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Note: digital advertising that appears on websites or apps owned and operated by companies primarily engaged in selling products or services or that is bought through a commerce company’s media network or demand-side platform (DSP) utilizing first-party data for real-time targeting; includes ads purchased through commerce media networks that may not appear on commerce sites or apps; includes financial, retail, and travel media ad spending; excludes purchase-dependent marketing partner offers

Additional Note: Digital ad spending includes advertising that appears on desktop and laptop computers as well as mobile phones, tablets, and other internet-connected devices, and includes all the various formats of advertising on those platforms. The “limited tariffs” scenario assumes that US tariffs apply only to select trading partners. The “moderate tariffs” scenario assumes that US economic growth slows, but the downturn is limited due to partial tariff relief brought by trade negotiations with other countries. The “heavy tariffs” scenario assumes that broad US tariffs spark a global recession, leading to inflation, retaliation from other countries, and weakened business and consumer sentiment.

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 from major ad publishers, estimates from other research firms, data from benchmark sources, consumer media consumption trends, consumer device usage trends, and EMARKETER interviews with executives at ad agencies, brands, media publishers, and other industry leaders.

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