When MediaMath was founded in 2007, it was a contender. Like many of the DSPs, SSPs and surrounding ad tech companies formed during that time, it was poised for a bright future. Early employees dreamed of a big exit that would allow them to cash in their equity.
Fast-forward to 2023, and MediaMath has filed for bankruptcy on June 30. The news didn’t feel completely surprising since it came after years of falling behind other leading DSPs like The Trade Desk and Google.
Once valued at close to $1 billion, MediaMath had raised $600 million during its decade-plus run. But when it filed for bankruptcy, it was only after an acquisition fell through that was just a fraction of that valuation – roughly $60 million or so. Its creditors preferred the economics of a bankruptcy over a sale.
On this week’s episode, we perform the autopsy of MediaMath, including what its demise means for the rest of ad tech. And there’s still plenty of fallout to come, even though the DSP has already shed its customers. Its creditors are collectively owed more than $100 million, and employees are scrambling to find other positions.
The end of MediaMath may be the end of one era and the sign of a new one. In programmatic’s next chapter, only a few ad tech companies will control the pipes between buyers and sellers.
