Monetization
System1
Public search-arbitrage company (NYSE: SST), parent of multiple ad-tech brands.
System1 is the public-company parent of multiple ad-tech / search-arbitrage brands (Info.com, MapQuest, Startpage). They run a publisher network similar to Tonic — they host the SERP page and pay publishers per outbound feed click. Quarterly earnings are a useful signal for the broader RSOC ecosystem.
Example
System1 Q1 2025 earnings call disclosed RSOC RPM compression of 9% YoY in the US auto vertical — every Tonic operator's Y2 dropped that quarter.