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After more than a decade of healthy, double-digit compound annual growth, ad spending on digital audio services slowed dramatically in 2023, downshifting the space into a new era

Retailers and tech giants are rushing to roll out AI-powered search.

Temu tests search ads in latest attempt to chip away at Amazon鈥檚 dominance: The lucrative revenue opportunity could offset rising costs related to de minimis crackdowns and tariffs.

Total upfront ad spending will grow this year, even though upfront TV commitments will decline.

Fintech ad spending surges 45%: Klarna, Brex, and Mercury lead a shift to mainstream messaging, emphasizing transparency and trust amid regulatory scrutiny.

The National Retail Federation (NRF)鈥檚 Big Show is happening in New York City this weekend, and will offer an opportunity for retail media networks (RMNs) to pitch themselves to advertisers. Even though retail media is huge鈥攅xceeding $62 billion in US ad spend this year per our forecast, most of those ad dollars will go to the biggest RMNs. The remaining players are vying over the same $8.58 billion that isn't scooped up by Amazon, Walmart, or Target.

Many researchers have argued that brands can increase their share of voice by maintaining ad spending during a recession. If revenues are low, a CFO may feel the only option is to cut ad spending. But there is an opportunity for those who keep spending. During the pandemic, brands that resumed advertising saw strong ROI. Expect that trend to repeat itself in future crises.

Research firm MoffettNathanson originally forecast that US ad spend would grow 5.8% in 2025. But after President Donald Trump began rolling out tariffs, the firm cautioned that ad spending could decline by that same amount, according to The Wall Street Journal. MoffettNathanson also estimated that linear TV ad spending could decline by as much as 23% this year.

But like every ad spending channel, that growth would suffer under a heavy tariff regime. We predict that such a worst-case scenario would likely dampen consumer demand enough to slow advertiser spending, leading to YoY spending growth of just 9.8% this year.

Amazon鈥檚 dominance in US ecommerce, coupled with the challenge of achieving organic visibility on the platform, creates a buffer for retailers; advertisers鈥� reliance on its scale and reach is likely to outweigh any temptation to pull back on ad spending.

As sports wagering grows its digital footprint, ad spending by the gambling industry levels off.

In this report, we model three potential outcomes for US search ad spending, based on the severity of tariffs, to show how ad spending could shift. Executive Summary. Search ad spending is not insulated from the shock of expanded tariffs. A heavy tariff scenario would reduce our 2025 ad spending growth estimate by 3.7 percentage points from our growth outlook under a moderate tariff scenario.

Globally, its share drops considerably, but that鈥檚 because Amazon has little business in China and captures almost none of its domestic ad spending. If we exclude China, Amazon鈥檚 global retail media share leaps back up to roughly 71%.

Mobile video ad spend will surpass mobile search ad spend in 2026. Use this chart: Marketers can use this chart to prioritize mobile-first strategies when allocating media their budgets across digital platforms. Related 蘑菇AV reports:. US Ad Spending 2025 (蘑菇AV subscription required). US Mobile Advertising Forecast and Trends 2025(蘑菇AV subscription required).

Only programmatic advertisers in China spend more than 1 in 10 ad dollars on the open exchange. Programmatic direct owes its dominance to retail media, CTV, and social networks鈥攈ence Canada鈥檚 skew toward the transaction method. Most real-time bidding transactions take place in private marketplaces (PMPs).

Methodology: Estimates are based on the analysis of various elements related to the ad spending market, including macro-level economic conditions, historical trends of the advertising market, historical trends of each medium in relation to other media, reported revenues of major ad publishers, estimates from other research firms, data from benchmark sources, consumer media consumption trends, consumer device