The pair’s “duopoly’ to come to an end as up-and-comers gain more market share, says forecast from eMarketer.
While Google and Meta Platforms have had held a combined majority share of the digital advertising market, the pair’s hold is will drop to 48.7% next year says a new forecast from eMarketer.
The company said that the two companies will account for 50.5% of digital ad spending this year, that share will drop to 48.7% in 2023 and 47.7% in 2024, with the decline attributed to gaining market share by TikTok, Amazon, Walmart, and Apple.
According to eMarketer total ad spend in the US will will rise 13.2% this year reaching $345.99 billion, reflecting growth from companies other than Google, Meta, and eCommerce titan Amazon.
The report additionally notes the industry’s “up-and-comers”, who it says between 2020 and 2023, nine platforms have become or will become billion-dollar advertising businesses in the US, including Snapchat, Spotify, Yelp, Roku, Walmart, Instacart, IAC, Pluto TV, and Tubi.
“These entities have what it takes to power big advertising initiatives, with tens of millions of highly engaged, known users, along with access to valuable first-party data to target them,” writes Max Willens, a senior analyst at Insider Intelligence. “Pluto and Tubi are less than 10 years old.”
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