Amazon has become the third-biggest digital advertising company behind Google and Facebook, hitting $31 billion in ad revenue in 2021. In the third quarter of 2022, ad revenue grew 25% year-over-year, an exception to the slowdown most of the ad industry faced during the economic volatility.
Here's the latest on Amazon's moves to expand its advertising business and the growing competition.
Amazon's ad business is big and growing
Advertising is a tiny sliver of Amazon's business, but it's one of the company's fastest-growing areas. The tech giant continues to cut into advertisers' search budgets that mostly go to Google. It's also ramping up its audio and video sales pitch.
Marketers have complained that Amazon is tough to navigate, and its structure has spawned a cottage industry of specialty firms. Amazon has rolled out buying tools, boosted its presence at industry events, and hired big agency talent to cozy up to advertisers.
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