MediaAlpha (NYSE: MAX) is an insurance distribution technology company that operates a digital marketplace connecting high-intent insurance consumers with insurance carriers, agents, and distributors. It earns revenue by charging Demand Partners (insurance carriers, agents, and distributors seeking customers) fees for Consumer Referrals matched through its platform, while paying revenue shares to Supply Partners who contribute consumer traffic. The platform operates under two models: an Open Marketplace, where MediaAlpha holds separate agreements with Demand and Supply Partners, and a Private Marketplace. For the year ended December 31, 2025, MediaAlpha generated $1.1 billion in revenue and $2.2 billion in Transaction Value, representing year-over-year increases of 28.8% and 44.5%, respectively, driven primarily by increased customer acquisition spending by property and casualty insurance carriers. The company serves the P&C, health, and life insurance verticals, with a concentration in Medicare Advantage within the health segment. MediaAlpha IPO'd on October 30, 2020.

Revenue model

Transactional fees charged to Demand Partners (insurance carriers, agents, distributors) for Consumer Referrals matched on the platform; revenue shares paid out to Supply Partners who provide consumer inventory. Transaction Value represents total gross dollars transacted on the platform; reported revenue reflects the net or gross take depending on transaction type.

Products and services

Digital insurance customer acquisition platform; Open Marketplace for P&C, health, and life insurance Consumer Referrals; Private Marketplace partnerships; self-service web interface with targeting and predictive analytics tools for carrier customer acquisition management; consumer-facing proprietary insurance comparison websites.

Customers and end markets

Demand Partners: insurance carriers, agents, and distributors buying Consumer Referrals. Supply Partners: insurance carriers monetizing non-converting consumers, insurance-focused research and financial websites monetizing high-intent traffic. End markets: P&C insurance (auto, homeowners), health insurance (Medicare Advantage focus), life insurance.

Value-chain role

Digital intermediary and marketplace operator sitting between insurance consumer traffic sources (Supply Partners) and insurance buyers (Demand Partners); provides matching technology, targeting, predictive analytics, and consumer referral routing.

Geographic exposure

United States, based on described end markets and insurance verticals referenced in the 10-K filed 2026-02-23.

Source: SEC 10-K, filed 2026-02-23

Industry: Services-Business Services, NEC Peers: BuzzFeed Inc Alphabet Inc Arena Group Holdings Inc FuboTV Inc DHI Group Inc Vinco Ventures, Inc. Eventbrite, Inc. QuinStreet Inc System1 Inc Vimeo, Inc.