Frederic Filloux:

Let’s start with some context by looking at the period 2011–2018 on the US market:

Over the past seven years, Digital ad spending in the United States rose from $32B to $111B; a 3.5x increase.

Google, which had already a stronghold on the US market seven years ago rose from $18B to $63B in revenue, also a 3.5x increase.

Facebook, which was created eight years after Google, catapulted from $2.1B to $27B, a 13x rise.

The New York Times digital advertising revenue rose from $233m in 2011 to $259m, a modest 11 percent increase. See the chart below (the perimeter has evolved: for the FY 2011, I took the NYT “News Media Group”, which excluded properties such as the Boston Globe):