🚀 The new State of the Internet 2025 report by Jounce Media dropped a few days ago.
I’ve been reading this since 2019, and once again, Chris Kane and team deliver one of the clearest views on how digital advertising is evolving.
🔶 What hasn’t changed:
1️⃣ The battle between Walled Gardens and the Open Internet still defines the landscape. Meta, Google, and Amazon remain the dominant forces.
2️⃣ The Open Internet continues to lose ground, increasingly squeezed by the giants.
🔶 What has changed:
1️⃣ Amazon is the big winner: its ad business has exploded, and the 2025 bubble makes that clear.
2️⃣ “Challenger Gardens” (LinkedIn, Snap Inc., TikTok) are now a defined tier. Growing fast, but still far smaller.
3️⃣ Google’s ecosystem feels more split: its walled garden remains strong, while its role in the open web is uncertain.
Two categories not fully represented here: CTV and Commerce Media. Both are having huge impacts on both the buy- and sell-side.
At Aperiam, we’re seeing these shifts firsthand, shaping how startups rethink distribution, partnerships, and data strategy.
Curious:
👉 What other shifts are you seeing?
👉 Are we headed toward even tighter concentration? Or is there still room for a more open, competitive internet?