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Amazon surges ahead while YouTube stumbles as WARC’s Q4 2025 big tech revenue analysis reveals divergence in revenue momentum

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  • YouTube delivered the most significant underperformance versus WARC’s Q4 2025 benchmark, missing forecasts by 9.3 percentage points.
  • Though still just behind forecast (-1.4pp), Meta delivered a more robust quarter, supported by an accelerating use of AI across ad targeting and measurement.
  • Amazon was the standout performer during the quarter, surpassing expectations by 5.5pp.

WARC releases Earnings Debrief – a new quarterly summary comparing Big Tech’s ad revenue performance against WARC Media’s global ad spend forecast data

10 February 2026 – The final quarter of the year revealed a divergence in performance across Big Tech platforms, with Amazon emerging as the clear outperformer against expectations while YouTube fell notably short. This is according to new analysis by WARC Media.

WARC Media’s Earnings Debrief, is a new quarterly series that reviews the financial releases of Big Tech and compares their ad revenue performance against WARC Media’s quarterly global ad spend forecast data, to provide a current round-up of their ad spend.

James McDonald, Director of Data, Intelligence & Forecasts, WARC, said: “WARC Media’s Earnings Debrief cuts through the headline numbers to show what’s really driving performance across the major ad platforms.

“By refreshing forecasts quarterly, WARC’s benchmarks give clients a timely read on where growth is accelerating, where it’s stalling, and why — from Amazon’s retail media momentum and full-funnel scaling, to YouTube’s Shorts monetisation gap and Google’s AI pivot. In a fast-moving market, this recency and context is essential for understanding trajectory and informing confident investment decisions.”

YouTube misses forecast by 9.3pp

YouTube delivered the most significant underperformance versus WARC’s Q4 2025 benchmark, missing forecasts by 9.3 percentage points (pp). While the result appears disappointing on the surface, there were several compounding factors at play.

Political advertising spend during the US Presidential Election had driven CPMs higher than average, though the degree to which the cooling off occurred in Q4 2025 was notably more marked.

Engagement with YouTube remains strong overall, but conventional in-stream advertising may not provide the future growth engine.

Shorts – a format developed to counter consumption on TikTok and Instagram – now average more than 200 billion daily views, and in several major markets, including the US, revenue per watch hour has overtaken that of traditional in-stream formats. However, despite rising consumption, Shorts contribute a relatively small share of overall ad revenue due to evolving monetisation frameworks.

Further, new data show that approximately a third of YouTube’s total revenue – some $20bn – now comes from subscriptions to its ad-free YouTube Premium service, which may act as a headwind for future ad revenue growth.

Mixed fortunes for Google as AI disrupts discovery

Google’s advertising performance was more mixed. The Google Display Network declined by 1.6% in Q425 and 1.9% during 2025 as a whole, in both cases roughly one point behind forecast. This reflected softer pricing and a shift in advertiser budgets towards higher-value formats, including YouTube and Google-owned inventory accessed via Performance Max and Demand Gen campaigns.

As spend migrates away from the open web, display’s relative contribution to Alphabet’s bottom line continues to stagnate. The company noted that income from AdSense fell, while AdMob (i.e. in-app ads) receipts grew but not enough to stymie overall decline.

Meanwhile, Google Search remains structurally resilient, coming in ahead of forecast during the quarter but roughly par (+0.8pp) for the full year. Despite intensifying competition from generative AI alternatives, Google’s integration of AI into search experiences appears to be sustaining engagement and query volumes, reinforcing its monetisation advantage. That said, the price is a near doubling of capital expenditure.

Meta falls just short of forecast

Though still just behind forecast (-1.4pp), Meta delivered a more robust fourth quarter, supported by an accelerating use of AI across its ad targeting and measurement suite, which has driven both higher ad impression volumes (+18%) and increased pricing (+6%). The scale of Meta’s AI infrastructure investment could place pressure on margins if returns take longer to materialise.

Strong growth in video engagement – particularly across Reels on Instagram and Facebook – has reinforced advertiser appetite for video placements, which typically command higher CPMs.

Meta reported that Reels watch time in the US – its largest market – rose by more than 30% in Q4. The format is a core part of Meta’s strategy to retain share of wallet against competitors, however, the monetisation rate for Reels remains lower than that for traditional in-feed ads.

