Media Buying

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: 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.

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.