AdTech Overview

Q2 2026

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any security or as an official confirmation of any transaction.

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Agenda

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I. Market Perspectives and Overview

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Macro View: Earnings Growth and AI Driving Positive Momentum

Resilient economic momentum supports a constructive outlook for 2026, with improving visibility despite pockets of macro uncertainty

Sources: (1) Bureau of Economic Analysis, (2) Goldman Sachs, (3) Federal Reserve

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4

Earnings Growth Continues to Offset Recession Risk ⁽²⁾

S&P 500 12-month Real EPS, inflation adjusted

Positive Signals from Factors Driving the Macro Picture ⁽³⁾

Inflation:

Inflation remains manageable, though underlying pressures in services and shelter keep the Fed cautious

Labor:

Labor is softening at the margin but remains healthy, with unemployment still in the low 4% range

Interest Rates:

Additional rate cuts likely in 2026, waiting to see impact of new Fed Chairman on policy

Job Openings

M

Fed Funds Projections

Effective Rates

CPI

YoY Change %

U.S. Real GDP Remains Resilient Starting 2026 ⁽¹⁾

U.S. Real GDP, QoQ Change %

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The AdTech Market is Shifting Toward Smarter, Measurable Growth

AI agents, retail media, and walled-garden consolidation are reshaping how ads are bought, measured, and optimized

(1) Grand View Research

5

15% CAGR

New Growth Playbook for the AdTech Market

AI and agentic automation are no longer just an optimization layer

Gen AI now powers creative production at scale and AI agents autonomously plan media, bid in real time, and optimize outcomes

Humans are shifting roles from execution to strategy, governance, and creative oversight

Walled gardens tighten control as open-web signals fade

Leading enterprise players are capturing more ad spend as cookies weaken and buyers shift to clean, first-party data and AI tools

Targeting and measurement become more platform-controlled, pressuring open-web AdTech on attribution, optimization, and scaled audience access

Retail media and CTV are becoming the performance engines

Retail media and CTV are attracting more budget as buyers seek high-intent audiences, commerce data, and measurable outcomes

Ad spend is shifting towards channels that connect media exposure more directly to sales, conversions, and closed-loop performance

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Digital Advertising Has Displaced Traditional as the Dominant Medium

Worldwide ad spend expected to surpass the $1T mark in 2026, driven by digital, AI-enabled buying, and measurable performance channels

(1) Dentsu, (2) (2) IAB, State of Data 2025 (3) Statista, (4) eMarketer

6

9% CAGR

70%

of global ad spend accounted for by digital media, as buyers shift toward measurable, automated channels with stronger targeting and ROI visibility

72%

of global ad spend expected to be algorithm-driven, as AI reshapes planning, buying, optimization, and real-time media allocation

14%

retail media growth, as brands shift spend toward commerce data, closed-loop attribution, and high-intent audiences

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(1) Advertiser Perceptions

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The Impact of Ad Spend Shifts and AI on Marketer Relationships

Agencies Are Evolving Beyond Execution Into Strategic Partners

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Content Owners and Publishers Navigate New Revenue Models

Attention Is Concentrating Into Scaled Streaming Ecosystems

Source: MoffettNathanson

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Consolidation Reshaping Media Landscapes

• Publishers diversifying beyond traditional display: Publishers expand through commerce media, branded content, and first-party data monetization. Programmatic direct and private marketplaces now account for over 80% of display ad dollars as open exchange reliance declines
• Warner Bros. Discovery merger reshapes ad inventory landscape: The $43B powerhouse launched NEO ad platform, unifying premium video inventory across streaming, linear, FAST, and syndication. AdTech platforms and smaller publishers must integrate or lose access to premium inventory and budgets

3.7

2.5

1.4

1.1

0.5

0.4

0.4

0.1

Streaming

Platform

Total Streaming Minutes

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AdTech Public Markets: Clear Recovery Trend, Pressure Remains

1. Equal-weighted index = Raised 26’ (All others Maintained 2026 guidance)
2. Sources: Market data as of 5/20/26, Pitchbook, Progress Partners Intelligence

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AdTech Comparables (excl. AppLovin) vs NASDAQ Composite

AdTech Index Constituent Companies

Progress Perspective: Q1’26 Earnings

AI Becomes the Operating Layer

AI is shifting from product feature to core infrastructure, widening the gap for platforms that can automate buying, optimization, measurement, and margin expansion.

