Today, the digital advertising landscape is shifting at pace. From new privacy regulations to changing advertiser demands and evolving technologies, publishers are under pressure to rethink how they monetise their content. What worked five years ago - or even last year - may not be enough to sustain growth today.
At FT Strategies, we work with leading media organisations around the world, and the message we are hearing is consistent: those taking a proactive approach to evolving their advertising strategy are seeing better results across revenue, advertiser retention and audience engagement.
So, what’s driving this shift? And what should publishers be doing now to stay ahead?
Here are three reasons why publishers must rethink their advertising strategy in 2025 - and how doing so can unlock new growth.
1. Advertisers Want ROI - and That Means Formats Must Evolve
In today’s climate, advertisers are under increasing pressure to justify every pound they spend. Budgets are scrutinised more than ever, and CMOs need hard evidence that their investments are driving outcomes, not just impressions.
This demand for a clear return on investment is shifting advertiser expectations. They're no longer content with traditional banner ads that may be seen but not acted upon. Instead, they’re seeking innovative, high-performing formats that provide measurable engagement and brand impact.
Publishers who are capturing advertiser spend are moving beyond the static ad, to more dynamic and engaging ones, and offering:
- Interactive formats (e.g. quizzes, tools or shoppable features)
- Branded content and sponsorships with measurable brand lift
- High-impact video and audio placements in high-attention environments (e.g. newsletters, podcasts, short-form video)
- Contextually relevant ads that align with reader intent and content
At the Financial Times, The Next Five podcast exemplifies the power of innovative ad formats. This branded content series explores pivotal trends and innovations set to shape the next five years across various industries. Featuring multiple sponsors, the podcast offers listeners valuable perspectives through interviews with industry leaders and experts.
Since its launch, The Next Five has achieved remarkable engagement:
- 16,400 hours collectively spent immersed in the podcast
- 75% average listen-through rate, indicating high audience retention
This success underscores the effectiveness of immersive audio content in delivering advertiser messages and achieving measurable ROI. By integrating sponsor messages within high-quality, editorially rich content, the FT has created a platform that benefits both listeners and advertisers.
For more details, see the full case study here
2. The Future of Third-Party Cookies Is Still Uncertain - but Change Is Already Here
The digital advertising industry has long anticipated the end of third-party cookies. However, Google’s decision in mid-2024 to pause their full removal, introducing user-driven privacy controls instead, has added complexity to the landscape. Chrome users will soon have more granular control over their privacy settings, meaning publishers must navigate ongoing uncertainty and remain agile.
Despite Google’s revised approach, the shift towards privacy-first advertising is already well underway. According to recent research by Permutive, addressability in open marketplaces (OMP) has plummeted by 70%, resulting in a sharp decline in open-market revenues - down 25% year-on-year by Q4 2022. Conversely, direct-sold advertising powered by first-party data surged significantly, achieving a 55% revenue increase in Q1 2023 alone.
This trend aligns with broader industry action. According to a July – August 2024 survey by ID5 (figure 1 below), 63% of businesses - brands, agencies, publishers, and tech platforms - have already adopted more than one identity resolution solution, and an additional 13% have implemented at least one. This highlights a clear industry consensus around the necessity of privacy-first strategies.
But it also gives publishers the chance to own their audience relationships through first-party data strategies.
What this means for publishers:
- Embrace authenticated, first-party data through strategies such as subscriptions, newsletters, and registration walls, reducing reliance on third-party identifiers
- Explore Privacy Sandbox solutions such as the Protected Audience API, enabling effective targeting and personalised ads without compromising user privacy, and the Attribution Reporting API, providing event-level insights on ad performance while maintaining anonymity
- Use diagnostic tools such as Google’s Privacy Sandbox Analysis Tool (PSAT) to identify where you currently rely on third-party cookies, helping you make informed decisions as you shift to privacy-first alternatives
- Strengthen direct-sold offerings by leveraging contextually relevant and privacy-first advertising solutions, clearly demonstrating measurable ROI to advertisers
Fig 1: Share of businesses that adopted at least one third-party cookie replacement solution worldwide as of August 2024
Source: ID5 (via Statista), 202 respondents; among brands, agencies, publishers, technology and data platforms
3. Ad Yield Optimisation and Audience Segmentation Are No Longer Optional
Optimising ad yield - generating the most revenue per impression - remains one of the most powerful, yet overlooked, opportunities in publisher ad operations. The reality is that many publishers are sitting on highly valuable inventory they're not fully monetising.
At the Financial Times, we've seen firsthand that effective audience segmentation significantly boosts revenue. For instance, simply having a single demographic data point allows us to charge advertisers, on average, 45% higher CPMs compared to inventory without such targeting insights. This clearly illustrates the direct revenue benefit of investing in audience data.
To unlock these types of revenue uplifts, publishers must focus on three key areas:
- Detailed analysis of ad performance, by format, content type, geography, and device, to pinpoint high-value inventory
- Advanced audience segmentation, leveraging demographic, behavioural, and contextual data points to deliver more relevant ads and achieve premium pricing
- Balancing ad loads and placements, maximising revenue without negatively impacting reader engagement or user experience
Optimisation is no longer solely about CPM; it's about maximising revenue per user, fill rates, viewability, and advertiser outcomes. Publishers investing in these capabilities aren't just maintaining revenue - they’re significantly enhancing their commercial position in a competitive environment.
Conclusion: Time to Take Control of the Future
2025 is shaping up to be a pivotal year for publisher advertising. While Google's approach to third-party cookies has evolved, the industry's direction is clear: successful publishers will embrace innovative formats, privacy-first strategies, and rigorous ad yield optimisation.
At FT Strategies, we help publishers build future-proof ad businesses - combining insights from the Financial Times’ own success with deep industry experience. Whether your focus is on optimising programmatic performance, enhancing direct-sold revenues, exploring emerging formats like video and audio, or successfully adopting first-party and privacy-preserving approaches, we’re here to help you build a future-proof advertising strategy.
About the author
