Google, Facebook Have Tight Grip on Growing US Online Ad Market: Report

The U.S. internet advertising industry is projected to hit $160 billion by 2023 from $107 billion last year.
Google, Facebook Have Tight Grip on Growing US Online Ad Market: Report
An illuminated Google logo is seen inside an office building in Zurich, Switzerland on December 5, 2018. Arnd Wiegmann/Reuters
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The U.S. internet advertising industry is projected to hit $160 billion by 2023 from $107 billion last year, led by fast-growing categories like mobile video with Alphabet Inc’s Google and Facebook Inc firmly controlling the market, consultancy PwC said on Wednesday.

The two tech giants together commanded nearly 60% of the U.S. internet advertising market in 2018, according to the report, up 3% from the previous year. Google’s YouTube dominates online video, while Facebook has been expanding its video product called Watch and adding advertising options.