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CTV Control Points Compound Advantage

CTV growth is concentrating around platforms with scarce access to premium supply, home-screen inventory, transparency, and measurable outcomes.

Quality of Growth Drivers Dispersion

The market is separating leaders with durable growth, margin leverage, and cash flow from weaker models facing mix pressure, integration costs, or open-web exposure.

AdTech Comparables Index

NASDAQ Composite

May 2: First Q1’25 Earnings

July 30: First Q2’25 Earnings

Oct 29: First Q3’25 Earnings

Feb 10: First Q4’25 Earnings

May 5: First Q1’26 Earnings

AdTech Comparables (incl. AppLovin) vs NASDAQ Composite

Stability

(79%)

36%

36%

(38%)

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AdTech Public Markets: AI and Control Points Are Redefining Durability

Winners are consolidating around AI-native optimization, premium CTV access, proprietary data, and margin-accretive growth

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…With Durability Defined by Control, Automation, and Yield

AI Decisioning Moves into the Core

CTV Becomes the

Scarcity Layer

Profitability Separates

the Field

CTV growth is broad-based, but durable value accrues where platforms control:

Premium Supply

Home-Screen Access

Measurement & Yield

Control Points Are Redrawing the Strategic Map…

Largest M&A opportunity since 2021, driven by consolidation around AI-native platforms, CTV infrastructure, and data ownership

AI-Native and Data Control Leaders

Legacy Exposure Remains

Premium Scale

AI driving improvements in yield, conversion, and workflow

Scaled leaders pairing growth with margin expansion and FCF

Mid-market platforms balancing growth against mix and integration drag

Automation shifting from campaign tools to platform-level OS

Investors underwriting quality, control, and cash conversion over TAM alone

Leaders monetizing AI through revenue density, not just product narrative

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Recent M&A Activity Highlights Data-Driven, AI-Led AdTech Shift

Strategic buyers and financial sponsors are consolidating to enhance targeting, automation, and cross-channel optimization

Denotes Progress Ventures portfolio company

Denotes Progress Partners-advised transaction

Minority Investment In Keynes | Sources: PitchBook, Progress Partners Intelligence, S&P Capital IQ

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Key Trends Driving Activity

Strategics are Setting the Pace

Strategic buyers can justify higher valuations through data ownership, measurement control, and channel synergies

Workflow Consolidation Expands Budget Share

Acquirers are connecting planning, activation, and measurement into one operating layer to capture more marketer workflow

Proprietary Data Becomes the Prize

Buyers are targeting identity, attention, and measurement assets that improve AI differentiation and activation across fragmented media

Strategic Transaction Count

Sponsor-Led Transaction Count

*

*

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Publicis/LiveRamp: When a HoldCo Buys the Identity Layer

The deal signals that owning technology and data, not media buying scale, will define who leads the market

Sources: Publicis Groupe, LiveRamp

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RampID’s Position in the Identity Layer: Before Vs After

BEFORE

Neutral identity hub | All buyers and sellers on equal terms

AFTER

Inside the Publicis stack | Rivals must build or buy for equivalent capability

RampID

Independent Layer

DSPs

SSPs

Publishers

CTV / Retail

Publicis Groupe

AI-driven marketing stack

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DSPs

Publishers

CTV / Retail

Differentiated deal gives Publicis control of the identity layer

Publicis is acquiring core identity infrastructure, not just another data asset, giving it control of a widely adopted layer for activation, measurement, and clean-room collaboration

RampID moves from a neutral identity currency used across DSPs, SSPs, publishers, and retail media into a competing HoldCo’s stack

Ecosystem signal shows identity consolidation is accelerating

The window for independent identity infrastructure is narrowing as major platforms and HoldCos consolidate the tools needed for targeting and measurement

Competitors may need to accelerate M&A or partnerships to secure comparable identity, CDP, clean-room, and measurement capabilities

~$2.2B Enterprise Value

21.8x EV / EBITDA

3.0x EV / Revenue

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Fox/Roku Underscores a Structural Shift

As media companies become technology platforms, owning the stack is becoming as strategic as owning the audience

Sources: Publicis Groupe, LiveRamp

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Infrastructure is strategic

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Ad serving, SSAI, identity, measurement, AI shift from enabling layers to competitive assets.

