An online system generates dynamically optimized content for a target user of the online system. To do so, the online system receives content component from a content provider system and generates a pool of content items assembled from the content components for a target audience. The online system presents the content items in the pool to users of the online system and tracks the performance of each content item. The online system modifies the pool of content items to eliminate content components that are poorly performing while propagating content components that are highly performing. Therefore, over multiple iterations, the final pool of content items is increasingly tailored for a target audience. Upon receiving a request to present a content item for a user that meets the characteristic of the target audience, the online system selects a content item from the final pool to be presented to the user.
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