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Amazon generated $10.68 billion from its ad services in the second quarter of 2023.
The figure marks a 22% increase from the same period in 2022, as the wider digital ad market begins to show signs of recovery from the economic downturn.
Why we care. Following a slump in the digital ad market amid the economic downturn, Google, Meta and Microsoft have all reported improvements in advertising revenue. However, none have achieved year-on-year percentage growth quite as strong as Amazon. The retail giant’s solid performance sends a clear message that the digital ad industry is rebounding which should offer reassurance to hesitant marketers. Restoring faith in the sector should help restore trust, leading to increased ad spend in Q3.
Leading the way with AI. Amazon partly attributed its strong performance to the introduction of more advanced machine learning models. The company explained that its new technology has been helping advertisers reach their target audiences with optimal cost-efficiency as the industry moves away from third-party cookies. Amazon reported that marketers benefited from increased click-through rates and ROAS, along with a fall in cost per impression.
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What has Amazon said? Andy Jassy, Amazon CEO, described Q2 as “another strong quarter of progress”. He said:
Earnings report. You can read Amazon’s full second quarter 2023 results report for more information
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