While other ad-supported online brands like Facebook, Twitter, and Pinterest showed weak Q2 year-over-year growth rates in ad revenues, Amazon showed healthy growth, CNBC reported yesterday.
According to CNBC, “While the bulk of its business comes from e-commerce and cloud computing, Amazon has built a robust online ad division by getting brands to pay big bucks to promote their products on the company’s website and app.
“As of late last year, Amazon commanded 14.6% of the U.S. digital ad market, third to Google at 26.4% and Facebook at 24.1%, according to Insider Intelligence.”
The article reported the following growth rates in descending order for the top online ad platforms:
- Amazon — 18%
- Snap — 13%
- Google — 12%
- Pinterest — 9%
- Twitter — 2%
- Facebook — (1.5%)
Looking beyond the social media companies, “Streaming service Roku reported disappointing second-quarter results and said in a shareholder letter that the current ad market is reminiscent of the onset of the Covid-19 pandemic, ‘when marketers prepared for macro uncertainties by quickly reducing ad spend across all platforms.’”
Read more on the CNBC website here.