Amazon flexes growing full-funnel muscle

Amazon was the standout performer during the quarter, surpassing expectations by 5.5pp. Although advertising still represents less than 10% of Amazon’s total revenues, it now ranks as the world’s third-largest digital advertising platform globally. Further, Madison & Wall estimates that advertising contributed essentially all of the operating income generated by the company’s retail sector last year.

Retail media’s ability to link ads directly to purchases, supports premium pricing across Sponsored Products, Brands and Display. New WARC Media ad spend data – derived from monitoring by Walrus Intelligence – shows that some 81.5% of Amazon’s ad income (almost four fifths of growth) is derived onsite, though this is down slightly from the previous year.

The rollout of advertising across Prime Video has further strengthened Amazon’s full funnel proposition, adding high value, scaled and targeted inventory. Prime Video now reaches an estimated 315 million monthly ad-supported viewers globally (compared to Netflix’s 190 million), significantly expanding

Amazon’s video CPM opportunity.

Amazon’s rapid deployment of AI-driven campaign tools and predictive targeting further strengthens its ability to tie ad spend to measurable conversion across its ecosystem.

Overall, Q4 2025 highlighted a market increasingly rewarding platforms that combine scale, data and demonstrable outcomes – a dynamic that continues to favour Amazon, even as others recalibrate their growth stories.

Events

Canon Demonstrates Print’s ‘Power to Move’ with On-Stand Experience and Latest Large Format Technologies at Federation of European Screen Printers Associations (FESPA) Global Print Expo 2026

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Visitors experienced Canon Imaging Supplies’ wide format media portfolio for visual communications, supporting applications from signage and posters to wall coverings, textiles, and backlit displays

At FESPA 2026, we created an experience designed to support PSPs and packaging converters to make confident decisions when looking for the right technologies and partners

DUBAI, United Arab Emirates, May 25, 2026/APO Group/ —At FESPA Global Print Expo, 19th-22nd May 2026, Stand 2-E20 in Barcelona, Canon (www.Canon-CNA.com) showcased how its wide-format production technologies and customer-led approach combine to create bold, high-impact prints that transform spaces and connect with audiences, delivering real business impact. Under the theme ‘Move your World’, Canon re-emphasised the commercial potential and positive momentum that speciality print businesses can gain. Visitors not only saw a curated selection of real-world applications from across the retail, interior décor, point of sale (POS), corrugated and packaging segments, but also gained valuable and practical expert advice on how to bring those applications to life. The selection of prints and tactile applications created on Canon’s portfolio of high-performance production technologies for large-format print, including Arizona, Colorado, and imagePROGRAF printers, displayed in a visual and interactive sensory gallery on stand.

 

Making its European event debut, the new Colorado XL-series 3.4 m printer demonstrated its versatility and exceptional productivity by producing both flexible and rigid media applications live throughout the show. From signage and décor to point of sale and packaging, the printer extends the proven advantages of Canon’s UVgel technology to the 3.2 m graphics market, delivering application versatility across a comprehensive range of media. From banner, paper, vinyl and films to soft signage, heat-sensitive materials, foam board, fluted polypropylene, acrylic and aluminium composite boards, print service providers (PSPs) have the flexibility to tackle diverse customer requirements. With print speeds of 70m² per hour in quality mode, 106m² per hour in production mode and up to 211m² per hour in express mode, the system delivers the productivity needed for demanding production environments while accommodating substrates up to 52mm thick for rigid applications.

Flexibility Through Partnerships

The momentum Canon created for its customers was achieved through a rich ecosystem of trusted technology and media partners. This ecosystem was fundamental to Canon’s presence at FESPA 2026 and was celebrated in all areas of the stand and in how technologies are located across the show.

Located between the Canon and Fotoba partner stands, was Canon’s award-winning Colorado M-series roll-to-roll printer in a UVgel Factory for Wallpaper configuration. The set-up produced a range of applications – from personalised wallpapers to wrapping papers, to show and inspire the breadth of versatility and commercial scope of mass customisation that it can deliver. The system provides a fully modular solution for mass-customised, automated wallpaper production, with UVgel technology at its core, comprising a Colorado M5W roll-to-roll printer with a Fotoba jumbo roll JRL media feeder, output cutter and rewinding taping unit.

