MNTN is on a mission to transform Connected TV (“CTV”) into a next-generation
performance marketing channel.
Our revolutionary Performance TV (“PTV”) software platform allows marketers to
combine the powerful storytelling format of TV advertising with the targeting,
measurement and attribution capabilities of paid search and social advertising.
Our self-serve software platform enables marketers to precisely target audiences
through our MNTN Matched technology and then directly attribute each view to a
purchase or other action. Marketers can set performance goals, such as return on
ad spend (“ROAS”), and our algorithms continuously optimize a campaign to
achieve those goals. Our company has experienced rapid growth due to the robust
performance our platform delivers to customers, with the number of PTV Customers
increasing from 142 in 2019 to 2,225 in 2024, representing a compound annual
growth rate (“CAGR”) of 73.4%. For the three months ended March 31, 2025, the
number of PTV customers increased 88.6% compared to the three months ended March
31, 2024. We believe advertisements on our platform have generated an aggregate
of $27.1 billion of revenue for our customers from 2019 to 2024.
Our market opportunity sits at the center of three large advertising markets:
performance marketing, traditional TV advertising, and CTV advertising. Today,
performance marketing, also known as direct response marketing, is the dominant
form of digital advertising, giving marketers the ability to leverage data to
target specific audiences and drive measurable outcomes. By the end of 2025,
performance marketing spend in the United States is expected to reach
$285.4 billion and is expected to grow at a 9.7% CAGR to $343.6 billion by 2027,
according to Magna Global. TV has historically lacked the targeting, measurement
and attribution capabilities necessary for performance marketing, but TV’s
unmatched storytelling experience, massive audience reach and viewership minutes
continues to make it a preferred premium channel for marketers seeking to
increase brand awareness. The average American household was expected to watch
approximately three hours of TV daily in 2024 and brand marketers spent
$59.7 billion on advertising on linear TV, including broadcast and cable TV, in
2024, according to eMarketer.
In recent years, the TV industry has undergone a digital revolution with the
advent of CTV. CTV adoption continues to grow rapidly as audiences are empowered
to watch what they want when and where they want it, resulting in TV audiences
moving from traditional TV to CTV. In 2024, U.S. consumers streamed
approximately 23 million years of streaming content, a 10% increase from
approximately 21 million years of streaming content in 2023. Furthermore, CTV
represented 45.8% of total TV viewing time across the United States in 2024.
As a result of CTV’s digital infrastructure and rapid audience adoption, CTV
advertising is the fastest growing advertising channel in the world, with TV
marketers (defined as brands that advertise on linear TV) rapidly shifting ad
budgets from linear TV to CTV. Since 2017, annual ad spend on CTV has grown from
$2.8 billion to an estimated $33.4 billion in 2025, according to eMarketer.
Although initial adoption of CTV was driven by subscription streaming services
(“SVOD”), ad-supported streaming services (“AVOD”) is growing faster, and
eMarketer estimates U.S. AVOD ad revenues will grow by 23% in 2025, compared to
an estimated U.S. SVOD subscription revenue growth of 10%. Netflix, Amazon Prime
and other platforms have introduced AVOD content and have experienced strong
growth largely driven by consumers’ willingness to watch ad-supported content in
lieu of paying higher subscription fees. This has led to a significant increase
in available TV advertising inventory for marketers, bringing more ad dollars
into the ecosystem. CTV advertising, like traditional TV advertising, has been
entirely brand marketing in nature, focused on maximizing reach and frequency
versus driving measurable performance-driven outcomes. With our transformative
PTV technology, we believe we are unlocking CTV’s potential to become the next
dominant performance marketing channel. As performance marketers seek new
channels for growth, and as CTV marketers increasingly embrace the technology
underlying performance marketing, we expect PTV to capture a significant portion
of performance marketing and CTV ad spend.
Our diversified customer base consists of brands of a broad range of sizes. Our
intuitive, accessible platform and direct-to-brand approach enables marketers of
a broad range of sizes to engage audiences through CTV as easily as they do in
social or search, opening TV advertising to brands of any size. In 2024, 92% of
our PTV revenue was generated by SMBs, of which 86% was from mid-sized
businesses. During the three months ended March 31, 2025, we continued to
increase the number of PTV customers who are SMBs. As a result, during this
period 12% of our PTV revenue was generated by small businesses and 79% was
generated by mid-sized businesses. Our customers include both experts in
performance marketing as well as marketers who are just beginning to leverage
the benefits of data-driven performance marketing. Given the disruptive nature
of our platform as well as its ease of use, we believe we are well suited to
serve both first time and experienced TV advertisers. As of March 31, 2025,
approximately 96% of our customers had never advertised on TV before. Our PTV
customers often allocate budgets which grow over time as customers meet their
ROAS goals. As customers leverage the full targeting, measurement and
attribution capabilities of our platform, similar to their experience across
paid search and paid social, they typically generate more spend on our platform.
For the year ended December 31, 2024, 421 customers generated over $100,000 of
net revenue on our platform, compared to 297 customers over the same period in
2023.