Five Forces Driving an Active Consolidation Cycle Across Media, AdTech, MarTech & Video Infrastructure

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Scale matters more

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Buyers assemble platforms controlling more of the journey, data flow, and monetization.

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Independents are scarcer

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As platforms consolidate, remaining infra providers become prime acquisition targets.

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AI accelerates the pace

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Deals secure software, content, and data for automation, personalization, and agentic workflows.

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M&A is fastest to transform

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Acquisitions compress roadmaps, enter adjacencies, and strengthen competitive positioning.

Forward View: Fox / Roku is likely an early milestone; expect further meaningful media, advertising, and software transactions over the next 12-24 months.

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Progress Partners – Our EIR Takes:

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II. A) CTV Market Overview and Transformation

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Television Advertising Market Overview

Audience Migration and Ad-supported Expansion Drive CTV’s Growing Share of Television Ad Spend

(1) eMarketer, Newspaper Association of America; (2) Progress Internal Model Estimate.

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⁽²⁾

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Advertiser Demand Is Accelerating the Shift to CTV

Younger Audiences, Ad-Supported Streaming, and Industry Consolidation are Expanding – and Fragmenting – CTV

Source: Forbes

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Result: Fragmented but Expanding CTV Supply

Market Forces are Driving CTV Growth

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• Consumer acceptance drives ad-supported streaming expansion: 60% of consumers accept video streaming with advertising, enabling platforms to expand ad tiers and inventory supply for advertisers
• Linear TV decline drives advertiser shift to CTV: Advertisers migrate to CTV to reach cord-cutting households as linear viewership ages and declines
• Consolidation reshapes the landscape: Traditional media companies acquire streaming platforms to expand reach - Comcast bought Xumo, Fox acquired Tubi, ViacomCBS purchased Pluto TV, and Fubo merged with Disney's live TV business - while pure-play streamers add ad-supported tiers to capture advertiser demand
• Streaming profitability pressure pushes platforms toward advertising: As content and sports rights costs compound, subscription-led streamers like Netflix and Disney+ lean into ad-supported tiers to defend EBITDA. Netflix and YouTube's DTC margin lead ($13.7B and $8.4B EBITDA in FY25) sets the benchmark the rest of the industry is chasing

Streaming Network

Extensions

Smart TV Manufacturers

/ OEMs

TV Station Group

CTV Devices

AdTech

Platforms

OTT Platforms

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Performance Marketing is Coming to CTV

Improved Measurement Capabilities Drive Performance Advertisers Migration from Linear TV and Expansion Beyond Search and Social

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Sources: Stephens, eMarketer

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Performance Advertisers Shift Budget to CTV

• Performance budgets shift from search and social to CTV: Performance marketers spent $130B+ on search and social last year; CTV's improved attribution capabilities enable re-allocation of ad spend from digital and linear channels to connected TV
• Performance advertisers increase CTV investments as measurement and attribution improve:
• ~80% of linear TV advertising dollars are represented by the top 500 brands who are now expanding into CTV ⁽¹⁾
• ~54% of advertisers planning to increase programmatic CTV investments next year ⁽²⁾

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II. B) CTV Market Structure and Mechanics

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CTV: Not Linear, Not Display

CTV is Unique to the Market, and Advertisers Seek Efficiency and Scale When Buying

Sources: (1) eMarketer, nScreenMedia, Extreme Reach

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Programmatic Dominance in CTV

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• 8 in 10 CTV ad dollars transacted programmatically: CTV currently accounts for 16% of total U.S. display programmatic spending, with YouTube representing ~50% of U.S. CTV programmatic ad spending and driving growth forecasts⁽¹⁾
• Upfront deals persist but programmatic grows: Some streaming services still prefer traditional upfront deals (like TV networks), but advertisers increasingly favor programmatic for flexibility and measurability⁽¹⁾

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CTV Commands Premium CPMs

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• High Engagement justifies premium pricing: CTV ads are more expensive than other digital formats because they (i) can't be easily blocked or skipped, (ii) have less visual clutter than web, and (iii) are viewed from start to finish
• Superior measurement + targeting unlocks higher ROI: Advertisers pay up for CTV because it combines TV-scale reach with digital-level targeting and attribution, making performance easier to prove than linear TV

Traditional TV

Variance in CPM by Type�(13 min/hr. Avg)

