Yes—programmatic CTV is generally cheaper than direct IO deals in India on a CPM basis, but the comparison is not like-for-like. Open programmatic accesses remnant inventory after a publisher's direct demand is fulfilled. Direct IO gives you guaranteed delivery on specific inventory, often with content adjacency and placement controls that programmatic cannot replicate. The lower programmatic CPM reflects lower inventory quality and less certainty, not a pure price efficiency gain.
Private Marketplace (PMP) deals occupy the middle ground: programmatic buying mechanics with better inventory access than open auction. Agency estimates suggest PMP CPMs typically run 20–40% above open auction rates on equivalent publishers, and 20–40% below comparable direct IO rates. For most India CTV advertisers who want programmatic efficiency without fully accepting open auction quality risks, PMP is the practical answer. Pure open auction makes sense for reach-focused campaigns where inventory quality requirements are flexible and CPM efficiency is the primary objective.
How India publishers and agencies prefer to transact
- Publishers: Most major India CTV publishers—JioHotstar, SonyLIV, Zee5—prefer direct IO for premium inventory and actively manage to limit open auction availability, protecting rate card integrity
- Large agencies: Typically negotiate direct or PMP deals for their largest CTV clients; use programmatic for flexibility, campaign extensions, and smaller budgets
- Performance advertisers: Lean programmatic for targeting flexibility and cost efficiency; accept the inventory quality tradeoff
- Brand advertisers: Prioritise direct for premium placements, content association, and guaranteed delivery; supplement with PMP for reach extension
Full guide
For a complete explanation, read: Programmatic vs direct CTV CPMs in India: what buyers pay through each route