Ad spend not growing, except at Amazon

This week several of the technology companies with large advertising businesses reported results for Q1’23 (Alphabet/Google, Meta/Facebook/Instagram,, Snap and Pinterest).

It is clear that the economy is weakening and advertising spend is slowing. The only advertising business that grew fast was’s with 23 % year-over-year.

Related an advertising partnership between Pinterest and Amazon was just announced. Pinterest has a 463 million monthly active users that browse commerce-related content (to a large extent) and has a large group of e-commerce advertisers. It sounds like a great match.

Author: Henrik Torstensson

Partner at Alliance VC. Investing in Nordic early-stage tech startups.

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