广告营销行业专题：AI整合广告底层数据，供需双受益

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The advertising industry has transitioned from offline to online, evolving from contracts to targeted advertising and now to real-time bidding, with digital advertising expected to account for 71% of the industry by 2024, growing at 13% compared to traditional advertising's 3% [2][23] - AI is empowering both demand and supply sides of advertising, enhancing ad generation and data processing capabilities, which is crucial for improving return on investment (ROI) [2][3] - The global advertising market is projected to reach $927 billion in 2024, with a nearly 10% year-over-year growth, driven primarily by digital advertising [23][27] Summary by Sections 1. Advertising Industry - The advertising industry's operational model has evolved significantly, with real-time bidding becoming the dominant method, supported by a complex ecosystem of DSPs, SSPs, bidding platforms, and attribution platforms [16][19] - The demand-side platform (DSP) focuses on creating and planning ad content for advertisers, while the supply-side platform (SSP) maximizes revenue for media by managing ad resources [22] 2. Major Players and AI Progress - Meta's advertising revenue reached $39.885 billion in Q3 2024, growing 18.55% year-over-year, largely due to the growth of WhatsApp and Threads [35] - Google's advertising revenue in Q3 2024 was $49.4 billion, with a 12.2% year-over-year increase, driven by advancements in AI tools and features [63][66] - Applovin's revenue grew 65.6% year-over-year to $835 million in Q3 2024, benefiting from the demand for advertising in the gaming sector [72] 3. Trends in Overseas Advertising - The automotive, food and beverage, gaming, and e-commerce sectors are expected to see significant advertising growth in 2024, with the automotive sector projected to grow by 16% [79] - The cross-border e-commerce market is anticipated to reach 16.85 trillion yuan in 2023, reflecting a 7.32% year-over-year increase, indicating ongoing demand for overseas e-commerce [85]