CPM Primetime

$45

=

CPM Average

$10

=

Variance in Ad Loads

Medium

Low

5 min/hr

3 min/hr

CPMs by Service

CPMs by Media Type

~ $32

~ $20 - $40

~ $40 - $50

Streaming live sports

TV network streaming services

$25 - $ 35

Podcasts

Digital Display

Social

High

9 min/hr

~$40

$15 - $30

$15 - $30

$2 - $30

CPM Scatter

~$25

=

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Key Players in the CTV Landscape

The CTV Value Chain Spans a Fragmented Network of Advertisers, Platforms, and Devices Linking Brands to Viewers

Denotes Progress Ventures Portfolio Company Denotes that RMNs are expanding into off-site activation (programmatic, social, CTV) via first-party retailer

Denotes involvement in recent transaction data; off-site is the fastest growing segment, representing ~15-30% of RMN spend

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SSAI

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Media Buyers

MARKETERS

CONSUMERS

Advertisers

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[logo]

Agencies

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[logo]

Measurement and Attribution

DSPs

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SSPs

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Ad Serving

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Media Tech

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Enables The Content Flow

AdTech                    Enables The Monetization

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Key Competitor Archetypes in the CTV Ad Buying Landscape

CTV Ad Buying is Consolidating Around Managed Services, Self-Serve Platforms, and Full-Service Agencies

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CTV-focused software platforms that enable advertisers to launch campaigns across multiple streaming channels through self-serve bidding tools with relatively low barriers to entry

3^rd party CTV Bidding Platforms (Self-Serve)

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Direct buying through streaming publishers’ owned platforms, giving advertisers access to proprietary inventory and campaign management within that ecosystem

CTV-Focused Managed Service Providers

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Self-serve campaign tools run by streaming publishers that provide direct access to their owned inventory. Typically used by smaller advertisers due to limited scale and targeting capabilities

Publisher Self-Serve

Broader TV Agencies

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Independent agencies offering omnichannel media services, with CTV integrated into broader digital marketing strategies. Typically serve SMBs or select brands depending on agency scale

Indies

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Large advertising holding companies that offer CTV buying as part of integrated, full-service media planning and agency networks

Holdcos

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Omnichannel DSP platforms with CTV capabilities that combine programmatic buying with strong managed service support, primarily targeting SMB and mid-market advertisers

SMB Focused Managed-Service DSPs

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DSP platforms that combine programmatic ad buying technology with hands-on campaign management services for advertisers

Managed-Service DSPs

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Direct buying through streaming publishers’ owned platforms, giving advertisers access to proprietary inventory and campaign management within that ecosystem

Publisher Direct:

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Large global programmatic advertising platforms that support omnichannel media buying across digital channels, including CTV, primarily through self-serve tools used by agencies and large advertisers

Global Giant DSPs

Agencies with legacy roots in linear TV advertising that have expanded into CTV

Services range from managed campaign execution to broader media strategy for agencies and brands

Self-serve (minimal human support)

Levels of Service

Service-led (hands-on)

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Key Competitor Archetypes in the CTV Ad Buying Landscape

CTV Ad Buying is Consolidating Around Managed Services, Self-Serve Platforms, and Full-Service Agencies

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3^rd party CTV Bidding Platforms (Self-Serve)

CTV-Focused Managed Service Providers

Publisher Self-Serve

Broader TV Agencies

Indies

Holdcos

SMB Focused Managed-Service DSPs

Managed-Service DSPs

Publisher Direct:

Global Giant DSPs

Need to add some logos

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II. C) CTV Growth Drivers and Trends

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CTV Growth Leads to Budgets of Large Advertisers to Follow

Time Spent by Consumers on CTV is Taking Over Time Spent on Linear TV

Source: eMarketer

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… with continued CTV penetration expected to drive growth in the CTV advertising market going forward

The share of TV viewing time on streaming platforms…

• Streaming/CTV viewing has become the dominant way Americans use TV - so brand video reach increasingly requires CTV. Nielsen’s The Gauge shows streaming hit 44.8% of total TV usage in May 2025, surpassing broadcast + cable combined (44.2%), with streaming usage up 71% vs. May 2021
• CTV penetration is approaching “default distribution” scale, and forecasts show it still growing. EMARKETER projects that by 2026, over 85% of U.S. households (and nearly 70% of the population) will use connected TV—expanding the addressable audience that advertisers can reach via CTV buys
• Penetration is creating more monetizable inventory, especially via ad-supported streaming and FAST. Nielsen reports FAST services Pluto TV + The Roku Channel + Tubi reached 5.7% of total TV viewing in May 2025, and notes that “virtually all subscription-based platforms now have ad-supported components,” increasing available CTV ad supply as streaming becomes the primary viewing mode
• Spend is already following the audience shift—and industry forecasts explicitly call for continued CTV ad growth. IAB estimates CTV ad spend grew 16% YoY in 2024 (to $23.6B) and projects $26.6B in 2025; IAB CEO David Cohen adds that “CTV… is a go-to channel… and is expected to continue growing,” as high-quality streaming content and improved ad tech/measurement accelerate adoption by advertisers

