Introduction

Based on an analysis of 84 Publishers (ranging in size from $1M/year to $100M+/year) across several hundred brands, both B2B and B2C, this report examines key advertising and sponsorship trends observed over the first 6 months of 2025.

The majority of the publishers included in this report are selling a mix of advertising, including print, digital, newsletter, social, event, and more.

Unlike sentiment analysis, this report can be seen more in line with an earnings report for the broader small-mid size publisher ecosystem. The data is anonymous, but that does not affect the realness of the information provided.

Note: If you’ve viewed our previous reports, you may think to compare these to the current report. While we encourage that, please note that the companies included in the reports may have changed, which may impact the numbers when making a comparison.

Section 1: Overall Revenue Trends

When did the ads run?

From January to June 2025, advertising revenue across 84 SMB publishers totaled $301.2M, up 0.57% from the same period in 2024. Performance was mixed – March posted the strongest growth (+8.6%), while April and May saw year-over-year declines.

The early-year lift in February and March may be partially driven by advertisers accelerating spend ahead of mid-year geopolitical uncertainties, such as global election cycles, shifting trade policies, and market volatility – which can cause advertisers to hold or reallocate budgets later in the year.

Publishers could lean into this pattern by locking in larger, multi-month contracts in Q1 while budgets are still fluid and market sentiment is strong.

For US and Canadian publishers, the combination of rising trade frictions and shifting global political dynamics made early budget capture essential.

Locking in multi-quarter agreements, offering stability through rate protections, and emphasizing the value of domestic and regional audiences can still help secure ad commitments before uncertainty curbs spending in the latter half of the year.

Section 2: Product Trends

Print Revenue by Year

From January to June 2025, print advertising revenue totaled $144.0M, a 5.64% decline from the same period in 2024.

While every month showed a year-over-year decrease, the sharpest drops occurred in May (-12.2%) and April (-7.8%), suggesting continued contraction in print spend.

The decline in print advertising may be accelerated by advertisers reallocating budgets toward digital channels in response to economic and geopolitical uncertainty, where they can adjust campaigns more dynamically.

Publishers can offset these losses by bundling print with digital packages and positioning print placements as high-credibility, premium touchpoints that complement faster-moving online campaigns.

Print Revenue by Year & Forecast

Print advertising revenue for this cohort has steadily declined since its 2023 peak of $160.1M.

By 2025, revenue fell to $144.0M (-5.64% from 2024), and projections for H1 2026 point to an additional 6.23% drop, bringing total expected revenue to $135.0M.

While top-line rate stability is encouraging, aggressive discounting has been the main driver of net revenue swings.

Publishers should revisit discount policies, tying reduced rates to strategic upsells (e.g., multi-issue buys or digital add-ons) rather than blanket markdowns, ensuring rate integrity while still incentivizing larger buys.

Non-Print Revenue Mix

Non-print revenues have surged from 2022–2025, with the biggest gains coming from newsletters (+68.8% YoY in 2025) and all social channels (+120.3% YoY in 2025).

Web revenue has plateaued after explosive growth in 2024, while custom content continues steady double-digit growth. Paid/boosted social remains small in absolute terms but tripled in 2025.

The sharp growth in newsletter and organic social revenue signals a shift toward owned audience channels that offer both scale and targeting flexibility – especially valuable during volatile economic or geopolitical climates.

Publishers should prioritize building direct audience relationships (e.g., growing subscriber lists, segmenting audiences) to strengthen monetization opportunities and reduce reliance on platform algorithms.

Section 3: Sales Rep Trends

Average Order Value by Year

Average sales order value for publishers in the sample has grown steadily from $5,092 in 2022 to $6,479 in 2025, with a projected jump to $7,108 in 2026 (+9.7% YoY).

This trend suggests a consistent move toward higher-value deals, possibly driven by bundled offerings and premium product adoption.

With order values rising, publishers have an opportunity to reinforce this momentum by packaging products in ways that deliver greater advertiser ROI – such as cross-channel campaigns or multi-month commitments.

Locking in these larger orders ahead of potential 2026 market or political shifts can help safeguard revenue even if overall deal volume softens.

Average # of Orders Sold by Rep

The average number of fully sold orders per sales rep in H1 has gradually declined from 54 in 2022 to 48 in 2025, marking an 11% drop over the period.

This suggests that while order values are increasing, reps are closing fewer total deals.

With volume slipping, publishers should focus on optimizing sales efficiency – arming reps with stronger prospecting tools, better-qualified leads, and streamlined closing processes.

In parallel, leveraging account growth strategies (upsells, renewals, cross-channel packages) can help maintain or grow revenue without relying solely on higher deal counts.

Combined Insight

The steady rise in average order value alongside a decline in the number of fully sold orders per rep suggests a market shift toward fewer but higher-value deals. Publishers can capitalize on this by leaning into premium, multi-channel packages and long-term contracts that maximize revenue per sale.

At the same time, investing in sales enablement and lead quality will ensure reps can sustain this higher-value focus without risking pipeline health – especially important as economic and political factors in 2026 could make deal volume harder to maintain.

Average Sales by Rep H1

Average ad dollars sold per rep in H1 rose from $275.5K in 2022 to $310.1K in 2025, a 12.6% increase over the period.

However, year-over-year growth has largely stalled since 2023, suggesting that recent gains are leveling off.

With per-rep sales plateauing, publishers should focus on unlocking incremental growth through better account penetration. This would involve encouraging reps to deepen relationships with existing advertisers, upsell additional channels, and increase their share of wallet. Enhancing data-driven targeting and post-campaign ROI reporting could also help justify larger spends from current accounts.

Conclusion

The data paints a picture of a resilient but cautious advertising market. Higher deal values, strong non-print growth, and Q1 strength present clear opportunities—but they’re counterbalanced by ongoing declines in print, mid-year volatility, and geopolitical headwinds.

To thrive in this environment, publishers should consider the following:

1. Lock in Budgets Early – Leverage strong Q1 performance periods to secure multi-quarter agreements before uncertainty dampens spending.
2. Accelerate Non-Print Growth – Double down on high-growth channels like newsletters, custom content, and social, with a focus on building direct audience relationships.
3. Protect Rate Integrity – Tie discounts to strategic commitments (multi-issue buys, cross-channel packages) rather than broad markdowns.
4. Deepen Account Penetration – Equip reps with data-driven insights to upsell, cross-sell, and capture greater share of wallet from existing advertisers.
5. Reposition Print as Premium – Bundle with digital and emphasize its credibility and brand impact to sustain relevance.

Publishers that act on these levers can not only stabilize revenue amid uncertainty but also position themselves for accelerated growth as market conditions improve.

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