The global demand for customised packaging and wallcovering is rapidly growing, and with the Canon UVgel Factory for Wallpaper, possibilities are endless – from traditional wallpapers to murals, to short-run personalised wrapping and décor elements.

Across the aisle, on stand 2-E15, Canon partner Neolt Factory demonstrated a configuration of the recently launched ‘UVgel Factory for Posters’, comprising a Colorado M-series printer with jumbo roll loader, cutter and stacker. Here, visitors were able to observe the productive, highly automated, on-demand poster production system creating an array of Barcelona-inspired posters.

Canon AI Tactile Studio

Canon experts hosted a series of ‘AI Tactile Studio’ sessions at set times throughout the show. Held at a dedicated area on the stand, the 1-2-1 demonstrations showed how the simple workflow fostered creative freedom and enabled users to easily create unique tactile prints produced using the latest Canon technologies.

Workflows Engineered for Flexibility and Ease of Use 

Supporting print demonstrations across all printers is Canon’s PRISMA XL Suite of workflow solutions. PRISMA XL is an open, flexible workflow that integrates seamlessly with existing systems while supporting PSPs to deliver first-time-right prints and simpler production, even across complex jobs – from file preparation to printing the job, through to shipment. Complementing Canon’s solutions on stand were Canon’s software partners, such as OneVision and Onyx, demonstrating how an open, non-proprietary approach to workflow solutions can increase operational flexibility and profitability.

Visitors experienced Canon Imaging Supplies’ wide format media portfolio for visual communications, supporting applications from signage and posters to wall coverings, textiles, and backlit displays. The range helped print service providers deliver consistent, professional results while offering sustainable media choices, including PolyVinyl Chloride (PVC) free large format graphic media.

Speaking about the show, Tushar Vaishnavi, Business Unit Director for B2B, Canon CCNA says, “At FESPA 2026, we created an experience designed to support PSPs and packaging converters to make confident decisions when looking for the right technologies and partners to support their next steps. This fresh approach saw each part of the stand carefully designed to reflect core business priorities for decision makers – from new commercial opportunities to ways to futureproof their businesses. Through an array of impactful applications created using Canon’s UVgel, true flatbed Arizona, imagePROGRAF and workflow technologies, FESPA visitors saw clear proof of the exciting future of large format print and packaging. Whether you’re a packaging converter or a signage and graphics producer, with the right partner, print has the power to transform spaces and campaigns and to move customers and consumers, delivering real business impact and long-term growth opportunities.”

Aligning with FESPA’s theme of ‘The Place for Experts’, Canon was also a Gold Sponsor at this year’s co-located ‘Corrugated 2026’ exhibition, stand 3/B150a.

There, visitors were able to speak to Canon corrugated experts and learn more about its technologies for this market, including:

  • Canon’s next-generation, digital corrugated press, the corrPRESS iB17, which combines high-end graphic quality with industrial productivity and smart manufacturing flexibility. The press uses water-based inks and 1200 dpi resolution printheads that support high graphic standards and indirect food compliance. Delivering up to 8,000 sqm/h output on sheet sizes up to 1.70 × 1.30m, the corrPRESS iB17 enables efficient, scalable digital production.
  • Current printing solutions for prototypes, mock-ups and ultra-short runs of printed corrugated packaging. This includes the Canon Arizona series of true flatbed printers and the UVgel Factory for Packaging (based on the Canon Colorado M-series printer) for pre-print corrugated.

To find out more about Canon’s wide-format and packaging portfolio, supporting technologies and the full list of covered applications, please visit each dedicated product page:

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

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Canon Central and North Africa Partners with Makerere University to Shape the Next Generation of Creatives

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Canon Academy Photo & Video workshops, journalism training, and virtual film school access to empower youth and strengthen creative education in Uganda

KAMPALA, Uganda, May 21, 2026/APO Group/ —

  • Practical training in photography, filmmaking, and journalism
  • Access to Canon’s interactive virtual film school for aspiring storytellers 

Canon Central and North Africa (CCNA) (www.Canon-CNA.com) has partnered with Makerere University in Uganda to deliver Canon Academy Photo & Video programmes, providing students with hands-on training in photography, filmmaking, and journalism.  The initiative will provide hands-on training in photography, filmmaking, and journalism, while giving students access to Canon Academy Video, Canon’s virtual film school.  The collaboration underscores Canon’s continued commitment to youth empowerment, creative education, and strengthening Africa’s visual storytelling industry as CCNA approaches its 10-year milestone in 2026.

