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.
Reddit posted a standout Q2 2025, with revenues jumping 78% year-over-year to $500 million—including $465 million in ad revenue, up 84%. Net income reached $89 million with strong EBITDA and free cash flow. Global DAUs grew 21% to 110.4 million, and US ARPU climbed 59% to $7.87, signaling improved monetization. Reddit is now a billion-dollar US ad business a year ahead of forecasts, driven by growth in AI ad tools. Yet challenges remain: Reddit still holds only 1.1% of US social ad spend and relies heavily on Google Search traffic. Sustaining growth means reshaping advertiser perception and boosting direct engagement.
LinkedIn posted 9% YoY revenue growth in its June-ending quarter, fueled by rising engagement, B2B ad demand, and AI-powered tools. Despite soft hiring trends, sessions rose 11% YoY as more creators and professionals use LinkedIn for content, networking, and branding. Microsoft CEO Satya Nadella emphasized the platform’s evolution from a resume archive to a dynamic business hub. AI continues to drive efficiency and creativity across features, benefiting both users and advertisers. With strong identity data and a trusted audience, LinkedIn is carving out a stable, differentiated space in social media—positioning itself for long-term relevance beyond recruitment cycles.
The news: Paramount reported mixed quarterly earnings and upfront results, underscoring the limitations of a content portfolio lacking major sports rights to drive engagement. The company’s biggest blow came from streaming service Paramount+, which lost 1.3 million subscribers in Q2—something the company attributed to “the expiration of an international hard bundle deal.” Our take: Paramount’s results depict a company capable of staying afloat, but struggling to build offerings that drive increased viewership and advertiser investment—necessitating that the company build its sports offerings to grow as competitors dive head-first into sports programming.
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.
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.
Meta’s Q2 2025 earnings showed the company thriving despite softening engagement in mature markets. Revenue surged 22% YoY to $47.52 billion, largely driven by better ad pricing, AI-optimized performance tools, and growing monetization via WhatsApp. Although user growth was modest, Meta demonstrated strong pricing power—especially in North America and Europe—and continues to see big potential in Asia-Pacific. Operating margins remained healthy at 43%, even with record AI investments. As Meta extracts more value per user and expands monetization across platforms, its performance proves that engagement isn’t the only growth lever—it’s how well each session gets monetized.
Microsoft reported $76.4 billion in Q2 revenue, up 18% YoY, as cloud infrastructure, productivity software, and embedded AI drove strong performance. Microsoft Cloud grew 27% to $46.7 billion, and Azure's annual run rate surpassed $75 billion, overtaking Google Cloud. Enterprise adoption of tools like Dynamics 365 continues to rise, reinforcing Microsoft’s role in AI-powered operations. Following the report, Microsoft’s market cap crossed $4 trillion. The company plans to spend $80 billion in fiscal 2025 to expand its AI infrastructure, while showing capital discipline. Microsoft is positioning itself as the foundational enterprise platform for the AI era.
The news: Edison Research’s Q2 2025 “Share of Ear” report revealed key trends in ad-supported audio and what channels are winning. The conclusion? Radio is still dominating in time spent across age groups—and while podcasts are gaining ground, the shift is slow. Our take: Strategies that focus solely on podcasts at the expense of radio will fail to capitalize on the full potential of ad-supported audio. Brands that combine radio’s enduring reach while accounting for podcasts’ ability to engage and drive action will unlock the best outcomes.
The situation: Amazon and Google, once bound by a symbiotic relationship in which Amazon funneled ad dollars into Google Search and Google indexed Amazon’s pages, are now veering toward open conflict as generative AI (genAI) blurs the lines between ecommerce, advertising, and search. Both companies are determined to own the entire journey from discovery to checkout, and that ambition is unraveling what remains of their former détente. Our take: Amazon and Google are racing to define where and how consumers discover and buy products in the genAI era. If Amazon succeeds in walling off its marketplace data and steering shoppers to its own AI interfaces, the retail landscape could splinter into walled gardens where tech giants cooperate far less. That winner‑takes‑all dynamic might suit the victors, but it risks degrading the overall consumer experience with fewer choices and less transparent pricing. At the same time, it could lead brands and retailers into a margin‑sapping race to the bottom inside whichever closed ecosystem proves most dominant.
The news: Amazon will pay The New York Times between $20 million and $25 million annually in a multiyear content licensing agreement that was announced in May. This amount, close to 1% of the Times’ total annual revenue, is one of the largest disclosed payments for news content licensing for generative AI (genAI) training. Our take: The Amazon–Times deal underscores the growing value of premium journalism in the AI era, setting a precedent for how tech companies can ethically license high-quality content. For advertisers, this signals a shift toward AI-powered platforms integrating trusted media brands, which could enhance user engagement and credibility.
The news: Despite a surge in sports advertising and streaming, Walt Disney Co. failed to surpass last year’s upfront volume, citing a result that was “consistent with last year,” per a press release. Streaming accounted for over 40% of the company’s total upfront volume, on par with 2024, while sports advertising commitments across digital and linear were worth around $4 billion. Our take: As live sports viewers remain consistent and audiences increasingly turn to digital, Disney’s future growth depends on how well it can transform its streaming offerings into hubs for live sports.
The triopoly looks stronger, but it's digital that's getting bigger. Amazon, Google, and Meta now command 58.8% of total US ad dollars, up from 47.1% in 2020. But that's not an indication that the triopoly's control of the digital ad market is growing.
The news: Amazon’s Prime Video overtook Netflix in Brazil’s streaming market in Q2 2025, leading with 22% of user interest and edging out Netflix at 21%, according to JustWatch, per Meio & Mensagem. Prime Videos’ ascent presents new advertising opportunities in the country, while Netflix’s decline suggests potential audience fragmentation Our take: Brazil’s streaming war is shifting from subscriptions to hybrid models, and Prime Video wins on bundled utility. Netflix can catch up by scaling its ad tier and investing in local hits. The next battleground? Premium reach at a lower cost in a market where cultural relevance drives loyalty.
The news: Despite strong subscriptions growth, Spotify’s ad business remains stuck in neutral amid macroeconomic pressures and the slow ramp-up of its ad stack. The streamer’s stock dropped over 11% after Q2 earnings missed expectations on both revenues and profit and the company issued weak guidance for the current quarter. Our take: Efforts around Spotify’s Ad Exchange are promising, but lagging adoption means early testing and partnerships may have resulted in disproportionate insights. With lower consumer spending and economic uncertainties, B2B planners should model more conservative ad results and balance new ad initiatives with more predictable, proven customer-acquisition channels.
Fandom has partnered with Experian and Audigent to enhance its AI-driven Helix platform, integrating over 2,400 syndicated audience segments to deliver deeper fan insights. The move empowers marketers to combine third-party data with first-party fan behavior, unlocking targeting based on motivations, not just demographics. Early results show significant brand lift in awareness and purchase intent. This partnership marks Fandom’s evolution into a data-rich media platform, aiming to help advertisers tap into emotional fandom signals across CTV, mobile, and digital. Despite criticism over ad clutter, the platform’s scale and Gen Z reach position it as a leader in culture-driven targeting.
The news: A US TikTok ban will take effect if a sale isn’t completed by the September 17 deadline, per comments from US Commerce Secretary Howard Lutnick. Lutnick said on CNBC that TikTok will “go dark” if China does not agree to sell to a US owner. He also noted that any deal would require the US gaining control over both the app and its algorithms. Our take: Whether or not a full TikTok ban comes to pass, Lutnick’s comments reinforce a troubling trend: Advertisers are increasingly wary of the platform’s stability, accelerating the shift toward cross-platform strategies.