Alphabet and Meta Platforms, the parent companies of Google and Instagram respectively, have reported that advertisers are sticking with them in an uncertain economy. These tech giants are expected to take market share away from smaller digital ad sellers like Snap Inc.
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Ad sales-reliant tech firms faced tough comparisons in the past several quarters due to a decrease in ad budgets from customers following interest rate rises and record-high inflation fueled worries about the economy. However, this year, the social media ad market is expected to grow at a slightly faster pace than in 2022.
According to a report from media and intelligence firm MAGNA, advertisers are going back to platforms they trust. Brian Mulberry, a portfolio manager at Zacks Investment Management, has said that “advertisers are simply going back to platforms they know, like and trust”.
