Digital Ads Initiation 2026

Industry Analysis

Advertising technology is not an industry Google, Meta and Amazon participate in — it is an industry they are. Between 2008 and 2024 the Big Techs’ share of advertising revenue went from 31% to 66%: they arrived owning the audience, and they monetise it with data and technology advantages no independent platform can replicate. This is a full institutional-grade sector report on digital advertising, adapted from a 117-slide deck into six structured chapters covering the value chain, the addressable market, the trends redirecting budgets, an extended argument on Connected TV, and the listed players measured against the Big 4.

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Inside the report

A few of the charts inside the full interactive report.

Chapter 1 · Reflections and Conclusions AdTech EV/Sales by company, 2017–2025
Chapter 1 · Reflections and Conclusions EV/Sales through the cycle — the three names we initiate on
Chapter 2 · What AdTech Is, and the Supply Chain US ad spending by media format, 2024
Chapter 2 · What AdTech Is, and the Supply Chain US ad spending by media format, 2024 (USD bn)
Chapter 3 · The Addressable Market and Twelve Trends Digital ad spending worldwide (USD bn)
Chapter 4 · Connected TV: The Paradigm Shift US pay-TV households, 2013–2026 (millions)
Chapter 5 · The Listed Players Digital advertising revenue: Big 4 and AdTech 8 (USD bn)
Chapter 6 · Valuation and Sector Economics AdTech market capitalisation, August 2025 (USD bn)

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