- 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.
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