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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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Amazon
  • 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.

Business

Liquid C2 launches Africa’s first Google Cloud-powered Experience Centre to accelerate Artificial Intelligence (AI) adoption

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Liquid C2

The Partner Experience Centre provides the partner and reseller ecosystem in Africa with direct access to enterprise-grade technologies such as Gemini Enterprise, and the “Gemini Playspace” for rapid AI experimentation

JOHANNESBURG, South Africa, April 8, 2026/APO Group/ –Liquid C2, a business of Cassava Technologies, a global technology leader, has launched Africa’s first Partner Experience Centre powered by Google Cloud in Johannesburg, South Africa. The state-of-the-art facility is designed to empower partners and resellers to move beyond traditional distribution, providing the immersive, hands-on environment needed to architect and deploy cloud and AI solutions tailored specifically to African market needs.

 

Through the Centre, partners will be onboarded to a structured journey that guides them in securing official Google Cloud accreditation and certification. Beyond technical training provided by both Liquid C2 and Google, the centre will also serve as a collaborative hub, allowing them to work alongside specialist engineers to architect bespoke solutions. Once finalised, these solutions will be brought to market through Liquid’s robust distribution network. This expansion not only opens new commercial avenues for partners but also acts as a catalyst for high-value job creation and the rapid maturation of Africa’s technology ecosystem.

The Partner Experience Centre provides the partner and reseller ecosystem in Africa with direct access to enterprise-grade technologies such as Gemini Enterprise, and the “Gemini Playspace” for rapid AI experimentation. It also provides specialist expertise to prototype, test, and scale digital solutions in real-world environments. The centre is a testament to Liquid C2’s commitment to strengthening its role within the partner ecosystem in Africa, as it supports partners in overcoming infrastructure constraints, skills gaps, and complexity barriers that often slow digital transformation efforts across the continent.

As demand for advanced digital capabilities grows, the Partner Experience Centre serves as an innovation hub where enterprises, startups, academic institutions, developers, and public-sector stakeholders can co-create locally-relevant solutions, fostering a sense of shared progress and community across Africa.

The Partner Experience Centre powered by Google Cloud creates a practical environment where organisations can explore, test, and scale solutions that deliver real business value

The facility also provides industry-specific platforms tailored to sectors including financial services, healthcare, and retail. These platforms demonstrate how AI-enabled solutions can reduce operational risk, improve efficiency, enhance customer engagement, and unlock new growth opportunities across African markets.

“At Cassava Technologies, we believe the future of Africa’s digital transformation will be shaped through strong ecosystems that combine global innovation with local infrastructure and expertise,” said Ziaad Suleman, Senior Vice President, Cassava Technologies and CEO, South Africa & Botswana. “The Partner Experience Centre powered by Google Cloud creates a practical environment where organisations can explore, test, and scale solutions that deliver real business value. By combining our infrastructure, expertise, and continental reach with Google Cloud’s advanced technologies, we are helping to democratise access to AI and cloud capabilities for enterprises across Africa.”

“This is a pivotal moment in our commitment to Africa’s digital future,” said Tara Brady, President, Google Cloud EMEA. “The Partner Experience Centre is a testament to our belief in the power of a strong partner ecosystem. By combining our advanced AI capabilities, including our Gemini models, with Liquid C2’s localised expertise, we are not just building a facility; we are building a hub for innovation that will empower businesses, create jobs, and deliver the benefits of digital transformation to every corner of the continent.”

The collaboration will focus on three core pillars of transformation:

  • Accelerated Partner Enablement: The centre acts as a dedicated Proof-of-Concept (PoC) hub designed to dismantle historical market barriers. It provides localised training, hands-on technology interaction, and business support, leveraging Liquid’s capabilities to offer local currency billing and credit to manage financial complexity for resellers.
  • AI and Technology Innovation: A primary focus is empowering partners to build and deploy advanced AI solutions. The facility features a dedicated “Gemini Playspace & AI Solutions” to certify technical staff, alongside integrated “Solutions Pods” where partners can demonstrate complete technology stacks to win complex enterprise bids.
  • Economic Growth and Job Creation: The partnership is a direct investment in Africa’s tech workforce. By strategically broadening the partner network, the initiative will foster deep, localised expertise and act as a catalyst for new economic opportunities, creating a significant ripple effect of job creation for certified engineers and other tech professionals across the continent.

