A first-look deal (also called a preferred deal) gives a specific buyer — typically a brand or agency — the right to evaluate and purchase your CTV inventory before it enters the open programmatic auction. The publisher offers the buyer priority access; in exchange, the buyer pays an agreed CPM or commits to a minimum volume of impressions. If the buyer passes on an impression, it routes to the open auction for other buyers to bid on.
First-look deals can help or hurt publisher yield depending on the structure. They help when: your open auction demand is thin and the first-look CPM is meaningfully above what the open exchange typically clears; and the buyer commits to volume, not just priority access. They hurt when: demand during your high-value inventory windows (live sport, primetime) is strong enough that the open auction would clear higher than the first-look CPM — in that case, you have capped your upside by giving a buyer preferred access at a below-market price.
For India CTV publishers with limited programmatic demand, first-look deals with agencies or brands at ₹350–₹700 CPM for VOD content often outperform what the open exchange delivers. The key protections to negotiate: a first-look CPM at or above your programmatic eCPM on that inventory; a fast pass-through window (under 200ms) so rejected impressions enter the open auction quickly; and volume commitments from the buyer rather than pure preferential access with no obligation.
Full guide
For a complete explanation, read: First-look deals in CTV: how they work and their impact on publisher yield