During Q3 companies like Alphabet, Meta, and Amazon Experienced Significant Revenue Growth
11%
In Q3, Google's parent company, Alphabet reported robust revenue growth of 11% YoY, reaching $76.69 billion, driven above analyst estimates. Core search and YouTube were standout performers, with search revenue reaching $44.02 billion, up 11% YoY, and YouTube growing 12% YoY to $7.95 billion. Despite a 3% YoY decline in Google's ad network revenue to $7.67 billion, these results indicate Google's resilience and positive momentum leading into the crucial holiday season.
23%
Meta Platforms reported a 23% YoY revenue increase, reaching $34.1 billion in Q3 2023, alongside a 7% YoY growth in daily and monthly app usage. Significant growth in ad revenue came from online commerce, CPG, and gaming sectors, with a 31% increase in ad impressions, while the average ad price decreased by 6%. Reels is now revenue-neutral, but it has boosted Instagram engagement by more than 40%, and Meta is enhancing advertiser AI capabilities, with Advantage+ shopping campaigns on a $10 billion run rate.
26%
Amazon's advertising revenue surged by 26% YoY, reaching $12 billion in Q3 2023, outperforming analyst forecasts, while the company's total net sales rose by 13% to $143.1 billion. The resilience of lower-funnel ad products, sponsored products drove the growth. CEO Andy Jassy highlighted the continued potential for advertising expansion in video, audio, and grocery, considering it a key growth driver for the company.
$2 B
As per eMarketers predicts US podcast ad spending will surpass $2 billion next year, with anticipated double-digit growth until 2027. A recent study by the IAB reveals that podcast ads are trending toward brand awareness, so 61% of ad revenues allocated to it in 2023, compared to 48% in 2021. Consequently, there has been a decline in direct-response ads, which will account for 39% of podcast ad revenues this year.
$6.8 B
In 2023, the travel industry is projected to invest approximately $6.8 billion in digital advertising, representing just 2.6% of total US digital ad expenditure. Despite being the smallest among the ten tracked industries, the travel sector is expected to lead in growth for the third consecutive year. Consequently, travel service providers are increasing their ad spending more rapidly than any other industry, with a projected slight acceleration in ad spending for the following year.
91%
Research by Wunderkind emphasizes that intrusive ads, which disrupt the digital experience of consumers, not only irritate them but also hinder engagement and lead to lower conversion rates, ultimately diminishing the effectiveness of ads and reducing marketing ROI and ROAS. The study found that 70% of digitally-active shoppers believe advertisers disrespect their online experience, with 95% experiencing interruptions from intrusive ads. Additionally, 91% of consumers are unwilling to make purchases from brands that serve such ads, and another study reveals that 99% of Gen Z frequently skip disruptive ads, while 63% of online shoppers use ad blockers to avoid them altogether.
1 B
LinkedIn now has 1 billion users and introduced an AI chatbot known as a "job seeker coach" and other generative AI tools exclusively for Premium members. These innovations follow LinkedIn's recent emphasis on AI-driven features, particularly in automated recruiter communications and job descriptions. Additionally, the company recently revealed plans for nearly 700 job reductions, with a significant portion affecting the engineering unit.