We offer marketers a comprehensive and fully integrated software solution that
combines targeting, measurement and attribution capabilities for performance
marketing on CTV. Our Verified Visits technology links Internet-connected
devices in the household to TV, which allows our software to attribute
consumers’ actions, including sales leads and app installs across devices after
they view a CTV ad. Our PTV self-serve software platform has a highly intuitive
user interface enabling marketers to intelligently plan and launch CTV
campaigns, set ROAS and other campaign goals, match advertisers with their
target audiences using MNTN Matched, measure and attribute performance and
optimize campaign outcomes in a highly automated manner. Our platform provides
marketers easy access to premium inventory across multiple networks and is
designed to ensure brand safe and visually captivating advertising environments,
which we believe both search and social channels lack. Marketers across a broad
range of sizes are attracted to MNTN because we deliver measurable results. We
believe SMB customers, in particular, are also attracted to MNTN for the ability
to set up campaigns, upload creative and set goals in a matter of minutes with
minimal dedicated resources. For the three months ended March 31, 2025, our SMB
Net Revenue Retention Rate was 111%, which increased from 108% for the year
ended December 31, 2024. We believe this validates the value proposition that we
deliver to SMBs. Our customers can easily manage PTV campaigns and reach nearly
all CTV households in the United States. Using our platform, we are able to
unlock CTV as a performance marketing channel for our customers, many of which
have never advertised on TV before.
The key functions and features of our PTV platform include:
• Targeting: Our revolutionary AI targeting technology, MNTN Matched, matches
consumers with brands that they are most likely to engage with to achieve our
customers’ ROAS goals. Through our advanced technology, brands of all sizes
have the flexibility to run campaigns that reach segments of consumers with
specific product interests or broad groups of consumers for greater reach. Our
targeting capabilities are driven by a robust keyword- and intent-based
predictive audience builder for CTV using AI technologies, which includes
generative and predictive artificial intelligence and machine learning
technologies, giving advertisers control and transparency over the households
that see their ads.
• Measurability: Our proprietary measurement technology makes it possible for
marketers to granularly track CTV ad impressions for every campaign on our
platform.
• Attribution: We leverage measurement data obtained through our Verified Visits
technology to attribute a CTV campaign impression to the corresponding user
action, such as sales or leads. We make these connections across 400 million
devices through third-party and first-party data, including CRM data, which
helps advertisers understand the performance of their campaigns on our
platform.
• Automated Optimization: We have developed algorithms which automate and
continuously optimize our targeting capabilities and programmatic ad execution
(including automating creative and price optimization), as well as other
campaign elements to drive better performance. Our technology measures and
incorporates a wide range of data signals, such as time of day and geography,
resulting in hundreds of thousands of daily and real-time
optimizations—including what ad inventory to buy, when to buy it and where to
buy it. Automated optimization drives higher ROAS and other campaign goals for
our customers.
• Delivers Stunning Ads: Because approximately 96% of our customers have never
advertised on TV before, we offer creative solutions to enable them to create
and refresh ads quickly and cost-effectively. Our software controls the
quality and format of video ads by automatically screening creative for TV
network formats and standards. We ensure ads are not rejected due to a failure
to meet a content provider’s technical requirements—one of the common barriers
for smaller brands to advertise.
• Self-Serve: Our software platform delivers an intuitive, customizable user
interface that simplifies campaign planning and execution, with a self-serve
software platform built for marketers of a broad range of sizes. With our
platform, marketers can easily manage PTV campaigns with minimal dedicated
resources.
We believe we are the first mover and category creator of PTV. Our easy-to-use
software platform is differentiated by our revolutionary targeting technology,
our measurement and attribution capabilities, and our solutions for TV creative.
We benefit from a powerful flywheel effect as a result of our first mover
advantage in the PTV ecosystem. We continuously develop enhancements to existing
features and add new capabilities, such as MNTN Matched, to deliver higher ROAS
for our customers. We source inventory on behalf of our customers from premium
TV networks, including NBC, Paramount, Fox and other streaming networks, driving
higher ROAS for our customers due to the level of engagement and visibility this
premium inventory provides. As customers increase spend on our platform because
of this higher ROAS, we are able to negotiate preferential ad inventory pricing
on their behalf. TV networks, motivated to capture this large and growing
opportunity of predominantly new TV advertisers, often reduce inventory prices
to increase demand, thereby further enhancing ROAS for our customers. This
powerful flywheel effect has enabled us to decrease the cost of premium
inventory for our customers approximately 8% per quarter on average since the
first quarter of 2022.
Our focus on building a leading PTV platform has contributed to our rapid
growth. Our revenue grew by 47.3% to $64.5 million for the three months ended
March 31, 2025, from $43.8 million for the three months ended March 31, 2024,
and by 27.9% to $225.6 million for the year ended December 31, 2024, from
$176.3 million for the year ended December 31, 2023, driven by our unique and
powerful value proposition, as well as our ability to efficiently attract new
customers to the platform and increase usage for existing customers.
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MNTN, Inc. was incorporated as a Delaware corporation in April 2009. Our
corporate headquarters is located at 823 Congress Avenue, #1827, Austin, Texas
78768, and our telephone number is (877) 978-3354. Our website is
www.mountain.com.
