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BOTTOM LINE: 2Q16 was another strong quarter for advertising in the United States, with industry-wide underlying (ex-political and Olympics) growth among media owners of around +5%, slower than the nearly +7% growth rates observed in both of 1Q16 and 4Q15, although well above the nearly +4% growth observed during all of 2016. However, we also note that on our estimates, absolute year-over-year gains equated to $2.5bn in the quarter. By contrast, Google and Facebook combined to generate somewhere between $2.5bn and $3.0bn in gross revenue gains – equal to more than the entire industry's growth by themselves. Of course, this masks gains in some places (as with national television, which grew by ~+3% year-over-year) and declines elsewhere (as with most kinds of print, which declined by more than double digit rates).
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