Programmatic advertising is the buying and placement of digital and video streaming ads. Ads can target specific audiences in select geographies in real time instead of negotiating placements manually. Ads can be display or graphic ads, video streaming ads, or digital ads inserted into outdoor digital billboards, out-of-home locations, and audio streaming platforms. Ads are purchased on a cost per thousand (CPM) basis. We average $5 CPM, or about half a penny per targeted display ad.