Inspiring Tomorrow’s Storytellers

Rashad Ghani, B2C Business Unit Director, Canon Central and North Africa, said, “We’re proud to celebrate ten years of CCNA by investing in the next generation of creatives. Our partnership with Makerere University enables us to share Canon Academy’s resources with aspiring storytellers, helping them build the technical and creative skills needed to shape Africa’s visual narrative. By offering access to training, mentorship, and learning platforms, we’re supporting students on their journey into photography, filmmaking, journalism, and digital content creation.”

Our partnership with Makerere University enables us to share Canon Academy’s resources with aspiring storytellers, helping them build the technical and creative skills

Strengthening Educational Ties

The collaboration builds on Canon’s established relationship with Makerere University, where Canon has previously hosted training weeks and workshops. Makerere University, founded in 1922, has grown into one of Africa’s most prestigious institutions of higher learning, with a long tradition of excellence in journalism, media, and communication studies. By integrating Canon Academy workshops into the university’s curriculum, the initiative combines academic learning with practical, industry-focused training, helping prepare students for careers in Africa’s rapidly growing creative sector.

Overview of Workshops and Training

Students and local professionals can expect a diverse range of workshops and training sessions, including:

  • Dedicated Media Workshop: Local journalists and media professionals will join sessions led by Canon trainer Elayne Okaya, exploring Canon’s photo and video ecosystem and gaining hands-on experience with cutting-edge technology.
  • Canon Camera Innovation Workshop: Students will immerse themselves in Canon’s imaging tools, guided by Canon trainer Elayne Okaya, with insights into the latest products for content creation and practical demonstrations.
  • Journalism Workshops: Two sessions will focus on visual storytelling, ethics, and best practices in modern reporting, helping students strengthen their skills with Canon technology guided by certified trainer Miriam Watsemba.
  • Canon Academy Video Platform: Canon Educational Programmes Manager Katie Simmonds will introduce students to the virtual film school, guiding them through structured online learning and certification opportunities.
  • Basic Filmmaking Workshop: A three-day course led by Elayne Okaya will cover filmmaking fundamentals, including camera movement, scene structure, and production techniques, with access to Canon equipment for hands-on practice.

Supporting Africa’s Creative Economy

As Africa’s creative economy continues to expand, there is a growing need for practical training that equips young people with the skills required for careers in filmmaking, journalism, and digital content creation. By combining technical expertise with hands-on experience, initiatives like this help students build the confidence needed to succeed in a fast-evolving creative landscape. Dr Nakiwala Aisha Sembatya, the Chair department of Journalism and Communication noted that, “This collaboration gives our students direct access to industry expertise and practical experience in photography, filmmaking, and journalism. Canon’s training platforms will enhance our academic programmes and prepare students for careers in the media and creative sectors.”

Canon Miraisha and Long-Term Commitment

The partnership with Makerere University forms part of Canon’s broader Miraisha Programme and education-led ecosystem across Africa. By working with universities, training institutions, and creative communities, Canon supports young people in building careers in visual storytelling and digital content creation. As CCNA marks a decade of operations in Africa, the company continues to invest in initiatives that expand access to skills, nurture creative talent, and strengthen Africa’s future creative industries reflecting Canon’s Kyosei philosophy of living and working together for the common good.

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

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How the Product Leadership Accelerator (PLA) is Re-Engineering African Enterprises for a Digital-First Economy

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Leadership

As Africa looks to technology for the next wave of economic evolution, the PLA stands at the center of that journey, turning the SVPG Product Operating Model into a reality for the continent’s most innovative and ambitious enterprises

LAGOS, Nigeria, May 20, 2026/APO Group/ –As the global community celebrates World Product Day, a profound shift is taking place across Africa’s enterprise landscape. The Product Leadership Accelerator (PLA), www.AfricaPLA.com, an initiative of the Innovate Africa Foundation, is officially setting a new gold standard for how value is created and scaled, in Africa, by transforming African enterprises from traditional service providers into high-velocity, “product-led” engines of growth.

