https://adgully.me/post/3566/amazons-206-billion-media-account-in-global-pitch

Amazon's $20.6 Billion Media Account in Global Pitch

Amazon, the world's largest online retailer, is putting its massive media account up for pitch after spending $20.6 billion on advertising and promotional costs in 2022. This figure marked a significant increase from the previous year's $16.9 billion. Procter & Gamble, once considered the world's biggest advertising spender, has fallen behind with advertising costs of $8 billion in 2023, compared to $7.9 billion in 2022 and $8.2 billion in 2021, according to its financial filings.IPG Mediabrands has held Amazon's media buying account since 2017, but the company has decided to review its options. Amazon stated, "We routinely review existing business relationships with third-party vendors and partners, and based on those reviews, may decide to solicit proposals from vendors interested in working with us." The retail giant uses a variety of advertising channels, including sponsored search, social and online advertising, third-party customer referrals, and television advertising, to attract buyers to its platforms. Amazon is also a significant player in the ad space, ranking as the world's third-largest digital advertising platform, behind Google and Meta. In the June quarter, its advertising services grew by 22% to reach $10.68 billion.