Typically, platforms with smaller reach ( read < 10 million DAU) will only have a few big advertisers who are willing to purchase most ad positions. Behavioral

Typically, platforms with smaller reach ( read < 10 million DAU) will only have a few big advertisers who are willing to purchase most ad positions. Behavioral targeting on such platforms with large advertisers will probably only limit spend by cutting out bad impressions, and the in-house or external behavioral targeting isn't anything close to what FB offers. FB/Goog dominate ad-spend as they are able to effectively match small advertisers with the appropriate audience, and these advertisers typically have specific customer goals in mind. If the goal of the ad buyers on the NYT is simply to associate their brand with the trustworthiness of the NYT, then there won't be much benefit from behavioral targets.