Two companies capture 41 cents of every global advertising dollar.

Neither calls itself an advertising company.

So how is the advertising market doing?

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Depends who you ask.

Ask WPP, one of the world’s largest agency groups, and the answer may be: “not great”. Its stock is down roughly 72% over the past 5 years, amid stagnant revenue and profit.

Ask dentsu, another global giant, and you may hear something similar.

Its stock is down by 11% over the same period, following two years of negative net income.

Now ask Google or Meta 😅.

Between 2021 and 2025:
• Google’s advertising revenue grew 41%
• Meta’s advertising revenue grew 71%

Both companies talk a lot about AI nowadays.

Cloud, new technology, changing the world...

Fair.

But follow the money.

Advertising still represents:
• 73% of Alphabet’s total revenue
• 98% of Meta’s total revenue

Together, Google and Meta capture around 41% of the entire global advertising market, based on WARC estimates.

Not digital advertising.
All advertising!
Online and offline.

Exclude China, where they cannot fully operate, and that figure rises to roughly 50%.

That’s the real story.

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So when people ask how the advertising market is doing, just look at Google and Meta.