Average Time Spent Per Day With Connected TV and Linear TV, US

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Hours, 2017 – 2026

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CTV Growth Leads to Ad-Supported Streaming Expansion

The Increase in Volume of CTV Inventory Available has Given Advertisers a New Way of Targeting Audiences

Source: eMarketer

* = Live sports have become the retention anchor, the CPM premium driver, and the addressable advertising opportunity that justifies platform-level investment.

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197

166

131

126

95

91

91

87

79

21%

80%

68%

37%

24%

78%

75%

95%

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CTV Growth Leads to Cheaper Ads and Opens Up to SMBs

Growth in CTV has Increased Competition Between Streaming Providers and Creates Opportunity for SMB Advertisers

Source: eMarketer, Moffett Nathanson, Nielson

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The introduction of an ad-supported tier on Prime Video resulted in a significant increase in inventory, leading competitors to reduce CPMs…

Average US ad-supported video-on-demand (AVOD) CPMs, by platform

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$, Q1 2024 – Q2 2025

… and opening the CTV market up to more SMBs

• CTV is scaling even as pricing becomes more accessible: IAB reports CTV ad revenue reached $23.6B in 2024 and is projected to grow to $26.6B in 2025, while premium AVOD CPMs declined materially
• Prime Video’s ad launch materially expanded supply and pressured CPMs downward: Amazon entered at ~$35 CPM and added an estimated ~50B U.S. ad impressions, accelerating industry-wide streaming CPM compression
• Industry leadership ties self-serve + accessible pricing directly to SMB adoption: “Self-service… accessible pricing… and ability to link spend to outcomes has empowered small and mid-size businesses.” - David Cohen, CEO, IAB
• Lower minimums and digital-style buying reduce traditional TV friction: Hulu Ad Manager campaigns start at $500 minimum, and Roku launched a CTV buying workflow designed for brands of any size, lowering barriers for SMB and mid-market advertisers
• Top AVOD/FAST streaming hours grew +35% YoY in 2025, compared with +5% for second-tier SVOD and +3% for top SVOD - the inventory growth advertisers are chasing is concentrated in ad-supported and free formats

- 26%

- 28%

- 10%

- 21%

- 13%

- 3%

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Smaller Advertisers’ CTV Spend To Grow Ahead of Enterprises

Streaming Providers Have Invested in SMB Focused Solutions as they Anticipate Faster CTV Growth in this Area

Sources: Netflix, Disney+, Hulu, Paramount, Roki, Tubi, Universal Ads, Comcast

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CTV Developments Focused on SMB / Mid-market and Data Availability

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Retail Vertical Shows Faster CTV Ad Spend Than Other Advertisers

Commerce Accountability Is Pushing Retail Spend Into CTV Faster Than Other Verticals

Sources: TVision, IAB, Pitchbook

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A high share of CTV / video advertising is from advertisers in the Consumer / Retail vertical

Economic partners integrated with streaming providers have experienced strong growth

Market experts expect CTV ad spend from retail businesses to grow faster vs. other verticals

64%

36%

100%

60%

40%

100%

Non-retail

Consumer / Retail

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Connected TV

All businesses sizes

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Digital video advertising

All business sizes

IAB indicated that the Consumer / Retail vertical would grow faster than the wider market (2024-25)

