After Amazon Posts 26% Q3 Ad Revenue Jump, CEO Andy Jassy Says Tech Giant Has “Barely Scraped The Surface” With Madison Avenue

deadline.com:

As it grew into a tech behemoth over its first two decades, Amazon was regarded as a sleeping giant in the digital advertising business, largely ceding the market to the duopoly of Facebook and Google.

It is now very much awake – and CEO Andy Jassy believes it has “barely scraped the surface” of the opportunity. In its stellar third-quarter earnings report Thursday afternoon, Amazon said its advertising services business jumped 26% from the same quarter a year ago, topping $12 billion. (That outpaced the 13% growth rate for total revenue, which hit $143.1 billion.) Advertising is now more than twice the $5 billion size of just three years ago, thanks in part to the 2022 arrival of NFL Thursday Night Football as a Prime Video exclusive.

Last month, Prime Video also said it would begin running ads on movies and shows, part of a more comprehensive effort to position the company’s many platforms as ad vehicles.

Amazon has recently become an anchor tenant at the NewFronts in New York, a springtime week of pitches by digital platforms to brand marketers held on the eve of the traditional TV upfronts.