The Trade Desk (TTD) posted Q2 revenues of $694 million, up 19% YoY and above expectations, driven by strength in connected TV and premium open-web inventory. However, cautious Q3 guidance cited slower advanced adtech adoption among large brands, macroeconomic budget pressures, and tariff-related spending risks. Shares fell nearly 40% in a day. For advertisers, the story underscores the open web’s importance as an alternative to walled gardens, with US programmatic open-web spend forecast to reach $48.8 billion by 2027. TTD’s future growth hinges on CTV, cross-channel targeting, and clean-room data collaboration to deliver premium inventory at scale.
On today’s podcast episode, we discuss if Google is actually fending off the AI search competition, what its AI Overviews are doing to search behavior, and why growing AI search usage might not necessarily translate into a booming ad business. Join our conversation with Senior Director of Podcasts and host, Marcus Johnson, Senior Director of Briefings, Jeremy Goldman, and Principal Analyst, Yory Wurmser. Listen everywhere you find podcasts and watch on YouTube and Spotify.
Pinterest reported a breakout Q2 2025 with $998 million in revenue, up 17% YoY—beating guidance and analyst expectations. Monthly active users hit an all-time high of 578 million, with profitability improving and ARPU rising globally. Gains were driven by GenAI tools like auto-collages, stronger commerce integration via Instacart, and a lean ad tech approach powered by Magnite. Pinterest’s ad business continues to grow steadily, with advertiser spending up and margins expanding to 25%. While still underweight in media plans, Pinterest is proving itself as a differentiated, performance-ready platform with rising traction among Gen Z and global users.
The trend: Healthcare and pharma marketers plan to increase or maintain spending on every digital media channel, according to a May 2025 survey from Mediaocean. The big takeaway: Healthcare and pharma marketers have established their presence and corresponding strategies on still-important media channels such as CTV and search. Digital video and social media are underexplored advertising opportunities for this space.
The news: Google claimed that its AI summaries do not impact referral traffic from search after a Pew Research report showed that AI Overviews cut the number of users who clicked on links from overall search results by nearly half. Our take: Despite Google’s objections, AI Overviews inevitably harm sites that rely on search results and SEO for visibility. But with AI summaries showing no signs of going away, what matters is how brands adapt. Traditional keyword strategies are no longer sufficient in the age of AI.
Warner Bros. Discovery posted strong Q2 2025 results, with studio revenues rising 55% YoY to $3.8 billion and HBO Max adding 3.4 million subscribers. A major company split is planned for 2026, separating Max and the studio from WBD’s legacy TV networks. Max is gaining momentum in a crowded market, with restrained ad loads and projected 85% growth in US ad revenues by 2027. With $10.76 billion earmarked for original content next year and major IP releases coming, WBD is positioning Max and its studios for standalone success. The split could offer investors a clearer, more compelling growth story.
The news: Google faces another anticompetitive accusation as ad tech company OpenX becomes the latest player to challenge Google’s grip on the digital advertising ecosystem. OpenX filed a lawsuit accusing Google of anticompetitive conduct in the digital ad space, claiming the company’s actions “crippled competitors like OpenX at every turn,” preventing fair competition. Our take: Google’s dominance means advertisers won’t completely cut spending—but OpenX’s lawsuit is building on advertisers’ growing concerns over Google’s control of the ad ecosystem and curiosity about viable alternatives.
Marketers have long associated connected TV (CTV) with big-budget national campaigns, but that’s rapidly changing. As CTV technology becomes more sophisticated and accessible, local businesses are entering a new era of precise, data-driven advertising that blends digital accountability with TV’s scale.
Snap posted 9% YoY revenue growth in Q2 2025, reaching $1.35 billion, but fell short of expectations due to a technical ad platform error that temporarily underpriced inventory. DAUs rose 9% to 469 million and Spotlight engagement surged, yet global ARPU remained flat and margins tightened. Snap’s performance contrasted sharply with stronger ad results from Meta, Google, and Reddit, raising concerns about its ability to monetize growing usage—especially in fast-expanding but low-yield regions. Snap did see promising gains in subscription revenue and AI-driven commerce ads, but must execute better on monetization to remain competitive in a rebounding ad market.