Proportion of CTV / video advertising revenue from Consumer / Retail advertisers

%, 2024

Shopify Revenue

$bn, 2019 – 2024

Instacart Revenue

$bn, 2019 – 2024

+ 36%

+ 41%

• Industry forecasts indicate Retail/Consumer will outpace broader CTV growth: IAB projects continued double-digit CTV growth through 2025 and highlights Commerce/Consumer advertisers as key growth drivers
• Retail’s performance-driven model aligns with CTV’s improved attribution capabilities: As streaming platforms expand commerce integrations and closed-loop measurement (including shopper data matching and retail media tie-ins), retail advertisers can increasingly link CTV exposure to site visits, conversions, and sales - giving the vertical clearer ROI visibility than traditionally upper-funnel categories
• Commerce integrations accelerate vertical-specific momentum: Retail-focused ecosystems (e.g., Shopify integrations, Instacart partnerships, and retail media network extensions into CTV) are scaling rapidly, creating more deterministic targeting and purchase-based optimization - reinforcing expectations that eCommerce-driven advertisers will increase CTV spend faster than brand-only verticals

Private & Confidential

Progress Perspective

Source: eMarketer

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Cross-platform identity (LiveRamp/Habu, ID5/TrueData), household-level measurement (Viant/Tvision, Samba/Semasio), and clean rooms are the remaining bottleneck for CTV growth – and where the next wave of consolidation is most concentrated.

Identity & Measurement

Sports Migration

Live sports- long that last linear moat – is now CTV-native: Amazon Prime (NFL Thursday Night), Netflix (Christmas Day NFL, WWE), Apple (MLS Season Pass), Peacock (NFL/Olympics), and YouTube TV (NFL Sunday Ticket), collectively shifted the final tentpole driving linear retention to streaming. Sports' migration to streaming is structurally positive for CTV CPMs, addressable advertising, and identity-linked monetization - the economics that drive AdTech revenue density.

Supply Concentration

Streaming inventory is consolidating into Netflix, Amazon Prime, Disney+, and YouTube while ad demand fragments from a handful of holdcos to thousands of brand-direct and SMB buyers - creating sustained intermediation opportunity at the workflow, identity, and access layers. OS and home-screen control (Roku, Amazon Fire TV, Samsung, LG, Vizio) increasingly determines which ad ecosystems get scale - concentrating value at the device and discovery layer, not just the content layer.

AI Stack Compression

Just as programmatic compressed the digital stack, agentic AI will compress CTV planning, buying, measurement, and creative into integrated workflows – proof points already emerging via Mediaocean-Innovid, Viant-IRIS.TV/Tvision, and Pinterest-tvScientific transactions.

Legacy Restructuring

Legacy media business models are unraveling: Comcast spun off Versant (CNBC, USA, E!) in January 2026, Paramount Skydance is acquiring WBD for $110.9B, and Charter and Cox are combining at $34.5B EV – capital and content rights are rotating from linear to CTV faster than even bullish forecasts predicted.

CTV Market Highlights

Private & Confidential

What to Watch in 2H 2026

Three Structural Forces That Will Shape AdTech Outcomes Through Year-End

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Private & Confidential

III. Influencer Marketing

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The Power of Influencer Marketing

Unveiling the Current State of Influencer Marketing

Sources: Stephens, eMarketer

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Key Findings

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• Influencer marketing becomes a key channel for authentic brand engagement: Influencer marketing has become one of the most effective ways for brands to engage with their target audiences; influencers create authentic, relatable content that resonates with consumers who increasingly perceive traditional advertising as inauthentic or intrusive.
• Short-form video drives influencer marketing strategy: With the rise of social media platforms like TikTok and Instagram, short-form video content has become a crucial component of influencer marketing campaigns; as consumers become more discerning, brands are prioritizing authenticity and transparency in their influencer partnerships.

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Key Growth Drivers:

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Private & Confidential

Influencer Marketing to Benefit from Strong Creator Marketing Tailwinds

User-generated content is becoming a core component of performance marketing, driven by increasing demand for authentic, creator-led content, rapid growth in short-form video, and the need for scalable, conversion-oriented creative

Source: Imarc Group, Fortune Business Insights, Modor Intelligence, SNS Insider, DataReportal

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34

29% CAGR

Creator Marketing’s Growth is Supported by Strong Tailwinds

UGC growth is driven by brands shifting to creator-led, platform-native content and increasing demand for scalable creatives to support ongoing campaign testing and optimization

Explosion of Creator-Led Content

Brands are increasingly moving away from highly produced advertising toward creator-led, community-driven content that feels more native to social platforms and better aligns with actual consumer behavior

Increasing Importance of Data-Driven Creative Optimization

Advertisers are increasingly leveraging large-scale performance data to inform targeting, messaging, and continuous creative iteration, driving improved engagement, conversion rates, and overall return on ad spend

