In India CTV buying, advertisers can access inventory through two main routes: direct insertion orders (IO) negotiated with publishers' sales teams, or programmatic buying through DSP connections. On a pure CPM basis, programmatic open auction typically delivers lower rates—but direct deals offer advantages that justify their premium for many campaigns. This article explains the CPM dynamics of each route, where private marketplace (PMP) sits in between, and how India's market structure shapes which route buyers and publishers prefer.
Direct IO deals: premium pricing, maximum control
A direct insertion order (IO) is a negotiated agreement between an advertiser (or their agency) and a publisher's sales team. The advertiser commits to a specific impression volume at an agreed CPM; the publisher commits to delivering it. Direct deals are the oldest form of media buying and remain the dominant route for premium India CTV inventory.
What direct IO CPMs look like in India
Agency-reported ranges for direct IO deals on premium India CTV platforms suggest:
- Standard non-skippable pre-roll, broad targeting: ₹400–₹700 CPM
- Audience-targeted non-skippable pre-roll: ₹700–₹1,200 CPM
- Premium content adjacency or live sports: above ₹1,200 CPM
These are gross CPMs as quoted by publishers. Agency commission of 15–20% is typically applied, reducing the net cost to the advertiser—or alternatively, the advertiser pays the gross rate and the agency retains commission.
Why direct IO CPMs are higher
- Guaranteed delivery: The publisher reserves inventory specifically for your campaign. That certainty has a cost.
- Content adjacency: You can specify content categories or programmes. Premium adjacency is only available through direct.
- Publisher relationship benefits: Custom integrations, first-look at new formats, data sharing arrangements, and campaign flexibility are typically only accessible through direct relationships.
- Brand safety controls: Full creative approval and content exclusion controls are direct IO features—programmatic offers some controls but with less publisher engagement.
Programmatic open auction: lower CPMs, less control
Open auction programmatic—accessing CTV inventory through a DSP bidding in real-time against other buyers—offers materially lower CPMs than direct deals. The trade-off is reduced control and no delivery guarantees.
Programmatic CPM ranges in India CTV
Open auction CPMs on India CTV vary widely depending on platform, targeting, and competition for the impression. Agency estimates for programmatically traded CTV inventory suggest:
- Open auction, broad targeting, mid-tier platforms: ₹150–₹350 CPM
- Open auction, audience targeting active: ₹250–₹500 CPM
- Open auction on premium platforms (limited supply): ₹400–₹700 CPM
The wide range reflects the auction nature—what you pay depends on what competitors bid. In low-competition windows (January–March, off-season), open auction CPMs can be significantly lower. During festive season or high-demand periods, open auction CPMs approach direct rates.
Limitations of programmatic in India CTV
- Limited premium supply: JioHotstar and SonyLIV intentionally restrict open auction access. The best inventory on the best platforms is not available programmatically.
- No delivery guarantees: You win impressions opportunistically. Campaign pacing and reach targets require active management and may not be achieved if available inventory is insufficient.
- Less visibility: Programmatic buyers often have limited transparency into exactly which content their ads appeared alongside.
- Measurement complexity: Third-party verification on India CTV programmatic is uneven—robust on YouTube CTV, more limited on SSAI-based OTT platforms.
Private marketplace (PMP): the middle ground
Private marketplace deals combine elements of both direct and programmatic. In a PMP, the publisher curates a specific pool of inventory and makes it available to selected buyers through a deal ID in their DSP. The publisher sets a floor price; buyers bid above the floor through programmatic infrastructure.
PMP CPMs in India CTV
PMP CPMs typically sit between open auction and direct IO rates—agency estimates suggest ₹350–₹800 CPM for India CTV PMP deals, depending on platform and inventory quality. The buyer gets programmatic buying efficiency and some content control; the publisher gets better inventory management and a known buyer pool.
When PMP is the right route
- Mid-to-large budgets that want programmatic efficiency but need access to better inventory than open auction provides
- Campaigns with audience targeting requirements that benefit from DSP optimisation
- Buyers who want cost certainty (floor price) without full direct IO commitment
India market dynamics: publisher preference for direct, agency preference for programmatic
India's CTV market has a structural tension between publisher and buyer preferences. India's major OTT publishers—particularly JioHotstar and SonyLIV—strongly prefer direct relationships with advertisers and agencies. Their sales teams are built for direct trading; their inventory tiering favours direct buyers; and their premium inventory is largely unavailable through programmatic channels.
India media agencies, on the other hand, are increasingly building programmatic CTV capabilities because programmatic offers efficiency, campaign automation, and cross-platform audience management that direct IO trading cannot match at scale. The preference conflict is resolved in practice by the buy type that each objective requires: brand campaigns with premium content requirements go direct; performance and always-on campaigns go programmatic.
How large agencies navigate the split
Large holding group agencies in India typically maintain dedicated publisher relationships for direct trading alongside programmatic capabilities. The direct team handles marquee campaign negotiations; the programmatic team handles ongoing activation and optimisation. Most significant India CTV buys involve both routes—direct for guaranteed premium reach, programmatic for audience extension and performance delivery.
Choosing the right route for your India CTV campaign
A practical decision framework:
| Campaign type | Recommended route | Rationale |
|---|---|---|
| Brand launch, high reach requirement | Direct IO | Guaranteed delivery, premium content |
| Audience targeting, performance | Programmatic PMP or open auction | Audience optimisation, lower CPM |
| Live sports adjacency | Direct IO | Only route to access live sports inventory |
| Always-on mid-funnel | PMP | Efficiency with inventory quality |
| Testing and learning | Open auction programmatic | Low commitment, flexible budgets |
India-specific considerations
India CTV programmatic infrastructure is less mature than the UK or US, which creates some friction for programmatic buyers. Not all India OTT publishers have clean programmatic integrations. SSP connections may have higher discrepancy rates due to SSAI measurement layers. DSP optimisation algorithms trained on digital video data may not perform optimally on CTV inventory without CTV-specific configuration.
For first-time India CTV programmatic buyers: start with a test campaign on platforms where programmatic infrastructure is well-established (YouTube CTV, Samsung Ads), then expand to OTT PMP deals as you build publisher relationships and understand the inventory landscape. Don't go fully programmatic in India CTV without also having direct conversations with publishers—the relationship remains central to accessing quality inventory.