Still spending, still nervous: the paradox of Q4 advertising

Ad budgets are still flowing as the year winds down but the mood on the ground tells a different story. 

Marketers are holding their bets. Few want to commit too much, too early — especially with tariffs threatening to undercut margins and turn a decent quarter into a loss. The result: deals are more fluid, structured around flexibility rather than firm commitments. Discounts now kick when spend thresholds are reached, not upfront guarantees.

“There’s a lot more flexibility for how to get to the guarantee or to the objective that marketers are asking for now than they have in previous years,” said Kyle Dozeman, chief revenue officer of the Americas at PubMatic.

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