Ad Industry Hasn’t Shaken off the Economic Slump, but Green Shoots Are Sprouting

Alphabet, Microsoft and Meta all showed growth during their quarterly earnings reports

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This summer has given the ad industry several reasons to be cheerful. Not only is “out of office” season well underway, but after a cloudy start to 2023, the market’s outlook is slightly sunnier, too.

The ad revenues of major tech platforms, responsible for driving a downward trend in previous quarters, are sprouting green shoots. Alphabet, Microsoft and Meta all showed growth during their quarterly earnings reports this week, with AI technology proving a catalyst. (See below for detailed earnings)

However, with the global economy flat over the last three years, and inflation remaining stubbornly high, macroeconomic headwinds continue to bear down on the industry.

Signs of life

At the end of July, the International Monetary Fund (IMF) raised its global GDP estimate for the year to 3% (0.2%

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