Media Industry Concentration: Detailed List of Largest Sellers of Advertising

By Brian Weiser

In this post I’m including the detailed top 20 media owner list (referring to the largest sellers of advertising based outside of China) with estimated ad revenue from 2016 to 2022 for each of them on a pro forma basis to account for acquisitions and dispositions that each of the current top 20 made over those years, and reflecting gross ad revenue to include ad networks (but not including software-based revenue).

Note that there are a range of assumptions required to derive numbers for many of these companies. Four of them essentially produce no public data on their advertising businesses, so information is largely informed by various press reports of actual size, with further “haircuts” applied to account for assumed shares of revenues attributable to advertising.

Courtesy of Madison & Wall