Amazon has been holding its annual Prime Day promotions around the world for the past few weeks, and while the big discounts and huge sales hit the headlines, the silent winner has been Amazon's fast-growing advertising business, which has turned all the increased advertising spending into a godsend. According to The Information, advertisers spent almost three times as much on Prime Day as they did on an average day in the previous two weeks, and the ads they bought cost an average of 58% more than they did on Prime Day 2021.
Why is that important? While Amazon is best known for its e-commerce store, the company makes most of its money from its cloud computing arm, Amazon Web Services. At least that's what we thought until earlier this year, when ad revenue was reported separately. According to numbers from the company's advertising arm, Amazon's advertising business appears to be the next big thing, and it's likely a bigger cash cow than AWS.
How large is...
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