The $300bn Google-Meta advertising duopoly is under attack – The Economist

The pair face a weak economy and powerful new rivals

For the past decade there were two more or less universally acknowledged truths about digital advertising. First, the rapidly growing industry was largely impervious to the business cycle. Second, it was dominated by the duopoly of Google (in search ads) and Meta (in social media), which one jealous rival has compared to John Rockefeller’s hold on oil in the 19th century.

Both of these verities are now being challenged simultaneously. As China’s economy slows and the West’s slides towards a recession, companies everywhere are squeezing their marketing budgets. Until recently, that would have meant cutting non-digital ads but maintaining, or even raising, online spending. With most ad dollars now going online, that strategy is running out of road. Last quarter Meta reported its first-ever year-on-year decline in revenues. Snap, a smaller rival, is laying off a fifth of its workforce.

For Meta and Google’s corporate parent,…

Read Full Story: https://www.economist.com/business/2022/09/18/the-300bn-google-meta-advertising-duopoly-is-under-attack

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