Google, Meta and Amazon already capture 56% of U.S. advertising revenue, with the continued migration toward automated campaign tools threatening to concentrate an even greater share of growth among the largest platforms.
The advertising market is expanding faster than previously anticipated. But the increasingly important question for the rest of the industry is not simply how quickly the market grows — it is who captures that incremental spending.
Disproportionate growth
Madison & Wall’s latest estimates point toward further concentration around Alphabet’s Google, Meta and Amazon. The research firm estimates the three companies accounted for 56% of U.S. advertising revenue in 2025, excluding political advertising, up from 53% in 2024. Google increased its share from 28% to 29%, Meta from 17% to 19%, and Amazon from 8% to 9%, while everyone else’s combined share fell from 47% to 43%.
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