The digital advertising ecosystem is undergoing rapid transformation. New privacy standards, evolving buyer expectations, and shifts in technology are reshaping how publishers generate revenue from ads. The strategies that once sustained growth are no longer a guarantee of future success.

Across our work with leading global media businesses, one trend is clear: The publishers seeing the strongest performance gains are those actively evolving their advertising strategies. From improving ad yield to experimenting with new formats, they are taking decisive steps to adapt.

Here are three reasons why a strategic refresh is essential in 2025 — and how the right approach can unlock stronger commercial outcomes.

1. Advertisers demand impact and formats must reflect that

Advertisers are under increasing pressure to deliver measurable outcomes. As budgets tighten and scrutiny increases, media buyers are prioritising placements that clearly drive attention, engagement, or conversions — not just passive impressions.

As a result, traditional display ads are no longer enough. Advertisers are seeking premium environments and formats delivering demonstrable value.

Forward-thinking publishers are responding with:

• Interactive ad formats such as quizzes, tools, or shoppable features.
• Branded content and sponsorships designed to deliver tangible brand uplift.
• High-attention placements in formats like podcasts, newsletters, and short-form video.
• Contextual targeting that matches ads with audience intent and content themes.

A compelling example comes from the Financial Times’ branded podcast series, The Next Five. The show explores emerging trends across business and technology, with sponsorship woven into high-quality editorial storytelling.

To date, listeners have spent more than 16,400 hours with the content, with a 75% average listen-through rate. These are strong indicators of both engagement and value delivery.

This kind of performance illustrates how premium, well-integrated content formats can deliver for advertisers while enhancing audience experience. For more details, see the full case study here.

2. The cookie deprecation timeline may be delayed — but the shift is already here

Google’s phased withdrawal of third-party cookies has been a long-running story. A full rollout has been postponed; recent updates in April 2025 confirm users will continue managing tracking preferences via Chrome’s settings.

Nonetheless, the industry’s direction is clear: Privacy-first is the future.

Even without complete cookie deprecation, addressability is shrinking fast. Research from Permutive found open marketplace addressability fell 70%, contributing to a 25% drop in open-market ad revenue in the fourth quarter of 2022. Meanwhile, direct-sold campaigns powered by first-party data surged, with 55% revenue growth reported in quarter one of 2023.

Complementing this, an ID5 survey from August 2024 shows 76% of companies (including brands, agencies, publishers, and ad tech firms) have adopted at least one identity resolution solution.

This pivot offers publishers a rare opportunity to build direct audience relationships and position themselves as trusted partners in a privacy-first ad ecosystem.

Key strategies include:

• Expanding authenticated user bases via registration walls, newsletters, or subscription models.
• Testing privacy-preserving technologies, including Google’s protected audience API and attribution reporting API.
• Auditing cookie reliance using tools like Google’s privacy sandbox analysis tool (PSAT).
• Strengthening direct-sold offerings with demonstrably effective, privacy-compliant inventory.

3. Ad yield and audience data are critical levers for growth

Maximising revenue per impression (known as yield optimisation) remains one of the most impactful yet underutilised areas in digital advertising. Many publishers still aren’t fully capitalising on the value of their audience and inventory.

At the Financial Times, even a single demographic data point on a user can increase cost-per-mille (CPM) rates by 45% on average. This illustrates the outsized commercial value of investing in audience segmentation.

Publishers looking to improve ad revenue in 2025 should prioritise:

• Detailed performance analysis to identify high-value formats, content types, and platforms.
• Audience segmentation strategies using contextual, demographic, and behavioural data to unlock premium pricing.
• Smart ad load balancing, ensuring revenue growth does not come at the expense of user experience.

Importantly, optimisation today means more than just improving CPMs. It involves boosting fill rates, viewability, advertiser outcomes, and, ultimately, revenue per user. Publishers investing in these capabilities are positioning themselves to thrive — not just survive — in a changing market.

Looking ahead

The pressure on publisher advertising models is only increasing. Yet the opportunities for those willing to adapt are just as significant. By embracing immersive formats, adopting privacy-first solutions, and improving yield performance, media organisations can future-proof their ad business for the years ahead.

Publishers embracing immersive formats, privacy-first solutions, and improved yield strategies are best placed to grow sustainably. For those exploring how to evolve their commercial offering in this space, FT Strategies outlines several strategic approaches here.

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