The trend: Google and Meta Platforms have had a dominant combined share of the digital advertising market for years, but their hold on the sector is easing.
This year, total ad spending in the US will reach $345.99 billion, a 13.2% increase from 2021. The rise will reflect growth from companies other than Google, Meta, and ecommerce titan Amazon.
Industry up-and-comers: Between 2020 and 2023, nine platforms have become or will become billion-dollar advertising businesses in the US, including Snapchat, Spotify, Yelp, Roku, Walmart, Instacart, IAC, Pluto TV, and Tubi.
These entities have what it takes to power big advertising initiatives, with tens of millions of highly engaged, known users, along with access to valuable first-party data to target them. Pluto and Tubi are less than 10 years old.
Go further: For more information on how trends in ecommerce, social video, and connected TV are affecting ad spending, read our report.