become available for non-Brightcove publishers during Q3, which we began rolling out around September.
This was a major upgrade and milestone that enabled us to deploy our advertising stack across a more flexible range of video player environments, drastically improving our commercial outlook. This has led to a marked increase in performance for VeraViews advertising campaigns across all publishing partners.
In this short performance review we will review the significant improvements across several key performance metrics — including ad viewability, fill rate, and eCPMs; in addition to daily impressions and opportunities from one of our key publishers.
Together these key metrics have enabled us to optimise revenue significantly.
Viewability
Viewability in video programmatic refers to whether or not an ad is actually seen by users. It measures the percentage of an ad that becomes visible on the user’s screen. An ad is considered “viewable” when it appears within the user’s browser or app, and a specified percentage of the ad is in view for a certain duration.
For instance, if an ad is only partially visible on screen, it may not be considered viewable. Advertisers are interested in high viewability because it ensures that their ads have the potential to be seen by the target audience, increasing the likelihood of effective communication and engagement. Viewability is an important metric for assessing the performance and impact of video ads in programmatic advertising.
Viewability is perhaps the most important metric for ensuring that visitors are consistently creating impressions, and in turn ad opportunities, on our partner publisher’s sites. From Q1 2023 to Q4 2023, average viewability across all devices increased from 32.6% to 75.9%, a 132% increase. This was driven entirely by new functionality delivered via VeraView’s new video player capabilities.
Average desktop viewability was much higher at 85.4%, and mobile achieved an average viewability rate of 65.9%. Compared to the industry average of ~73% video viewability across all platforms according to Statista ⁽¹⁾, we can see that VeraViews is performing above current industry benchmarks although there is no guarantee that these stats will be sustainable until VeraViews scales. Through 2024 our development team will continue to make the necessary adjustments with our publishing partners to increase viewability further.
eCPMs
eCPM stands for “effective cost per mille” (where “mille” is Latin for thousand). In digital advertising, eCPM is a metric used to measure the estimated earnings of an advertisement per 1,000 impressions (views) on a website or app. It helps advertisers and publishers understand the efficiency and profitability of their ad campaigns or inventory.
Essentially, eCPM represents how much an advertiser is willing to pay for a thousand ad impressions, making it a useful indicator for comparing the performance of different ads or ad placements.
During 2023 eCPMs experienced a similarly large improvement with the deployment of our new video player functionality. In total, eCPMs rose from an average of $1.98 at the beginning of Q1 2023 to over $5.35 by Q4 2023 — an increase of over 170% and a key milestone for our ability to generate consistently strong advertising revenues for our partners. Nevertheless, eCPMs are highly variable and subject to volatility depending on programmatic market conditions.
Fill Rate
Video programmatic fill rate is the percentage of available ad opportunities that are successfully filled with ads through programmatic advertising. In simpler terms, it represents the proportion of times an ad is displayed compared to the total number of opportunities for it to be displayed. A higher fill rate indicates that more ad slots are being successfully filled, while a lower fill rate suggests that some opportunities are going unsold or unfilled.
Fill rate is a key metric for publishers and advertisers in the video advertising space, reflecting the efficiency of ad inventory utilisation. A sharp increase in total fill rate, from ~45% to over ~75%, occurred rapidly following the deployment of VeraView’s new video platform at the beginning of Q3 2023.
According to recent data ⁽²⁾, average video programmatic fill rates are 60–80%. Therefore, VeraViews provides fill rates towards the upper range of industry standards. However, pushing for higher fill rates at the expense of higher eCPMs is not always necessarily more profitable and VeraView’s commercial team will look to balance fill rate growth with increased eCPMs through 2024 to deliver the highest value to our partner publishers depending on their specific campaign goals and audience profiles. Fill rates, like eCPMs are also highly variable and subject to volatility depending on programmatic market conditions and can rapidly change from time to time.
Impressions & Opportunities
Using just one of our long-standing publishing partners as a representative example, we are able to show a substantial rise in daily impressions since moving to our new video player technology, resulting directly in a 89.5% increase in daily ad opportunities.
Our daily ad opportunities, and in turn revenue from advertising campaigns, will scale directly as we bring new publishers into VeraViews. This remains a key commercial focus during 2024.
Key Takeaways
With VeraViews ad campaign data now generally meeting established industry metrics, alongside our patented and unique Proof of View invalid traffic prevention technology, we believe that we are in a position to capitalise on our technology.
During 2024, we will continue to refine VeraViews’ performance. Crucially, having now assembled the components necessary to compete at or above industry standards, we will expand the VeraViews team and focus on scaling our client base during the next 12 months.
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