1. The premise
Most agency contracts are not "what you see is what you get." Cost-plus retainers usually carry undisclosed vendor rebates and arbitrage on programmatic / premium PMP / native. All-in managed contracts hide the entire delta between gross media spend and what reaches the platforms.
2. The benchmarks
Sources: ANA "Media Buying Transparency" report (2016, follow-ups 2020–2023), Forrester research on agency compensation, public legal disclosures from rebate-related US lawsuits. Programmatic and native carry the highest documented margin (35–70%); paid social and search are typically lower (15–30%).
3. The conservative estimate
We use the midpoint of each range and label the boundaries clearly. The number you see is intentionally conservative — your real margin is likely higher, especially if your contract is "all-in" with no audit clause.
4. What we'd do differently
AdCible Media charges a transparent flat fee (~12% of media spend), no vendor rebates, full account access in your name, performance bonus tied to outcomes. You see every line — what we charge, what the platforms charge, what we send back.