Hello，小树枝们，又见面啦！今天我 们一 起来看一篇经济⛄的文章《Oh, snap 》。

7月21日，Snap报告称其第二季度的销售额同比增长13%，是有史以来最疲软的一次。该公司在给投资者的信中承认，到目前为止，本季度的收入 "大约持平"。第二天，Twitter报告称，与去年相比，其截至六月的三个月收入也略有下降……人们对在线广告状况感到担忧。

1.文章脉络

【para1】 ➡️引出主题：数字广告销售商2021年业绩繁荣

【para2】➡️2022年增长疲软

【para3】 ➡️行业巨头表现糟糕

【para4】 ➡️行业新贵风险最大

【para5】➡️苹果手机改变隐私政策，影响了数字广告业

【para6】➡️TikTok和科技巨头入场，竞争更激烈

【para7】➡️线上广告需求已饱和

【para8】➡️Spotify逆势而上，恐难逃行业命运

2.外刊原文

The online-ad industry is in the midst of an unprecedented shake-up

【Para.2】The contrast with 2022 is stark. On July 21st Snap reported that its sales grew by 13%, year on year, in the second quarter, its most anaemic ever. In a letter to investors, the firm confessed that so far this quarter revenue was “approximately flat”. The market was spooked, and the company’s share price fell by almost 40%. The next day Twitter, which also depends on advertising, reported that its revenue had fallen slightly in the three months to June, compared with last year.

【Para.3】That triggered concern about the health of online advertising, dragging down the share prices of the industry’s titans. On July 26th Alphabet duly disclosed Snap-like quarterly sales growth of 13%, down from 62% in the same period last year. That was less terrible than expected (its market value rose by 8% on the news) but still pretty bad (it remains a bit below what it had been before the Snap bombshell). A day later Meta said that its revenue declined for the first time, by 1% year on year.

【Para.4】Upstart challengers like Snap are the most exposed. When marketing budgets get trimmed, advertisers tend to stick to what they know, says Mark Shmulik of Bernstein, a broker. And they know Google search much better than they do Snap’s experiments with augmented reality. The big firms also boast larger and more diverse sets of customers; Meta serves 10m advertisers globally, compared with Snap’s estimated 1m or less. That insulates them somewhat from softening demand.

【Para.6】Both Alphabet and Meta are also facing fiercer competition. TikTok, a Chinese-owned short-video platform beloved of Western teenagers, is taking eyeballs from American social media, and ad revenue with them. Perhaps more concerning, previously ad-incurious tech titans are also getting in on the action. In the past couple of years Amazon has built the world’s fourth-biggest online-ad business. Apple has a small but growing ad operation. And Microsoft has just been named as Netflix’s partner in the video-streaming giant’s new ad-supported offering.

【Para.7】Another reason for the big ad-sellers’ slowdown is similarly structural. For years they shrugged off blips in the broader economy, as many customers came to see online ads as a virtual shopfront that needed to be maintained even in tough times—often at the expense of other ad spending. That has left ever fewer non-digital ad dollars available to be diverted online. In a pinch, advertisers may now therefore need to take an axe to their digital billboards.

【Para.8】The pain isn’t felt equally. Google, whose search ads rely less on the sort of tracking Apple has curbed, may have benefited from Meta’s misery, helping offset some of the slowdown. On July 27th Spotify bucked the trend among challenger platforms, reporting unexpectedly healthy ad revenues from its music-streaming service, which helped buoy its share price by 12%. Even so, the business cycle may be catching up with big tech.

3.长难句分析

【来源声明】：本文原文摘选自 JULY 23RD–29TH 2022 ｜Business，原文版权归杂志所有，仅供个人学习交流使用。

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