Digital Advertising Earnings Q4 2024

How digital advertising and streaming companies performed in Q4

Report by Jeremy Goldman, and Daniel Konstantinovic  | UPDATED: Mar 7, 2025
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Table of Contents
Executive Summary
The ad industry is prepared to pounce on a year of market gains and consolidation
Google May be Running Out of Room to Grow
Meta leads social ads, while smaller companies carve out niches to secure growth
Live Sports and Ad-Supported Growth Drive CTV Revenues
Amazon’s Advertising Expansion Faces New Pressures
Sources
Media Gallery
Topics
Digital Ad Spending
Search Ad Spending
Social Media Ad Spending
United States
Table of Contents
Executive Summary
The ad industry is prepared to pounce on a year of market gains and consolidation
Google May be Running Out of Room to Grow
Meta leads social ads, while smaller companies carve out niches to secure growth
Live Sports and Ad-Supported Growth Drive CTV Revenues
Amazon’s Advertising Expansion Faces New Pressures
Sources
Media Gallery

Q4 2024 earnings showed the digital advertising landscape undergoing a major shift driven by AI investments, search competition, and evolving consumer behaviors. Google and Microsoft are doubling down on AI-powered search and advertising, while social platforms vie for dominance in short-form video. Streaming services continue to lean into live sports and ad-supported tiers to sustain growth, and retail media remains the fastest-growing sector in digital advertising—though competition is intensifying.

Key Question: Can AI investments help Meta and Google maintain growth, and how are other advertising players attempting to compete?

Social Media Leads the 2023 Ad Rebound as Retail Media Grows Steadily (% change YoY and billions in the digital ad revenues worldwide of major companies, by channel, Q1 2023-Q4 2024)
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Table of Contents

  1. Executive Summary
  2. The ad industry is prepared to pounce on a year of market gains and consolidation
  3. Google May be Running Out of Room to Grow
  1. Meta leads social ads, while smaller companies carve out niches to secure growth
  2. Live Sports and Ad-Supported Growth Drive CTV Revenues
  3. Amazon’s Advertising Expansion Faces New Pressures
  1. Sources
  2. Media Gallery

Charts in This Report

Social Media Leads the 2023 Ad Rebound as Retail Media Grows Steadily (% change YoY and billions in the digital ad revenues worldwide of major companies, by channel, Q1 2023-Q4 2024)Microsoft’s Ad Growth Accelerates, but Google Remains Dominant (% change YoY and billions in Google and Microsoft digital ad revenues worldwide, Q1 2023-Q4 2024)
Meta’s Scale Limits Growth, While Smaller Platforms Expand Rapidly (% change YoY and billions in the digital ad revenues worldwide of select social network companies, Q1 2023-Q4 2024)Streaming Saturation Restricts Growth, but YouTube and Netflix Stay on Top (% change YoY and billions in the streaming video revenues worldwide of select companies, Q1 2023-Q4 2024)
Amazon’s Retail Media Ad Growth Fell for the Fourth Consecutive Quarter (% change YoY and billions in Amazon digital ad revenues worldwide, Q1 2023-Q4 2024)

First Published on Feb 20, 2025

authors

Jeremy Goldman, and Daniel Konstantinovic