Last week, after speculation about an IPO in 2024, MNTN, the CTV adtech platform, officially filed to go public. MNTN is perhaps best known for acquiring Maximum Effort in 2021, the creative and marketing agency owned by Ryan Reynolds (who is currently embroiled in a legal and PR dispute involving his wife, Blake Lively, and Justin Baldoni).
You can view MNTN’s S-1 filing here. In it, the company reports $226 million in revenue for 2024, with a focus on performance marketing for CTV advertisers. In a letter featured in the filing, MNTN Founder and CEO Mark Douglas says:
“While performance marketing has already transformed paid search and social media, television remains an untapped channel. MNTN has created over $27 billion in revenue for our customers via the ad campaigns they have run on our platform. 92% of our customers have never advertised on TV before—highlighting the access and opportunity for growth we offer.”
Based on MNTN’s S-1, here are five key takeaways on what the company aims to provide advertisers/that serve as points of differentiation:
Performance-Driven CTV
MNTN’s primary focus is positioning CTV as a performance marketing channel rather than just a brand awareness tool. Unlike traditional TV advertising, which prioritizes reach and frequency, MNTN’s platform lets advertisers set specific goals—like ROAS—and claims to use AI to optimize campaigns in real time. According to its S-1, the company’s audience-matching tool, MNTN Matched, helps advertisers target audiences more precisely and measure direct outcomes, supporting Douglas’s point in his letter about making TV ads function more like search and social media.
Easy Access to TV Advertising for SMBs
Another key focus for MNTN is making TV advertising more accessible to SMBs that may have previously found it too expensive. The platform’s self-serve model is designed to help these advertisers launch and manage campaigns on their own, reducing reliance on agencies and simplifying the media-buying process. According to the S-1, 92% of MNTN’s customers had never advertised on TV before, which suggests the platform is lowering barriers for new advertisers.
Premium TV Inventory with a Self-Serve Model
MNTN also provides access to premium streaming inventory across networks like NBC, Fox, and Paramount. Traditionally, securing high-quality TV ad placements—especially for SMBs—was either out of reach or required extensive negotiations and large budgets. MNTN aims to change that by automating the process and expanding access—something streamers likely welcome.
Proprietary Attribution & Measurement
One of MNTN’s features is its Verified Visits technology, which the company says provides advertisers with more detailed measurement capabilities. Unlike traditional TV, where tracking ad performance can be difficult, MNTN claims it can attribute conversions—such as website visits, purchases, or app installs—to specific TV ads.
Built-in Creative Solutions for Advertisers
For advertisers without TV-ready creative, MNTN also offers built-in creative solutions. Through its acquisition of QuickFrame, the company provides cost-effective ad production services. While MNTN has divested from Maximum Effort, its S-1 states that the partnership with the agency continues, giving advertisers access to high-impact creative resources for campaigns.
Why This Matters:
MNTN’s IPO comes as the industry increasingly focuses on expanding CTV media buying to midmarket and SMB advertisers, particularly those with a performance-driven approach (think larger DTC brands).
Earlier this year, Comcast launched Universal Ads to tap into this opportunity. Last year, Roku introduced a self-serve ads manager to expand programmatic access to its CTV inventory. Companies like MNTN, which aim to help SMBs enter the CTV space, are part of this broader trend—one that will likely continue.
For CTV to see sustained growth, especially as ad-supported streaming and video offerings continue to expand, it needs to become more accessible to a wider range of advertisers.
Experts React:
Here’s what Ryan Reynolds had to say about MNTN to his, uh, twin, a few years ago:
Our Take:
After a tough month/week for public adtech companies, it’s great to see a company moving forward with an IPO. Beyond MNTN, StackAdapt’s recent raise also comes to mind as a parallel here. It operates as an SMB/midmarket DSP, reinforcing the idea that 2025 could be a breakout year for performance-oriented adtech companies focused on this group. Adding to the trend, last week, DoubleVerify announced its intent to acquire Rockerbox, a performance measurement company serving a similar customer segment.
Expect to see more of this in 2025.
