This was a 127% increase over last year, when that figure totaled $12.6 million. Total advertiser spend in Q2 was $61.1 million. Read the earnings release.
As a point of reference, video ads platform Tremor reported Q2 revenue of $43.7 million while YuMe's was $40.4 million. TubeMogul slightly beat analyst estimates, which were in the $25 million range.
TubeMogul's self-serve Platform Direct business generated $11.6 million in revenue for the quarter while Platform Services revenue was $17.1 million. This, too, beat some analysts' estimates, which projected those revenue numbers to be $9 million and $16 million, respectively. Total spend for the quarter running through TubeMogul's self-serve platform was $44 million, accounting for 72% of total spend.
Platform Direct, according to company CFO Paul Joachim, is the "growth driver" of the business, basically doubling the number of brand advertisers using the platform to 283 last quarter. Although a majority of clients are first exposed to TubeMogul through Platform Services, the company sees this as a long-term driver for its platform business when migrating them over. About 25% of its Platform Direct clients were first exposed to the company through Platform Services.
"I think it highlights the difference in our software model vs. the model of other companies that are chasing the RFP business, which is a very expensive proposition," Brett Wilson, TubeMogul's CEO, told AdExchanger. "We're selling in software just one time and after that, clients consolidate their spend with us with little to no sales costs, so our model supports a lot more operating leverage."