<table>

  <tr>

    <th>Feature</th>

    <th>Ad Exchange</th>

    <th>Ad Network</th>

  </tr>

  <tr>

    <td>Function</td>

    <td>Acts as a real-time marketplace where advertisers bid on individual ad impressions directly.</td>

    <td>Aggregates ad inventory from multiple publishers and resells it to advertisers at a markup.</td>

  </tr>

  <tr>

    <td>Buying Process</td>

    <td>Real-Time Bidding (RTB) allows advertisers to compete for impressions based on set audience data.</td>

    <td>Inventory is sold in bulk to advertisers, typically grouped by category (e.g., sports, lifestyle).</td>

  </tr>

  <tr>

    <td>Transparency</td>

    <td>High transparency; advertisers see exact pricing and know where their ads are placed.</td>

    <td>Lower transparency; advertisers often don’t know specific placement details or exact costs.</td>

  </tr>

  <tr>

    <td>Control for Advertisers</td>

    <td>High control over targeting and placements, allowing refined audience targeting and cost adjustments.</td>

    <td>Limited control; placements and audience targeting are largely determined by the ad network.</td>

  </tr>

  <tr>

    <td>Inventory Type</td>

    <td>Dynamic and flexible, covering a wide range of publishers and ad formats.</td>

    <td>Pre-packaged inventory typically limited to specific publisher networks or categories.</td>

  </tr>

  <tr>

    <td>Revenue Model</td>

    <td>Advertisers pay based on their winning bid in real-time auctions.</td>

    <td>Ad networks mark up inventory and charge advertisers for access to the packaged ad space.</td>

  </tr>

  <tr>

    <td>Primary Users</td>

    <td>Often used by advertisers and agencies via Demand-Side Platforms (DSPs).</td>

    <td>Frequently used by smaller advertisers or those seeking easy access to broad audience segments.</td>

  </tr>

  <tr>

    <td>Best for</td>

    <td>Performance-driven campaigns with a focus on audience precision, transparency, and cost control.</td>

    <td>Simple reach-focused campaigns where detailed placement control is less critical.</td>

  </tr>

</table>