The Advertising Impression-Rate Seesaw
Across 2 sectors, 5 filers are signaling rising demand. Visible since 2025Q2, with activity continuing through 2026Q1. Consensus hardened: 2025Q2 was 78% rising; 2026Q1 now 92%. Almost entirely a demand story (85%). One disclosure notes "increase in advertising demand, which we believe is mostly due to ongoing improvements to our ad performance." Continuing to spread to more sectors.
Disney is experiencing conflicting pressures in streaming advertising revenue, where impression growth (19–8%) is being offset or negated by falling advertising rates (6–12%), creating volatile net outcomes across reporting periods.
DISTINCT NEW FILERS PER QUARTER
✦ WHAT THE DIFF CAUGHT
The narrative has shifted from highlighting impression growth as a growth driver to acknowledging rate compression as a persistent structural headwind that erodes the benefit of volume gains.
REPRESENTATIVE SIGNAL FROM FILINGS
“increase in advertising demand, which we believe is mostly due to ongoing improvements to our ad performance”
Increased advertising demand is driven by ongoing improvements to ad performance from targeting and measurement tools.
“Search advertising revenue excluding traffic acquisition costs increased 13% driven by higher search volume and revenue per search”
Search advertising revenue excluding traffic acquisition costs grew 13%, driven by higher search volume, revenue per search, and third-party partnerships.
DRIVERS