Digital Media Payments H2 2025

Digital Media Payments H2 2025: Delays Persist at 54% Late

OAREX’s latest Digital Media & Advertising Payments Report for H2 2025 shows that late payments remain elevated across the ecosystem, with 54% of all payments arriving late. While this represents a modest improvement from the record high 58% late payments in H1 2025, payment delays continue to reflect broader liquidity pressures. Despite a slight improvement in overall late payments, severity remains a concern, with very late payments holding at peak levels.

These trends are consistent with broader macro conditions. Rising energy costs driven by geopolitical tensions and continued uncertainty around Federal Reserve policy are contributing to tighter liquidity conditions across industries (The Guardian; Axios). Meanwhile, signs of stress are emerging in private credit markets.

Default rates have continued to rise, particularly among smaller and more leveraged borrowers, while a growing share of loans are trading at distressed levels (Fitch Ratings; Business Insider). As credit conditions tighten and access to capital becomes less predictable, companies look to preserve cash—often by delaying payments.

Digital Media Payments in H2 2025: Key Findings

• Late payments fall but still near their all-time high – 54% of all payments were late, down from their ATH of 58% in H1 2025
• Longer delays persist – 33% of payments were more than 5 days late and payments more than 15 days late held at 18%, worst performance on record for both metrics.
• Underpayments stable, but larger – After 4 years of volatility, underpayments held constant during 2025 (10-11%). However, the average underpayment reached 6% below invoiced amounts, the highest on record.
• Reliable payors continue declining – The share of “good-paying” debtors dropped from 39% to 32%, driven by a drop in those paying late less than half the time (26% → 14%).

Our Takeaway

Economic conditions remain uncertain, with growth expectations softening and renewed concerns around recession and stagflation risk (MarketWatch). At the same time, Treasury yields have risen sharply and the path of Federal Reserve policy is unclear—with inflation possibly reaccelerating toward ~4%+ in 2026 (Forbes).

This environment drives structural delays that reflect how companies manage liquidity and risk. Persistently elevated late payments, combined with a shrinking pool of reliable payors, point to a growing divergence in credit quality across the digital media ecosystem. As these dynamics continue, payment timing will remain a key indicator of financial health, and a critical variable for companies managing working capital risk.

That is where OAREX can help. Contact our team to learn how we help media companies de-risk cash flow and scale more effectively.

 For a full breakdown of payment trends and debtor-level performance, download the complete report: oarex.com/pay-study-h2-2025