A new study of programmatic media trading was released last week. The study, entitled “Programmatic: Seeing Through The Financial Fog” is a joint initiative between the primary US advertiser trade group the ANA, its Canadian equivalent the ACA, Ebiquity (EBQ.L, N/R) and Ad/Fin, and was undertaken to investigate costs and economics of programmatic advertising ecosystem. The study is relevant to digital media technology owners large (i.e. Alphabet’s Google (GOOGL, Hold) and small (i.e. The Trade Desk (TTD, N/R), to digital publishers, agency holding companies including IPG (IPG, Hold), Omnicom (OMC, Hold), Publicis (PUB.PA, Hold) and WPP (WPP.L, Hold) and providers of measurement and data services such as Nielsen (NLSN, Hold) because of the benchmarks the study provides and because of the implications the study suggests about the industry’s evolution.