The news: Amazon’s ad business saw another quarter of exceptional growth, continuing its encroachment on Google and Meta’s ad duopoly.
What drove 2023 growth: Amazon’s advertising business had an exceptionally strong year (and final quarter), fueled by new ad tools, credits that onboarded new advertisers, and strong interest in new ad formats on Prime Video.
The year of Prime Video: The launch of ads on Prime Video is likely to propel the retailer to become one of the dominant forces in video advertising.
Our take: Thanks to retail media growth and video advertising opportunities, Amazon will soon be mentioned in the same breath as Google and Meta when it comes to digital ad market share.
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