Ad Industry's Biggest Conference Returns With New Winner: Find Out Who

  • The advertising industry's biggest conference has returned with a new winner Amazon.com, Inc (NASDAQ: AMZN), after a two-year break, Bloomberg reports.
  • Amazon occupied a portion of the beachfront at the annual Cannes Lions show with the "Amazon Port," its most extensive showcasing at the conference yet reflecting its growing significance.
  • Tech companies like Alphabet Inc GOOG GOOGL Google, and Spotify Technology S.A. SPOT showcase offerings during the event, with sun loungers and drinks during the day and D.J.s and dancing at night to lure potential customers into learning about ad offerings and building relationships.
  • Also Read: Needham Considers It Futile For Meta To Compete With TikTok, YouTube, Amazon, Google
  • Amazon's ad business generated over $31 billion in 2021, more than doubling over 2019, just behind Alphabet and Meta Platforms Inc META in sharp contrast to five years ago, when it was still described as "nascent," drawing attention for renting a suite at the Carlton Hotel. 
  • Amazon generates ad sales from multiple channels, including sponsored ads, display, video, and brand advertising.
  • However, economic slowdown concerns continue to plague the industry, mainly triggered by Snap Inc's SNAP profit warning in May.
  • Amazon recently lost its Worldwide Consumer CEO, David H. Clark, who resigned after 23 years.
  • Amazon promoted veteran executive Doug Herrington to the CEO of Worldwide Amazon Stores (renamed from Worldwide Consumer) and John Felton as its new head of Operations. 
  • Price Action: AMZN shares traded higher by 2.10% at $114.80 on the last check Friday.

Posted In: BriefsNewsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.