The news: Disney announced that it will merge Disney+ and Hulu in 2026, a move that could save it $3 billion. The news came after a mixed Q3 FY25 that beat expectations thanks to high spending at Disney theme parks and growth in streaming, but saw advertising revenues fall short of analyst estimates. Our take: Disney’s future success depends on whether merging its core streaming offerings boosts advertiser appeal and a successful sports push that can compete on a similar level as rivals with access to tentpole live events like the Super Bowl.
The news: Advertisers are increasing investment in up-and-coming digital advertising channels as the shift away from traditional continues, per a DoubleVerify study. Social media maintains the highest level of investment among North American marketers. Seventy-nine percent are already investing, while 19% have plans to. Our take: High-performing traditional ad formats are being overlooked because they’re harder to measure—but optimizing for attribution over outcomes could come at a cost.
The news: Google is gearing up for a wide release of ads in AI Mode search as advertisers grapple with concerns over brand safety and performance erosion in AI-curated environments. Our take: Even as concerns over Google’s ad dominance linger and advertisers consider competitors, cutting spend on Google entirely remains highly unlikely—but the dominoes are stacking up against Google. Ads in AI mode shows the search giant is taking steps to protect itself in an increasingly competitive ecosystem.
In an EMARKETER interview, Reddit COO Jen Wong shared optimism following the platform’s strong Q2, highlighting its focus on delivering ad outcomes over increasing ad load. Despite capturing just over 1% of US social ad spend, Reddit is growing ARPU through investments in machine learning, creative tools like Memorable AI, and advertiser infrastructure. Wong emphasized Reddit’s auction model supports full-funnel goals, while global expansion is underway through localized insights and self-serve adoption. She spotlighted Reddit Community Intelligence as a milestone, enabling brands to tap into decades of authentic discussion data. The company’s long-term bet: authenticity will outperform algorithms.
Xbox hits 500M MAUs and $5 billion Game Pass run rate: Franchise power and console loyalty fuel Microsoft’s gaming momentum.
On today’s podcast episode, we discuss why Ms. Yaccarino left X, the expectations for its advertising business in the short and long term, and how realistic its chances are of becoming an “everything app”. Join our conversation with Senior Director of Podcasts and host, Marcus Johnson, Vice President and Principal Analyst, Jasmine Enberg, and Analyst, Marisa Jones. Listen everywhere you find podcasts and watch on YouTube and Spotify.
On today’s podcast episode, we discuss how YouTube is ahead in the video streaming wars, if Netflix’s next wave of content can keep audiences’ attention, and how much these new Netflix House locations might move the needle. Join our conversation with Senior Director of Podcasts and host, Marcus Johnson, Analyst, Marisa Jones, and Vice President of Content, Paul Verna. Listen everywhere you find podcasts and watch on YouTube and Spotify.
The news: Amazon reported strong Q2 results for its advertising business, with advertising revenues reaching $15.6 billion—up a significant 23% YoY. Net sales increased 13% YoY to $167.7 billion, well above Q2 guidance that warned of “tariffs and trade policies” and “recessionary fears.” Our take: Moving forward, Amazon will need to innovate what it’s already offering by pioneering a retail media strategy that extends Amazon’s data and ad tech beyond its own storefront, AI-driven tools that simplify creative production and optimization at scale while prioritizing privacy, and more immersive and shoppable ad formats in its streaming offering.
The news: YouTube’s lead in connected TV (CTV) advertising faces a real threat as Amazon Prime Video gains momentum. But that standing might be short-lived—Amazon’s Prime Video is on track to surpass YouTube as the top CTV advertising platform by 2027, per Morgan Stanley as cited by Business Insider. Our take: Marketers should expect CTV ad dollars to shift toward Amazon’s ecosystem by 2027. Early investment in Amazon’s premium, shoppable ads can secure top inventory and sharpen targeting as streaming evolves.
The news: Few US adults pay for news behind paywalls. A June 2025 Pew Research Center survey shows just 17% paid for any news last year. The vast majority (83%) avoid payment, citing the abundance of free alternatives. Our take: Advertising tied to paywalls narrows reach and shrinks scale. Brands should prioritize open, ad-supported platforms where audiences engage freely. Marketers who embrace paywall resistance—focusing on easy access and relevant content—will win attention and revenues in a fragmented media landscape. Those relying on strict gating risk losing audience share and diminishing ad impact as consumers stick to free, accessible alternatives.