Our latest 1st party data shows the platform arbitrage window just cracked wide open. 👇

Our Q1-Q3 2025 data across portfolio companies reveals massive CPM shifts that smart capital allocators need to see.

The dramatic changes:
→ TikTok: 93% CPM decrease ($21.01 → $1.45)
→ Pinterest: 84% CPM decrease ($17.63 → $2.90)
→ LinkedIn: 45% CPM decrease ($7.79 → $4.30)
→ Meta: 4% increase (relatively stable at ~$13)
→ Google: 14% increase ($21.40 → $24.31)

Why did these dramatic declines happened?

Simple: LinkedIn, Pinterest and TikTok CPM drops are a function of changing how we use the platforms from a funnel perspective. More upper funnel work equals cheaper costs and attention.

While everyone fights over expensive bottom-funnel inventory on Meta and Google, we shifted portfolio strategies to capture awareness and consideration on emerging platforms.

The strategic implication? Brands stuck on Meta/Google are paying premium prices for saturated audiences. Meanwhile, platforms optimized for upper funnel work deliver 90% cheaper reach.

Portfolio companies testing multi-platform strategies captured this arbitrage. Single-platform brands missed the window entirely.

As always though, a reality check: These CPM advantages won’t last. As more advertisers discover the efficiency, costs will normalize. The time to diversify portfolio spend is now.

So, how are your PortCos positioned for this platform arbitrage opportunity?