Private Marketplace (PMP) is like a special club for advertisers and publishers, where only a chosen few get to participate in auctions. When people visit a webpage with advertising, there’s a secret auction organized by a DSP where only certain advertisers are allowed in. They use a special code to join in. The bidding starts at a minimum price set by the website, and the highest bidder wins the chance to show their advertising to the user.
PMP is great because it solves the problem of not knowing who you’re dealing with in regular auctions. Since it’s invite-only, advertisers and publishers know each other. This helps advertisers target the right people better, and publishers get advertising that matches what their viewers are interested in.