Amid the pandemic, Amazon’s ad revenues along with its retail sales have increased as consumers continue to shift to ecommerce at elevated rates. We now forecast even faster growth this year for Amazon’s US ad business than we had expected in March.

Amazon has a unique place in our US digital ad revenue breakout: It’s the only company for which we revised our 2020 estimate upward between March and October. We now expect Amazon to earn $14.55 billion in net US digital ad revenues in 2020.