Short-Form Video is Accelerating UGC Demand

Short-form, mobile-first video formats (e.g., TikTok, Reels) are driving higher engagement, with vertical video formats delivering significantly stronger engagement rates vs. traditional formats

Performance Marketing Adoption Accelerates with Demand for Measurable ROI

Advertisers are prioritizing performance-driven channels, with digital advertising representing ~70% of total global ad spend and continuing to gain share, driven by demand for measurable, data-backed outcomes

Private & Confidential

Navigating the Shifting Landscape of Influencer Marketing

Opportunities and Challenges in the Evolving Influencer Marketing Ecosystem

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Sources: Stephens, eMarketer

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Trends Shaping the Influencer Marketing

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• Rise of Micro & Nano-Influencers: Brands are increasingly partnering with smaller influencers who have higher engagement rates and can build stronger relationships with their followers
• AI Integration: AI is revolutionizing influencer marketing by automating tasks, optimizing campaigns, and providing valuable insights, from discovery to content analysis, AI is streamlining the process and improving efficiency
• Short-Form Video Dominance: Platforms like TikTok and Instagram Reels have revolutionized content consumption, making short-form video the most influential tool for influencers
• Authenticity & Transparency: Consumers are becoming more discerning, and they value authenticity, influencers who are genuine and transparent in their content are more likely to build trust and loyalty with their followers
• Long-Term Partnerships: Brands are moving away from one-off campaigns and focusing on building long-term relationships with influencers for more consistent brand exposure and deeper audience engagement
• Live Streaming and Social Commerce: Platforms like Instagram Live and TikTok Live are enabling real-time engagement and direct sales

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• Increased Consumer Trust: Consumers trust recommendations from influencers more than traditional advertising leading to a powerful tool for building brand awareness and driving sales
• Diverse Influencer Landscape: The influencer landscape is becoming increasingly diverse, with influencers representing various backgrounds, interests, and demographics, enabling brands to target niche audiences more effectively

• Measurement and ROI: It can be challenging to accurately measure the ROI of influencer marketing campaigns which require robust tracking and analytics tools to evaluate the effectiveness of their efforts
• Platform Algorithms: Changes in platform algorithms can significantly impact the reach and engagement of influencer content, Brands must adapt to these changes to maintain their visibility

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Private & Confidential

Structural Shifts Reshaping the Creator Marketing Landscape

Creator marketing is evolving from experimental brand awareness campaigns into a performance-driven channel focused on authenticity, measurement, and commerce

Sources: IAB

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Buyers are Prioritizing Measurable Outcomes

As creator marketing matures, advertisers are increasingly focused on ROI, sales conversion, and performance attribution, creating demand for platforms that can connect creator content to measurable campaign outcomes

Creator Marketing as a Core Media Channel

Creator marketing is evolving from an experimental tactic into a mainstream advertising channel, with around 48% of ad buyers now viewing creators as a “must-buy” media investment, behind only social media and paid search

Creator Matching Remains a Key Challenge

Brands continue to face friction in identifying the right creators, assessing audience fit, and managing fragmented workflows, reinforcing the need for scalable discovery, matching, and campaign management solutions

AI Enhancing Creator Workflows

AI adoption is accelerating across creator marketing, but brands remain focused on preserving authenticity and human connection, supporting platforms that combine automation with real creator-led content creation

Native, Social-First Creative is Gaining Share

Brands are shifting toward creator-led videos that mirror organic social content, as native-feeling creative is better aligned with platform algorithms, consumer viewing behavior, and performance marketing objectives

The continued shift toward performance-driven creator marketing is increasing demand for scalable platforms like Billo that enable brands to efficiently produce, test, and optimize creator-led content at scale

Private & Confidential

IV. Progress Partners Overview

Private & Confidential

Progress Overview

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Notable LPs

Notable Exits

Private & Confidential

Contact Information

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Building Value for the Digital Future

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10 Winthrop Square, 6^th Floor

Boston, MA 02109

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www.progresspartners.com

Private & Confidential

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Building Value for the Digital Future

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www.progresspartners.com

Boston

10 Winthrop Square, 6th Floor

Boston, MA 02109

New York

405 Lexington Avenue, Suite 903

New York, NY 10174

Washington, D.C.

1750 Tysons Blvd, Suite 1501

McLean, VA 22102

Private & Confidential