The document discusses programmatic advertising and how it works. It compares programmatic advertising to property auctions to explain the process. Programmatic advertising involves advertisers bidding for ad spaces on publishers' websites and apps through ad exchanges and networks in a automated way. It addresses how ad exchanges and networks were created to solve the problem of managing multiple publishers and networks. The document provides a flow chart and explains how demand side platforms (DSPs) and supply side platforms (SSPs) enable advertisers and publishers to interact through ad exchanges in an automated, programmatic manner.