 

The PLA is bridging the gap between legacy business models and the modern Product Operating Model. This methodology, practiced by global companies like Apple, Netflix and Amazon, is now being localized, through the PLA, to ensure African enterprises and startups alike solve the continent’s toughest challenges through relentless innovation and de-risked execution.

Building a Pan-African Product Management Talent Pipeline

The PLA is currently powering its 2026 Accelerator Program, a rigorous 12-week program featuring 48 product managers from 13 African countries, including Nigeria, Egypt, Ghana, South Africa, and Kenya. In a significant move for gender equity in tech, the cohort maintains a female representation of about 54%, ensuring the future of African product leadership is as diverse as the markets it serves.

As the fellows tackle real-world problem statements across diverse industries during the 12 week accelerator program, they are mentored by an elite roster of practitioners who have built products at enterprises such as Interswitch, Netflix, Amazon, Microsoft, Paystack, and mPesa. They also receive strategic, high-level guidance from global product legends Marty Cagan and SVPG Partner Christian Idiodi.

“Building in Africa requires a distinct level of empathy, adaptability, and mastery of the product operating model,” explains Nkem Nweke, Lead at the PLA. “We empower leaders and enterprises to harness tools like AI while offering them strategic product management advisory. Our goal is to support companies in adopting a product-led culture which drives sustainable economic growth. By mitigating risks before investing significant capital or public resources, we help both enterprises and startups create solutions that truly meet market and consumer needs.”

Enterprise Transformation and Proven Outcomes

Our goal is to raise product leaders who are deeply versed in the mechanics of discovery and delivery

The impact of the PLA extends deep into the corporate sector through its specialized Product Management Advisory. Organizations reliant on technology spanning telecoms, FMCG, commerce, retail, finance, and government, are increasingly seeking to leverage the PLA’s expertise to shift their product teams from traditional project-based approaches to outcome-driven product cultures that drive growth.

The effectiveness of the PLA’s approach is best seen through its corporate partnerships. Afrinvest, a leading financial institution, serves as a primary example of how the PLA’s advisory services drive immediate corporate value.

“The PLA didn’t just upskill one individual; it has been a game-changer for our internal innovation culture, sparking a ripple effect of outcome-driven progress throughout our entire product department. “says Victor Ndukauba, Deputy MD, West Africa Afrinvest. “Seeing the speed at which our team can now identify and solve real consumer problems is why we’ve increased our participation this year.”

This sentiment is echoed by partners like Insight7, One Cluster and Agile Product Management, who view the PLA as the engine room for the continent’s digital maturity.

Central to this transformation is integrating tools like Artificial Intelligence (AI), enabling product managers to achieve world-class standards, driving efficiency, and ensuring African businesses set the pace for global innovation.

De-Risking African-Built Solutions

For founders, the stakes have never been higher. “Our goal is to raise product leaders who are deeply versed in the mechanics of discovery and delivery, ” notes Osa Awani, Head of Program at the PLA. “We see the shift happening in real-time as our fellows move from theoretical knowledge to building solutions that address market friction with surgical precision.” When founders and Product Managers master the product operating model, they stop guessing; and with a commitment to solving real problems, African product leaders will not only compete globally they will lead.”

Impact by the Numbers

  • 13 Countries: Active representation in the 2026 cohort, including Nigeria, South Africa, Ghana, Egypt, Kenya, Rwanda, Zimbabwe, Cameroun, Egypt and more.
  • 54%+ Female Representation: Leading the charge in inclusive tech leadership.
  • Scores of Scholarships: The Innovate Africa Foundation has provided scholarships to dozens of African product managers to attend prestigious SVPG Masterclasses, resulting in career promotions, career pivots to executive leadership, and the launch of new tech ventures.
  • 3-City Product Tour: Recently concluded engagements with product leaders across Lagos, Nairobi, and Cape Town.

A Future Defined by Innovation

Founded by Christian Idiodi, (partner at the globally renowned Silicon Valley Product Group),  the PLA is rooted in the belief that the intersection of world-class tools such as Artificial Intelligence (AI) and strategic product management is essential to mastering the craft of creating exceptional products for Africa; thereby unlocking Africa’s economic potential. By offering cutting-edge tools, a robust network, and the innovative mindset of the world’s most successful organizations, the PLA ensures Africa’s challenges are addressed with future-ready, world-class solutions.

Distributed by APO Group on behalf of Product Leadership Accelerator (PLA).

 

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