Q3 COVID – COVID helped drive record ad revenue for major

COVID helped drive record ad revenue for major tech companies in the third quarter. Facebook, Google and Amazon registered significant revenue growth during and partly as a result of the pandemic. Apple is the only “quartet” company that doesn’t officially report its advertising revenue, though third-party estimates suggest Apple could earn $2 billion in search advertising this year. In addition to product search, Sundar Pichai, Google’s CEO, said in “his” corporate earnings address that YouTube is an “important platform for e-commerce.” “But “he” warned that the channel is still in its infancy. Last week, several tech companies, including Apple, Google, Amazon and Facebook, announced their quarterly results on the same day. The companies announced gross revenues of more than $96 billion, up 37 percent from the previous year. Advertising accounted for most of the “other” revenue in operating income. The company is another big beneficiary of VIDOC’s online stores and was the first port of call for small businesses and others who wanted to “sell” during the pandemic. Google reported total sales of just over $46 billion and $37 billion in ad revenue. As a result, Facebook’s widespread StopHateForProfit ad boycott seems to have had little or no effect on the company’s revenue, which rose 22 percent year over year. Facebook earned $21.5 billion in the third quarter, almost 99 percent of which came from ad spending. That one-point increase may not seem like much, but in real terms it amounts to $14 billion, which is unevenly distributed among the ten companies. As the U.S. economy has fragmented over time, with both winners and losers, the Internet economy has evolved with a growing concentration of revenue and control over advertising spending. Facebook’s earnings press release said the shift from offline to online commerce during the pandemic. In 2019, the IAB reported that the top 10 Internet companies control about 77% of digital revenue, up from 76% in 2018. In its press release on the results, Facebook said it now has 10 million active advertisers, most of whom are small businesses.