It's tempting to be selective and focus only on digital ad companies that have had an earnings miss and interpret it as a "correction." Many issues are at play, but the results of Spotify, Amazon, and Pinterest's ad business show that it's not all doom and gloom in the ad business. 

Meta, YouTube, and Snap have either distracted management and business strategies or poor data strategies (and that's not a nod to ATT). If there's a broader trend right now, it's that retail media and retail data are of real value. 

Amazon's media business is thriving (retail media data) Even the proposed Kroger-Albertson merger will make for a robust retail media business that will capture a more significant share of spend. 

As advertisers seek to prove that digital advertising works, expect companies that partner with or own retail media data ad products to outperform. Just don't call it a correction. 

Judging by the latest earnings update from Google, Facebook et al it’s clear that the end is near for this blockbuster chapter of growth for digital advertising. Exceptions aside, it was another tough quarter for the largest online platforms. Digiday publishes a rundown on those that were worst hit.

Let’s be clear, these platforms are still making loads of cash. They’re just not making it as quickly as they once did. Slowdowns like this are inevitable — and not just because there was only going to be some sort of reversion in ad spending after a white hot 2021. This slowdown is more structural.

During the last financial crisis digital media accounted for 12% of total ad spending, according to JP Morgan. Last year, that percentage was 67%. The bigger the ad budgets get the more exposed those dollars — and by extension the media owners they fund — are to broader macro trends.