For most of the industry’s history, the buying decision ultimately sat with a person. Then platforms started making parts of that call faster than a person could. Then some of those platforms started making the whole call, continuously, without waiting for anyone to review it.
This isn’t a ladder, and one model doesn’t simply replace the previous one. Different models solve different parts of the buying problem, and leave different decisions with different actors. Most brands run several of these models at once, in-house strategy alongside an agency alongside programmatic buys, rather than migrating cleanly from one to the next.
This page compares the five models on the criteria that actually separate them, not the ones vendors put in a pitch deck.