For digital-ad sellers, 2021 was always going to be a hard act to follow. As work, play and shopping shifted online during the covid-19 pandemic, internet advertising boomed. In America spending rose by 38%, to $211bn, compared with average annual growth of 21% in the preceding five years, according to eMarketer, a research firm. Smaller social-media firms such as Pinterest and Snap at times hit triple-digit year-on-year quarterly revenue growth. Even giants such as Alphabet (Google’s parent company) and Meta (Facebook’s and Instagram’s), which receive a third and a fifth of the world’s digital-ad dollars, respectively, clocked rates of 50%.
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