As a business of Cassava Technologies, Liquid C2 has always been at the forefront of bringing cutting-edge digital technologies to African businesses, both directly and through its partner ecosystem. This first-of-its-kind Partner Experience Centre is yet another milestone that reflects the company’s commitment to partnerships that leverage its continental footprint to serve a broader base of organisations.

Aligned with this, Cassava continues to expand digital inclusion across Africa through its integrated portfolio of connectivity, cloud, cyber security, and digital solutions, ensuring that a broad spectrum of organisations, regardless of size or sector, can access and benefit from advanced technologies, thereby enabling more inclusive participation in Africa’s digital economy.

Distributed by APO Group on behalf of Liquid Intelligent Technologies.

 

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Hospitality

Africa’s fastest-growing hotel group CityBlue Hotels selects Inntelo AI to deploy Artificial Intelligence (AI)-native operations across portfolio

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CityBlue Hotels

The partnership also includes the development of educational programmes to advance skills, innovation, and AI adoption across Africa’s hospitality industry

NAIROBI, Kenya, April 1, 2026/APO Group/ –CityBlue Hotels, one of Africa’s fastest-growing hotel groups, has selected UK-based platform Inntelo AI to deploy AI-native concierge agents across its portfolio, marking a significant step in the group’s strategy to lead the next phase of hospitality innovation across the continent. The announcement will be unveiled at the Future Hospitality Summit Africa (www.FutureHospitality.com) taking place in Nairobi on 31 March 2026.

The rollout represents one of the first scaled implementations of AI-native concierge agents in African hospitality, positioning CityBlue Hotels at the forefront of AI-driven transformation in the sector.

Operating across Kenya, Rwanda, Tanzania and expected to open soon in Ghana, Uganda and Zambia, with additional strategic tie-ups in South Africa and Mozambique, CityBlue Hotels’ partnership with Inntelo AI comes amid continued growth in Africa’s tourism sector, supported by rising intra-African travel and increasing global demand for new destinations.

As part of its broader digital strategy, CityBlue Hotels will deploy Inntelo AI’s platform to embed AI directly into hotel operations. The AI-native system coordinates guest interactions and service workflows in real time, enabling faster response times, improved task prioritisation, and consistent service delivery at scale, while allowing teams to focus on high-value, in-person guest engagement.

This partnership allows us to embed AI at the core of how we operate—supporting our teams in real time, reducing friction, and elevating the guest experience across every property

The partnership also includes the development of educational programmes to advance skills, innovation, and AI adoption across Africa’s hospitality industry.

Jameel Verjee, said:

“CityBlue has always been focused on where our markets are going. As we scale, AI-native operations become essential to delivering consistency, speed, and quality across multiple geographies.

“This partnership allows us to embed AI at the core of how we operate—supporting our teams in real time, reducing friction, and elevating the guest experience across every property. Just as importantly, we are shaping how AI is applied within an African context.”

Asif Alidina, added:

“CityBlue Hotels is exactly the kind of operator that defines where the industry is heading. Their focus on AI-native operations and scalable systems makes them a natural partner.

“Together, we are deploying technology that is purpose-built for hospitality—combining conversational and agentic AI to support teams, enhance guest experiences, and set a new standard for modern hotel operations in Africa.”

Distributed by APO Group on behalf of Future Hospitality Summit Africa (FHS Africa).

 

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Business

Wingu Africa Launches Wingu Cloud Exchange in Ethiopia

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Wingu Africa

Secure, compliant, and scalable cloud services built for East Africa

ADDIS ABABA, Ethiopia, March 31, 2026/APO Group/ –Wingu Africa (www.Wingu.Africa), the pioneering specialist provider of carrier-neutral, Tier III-standard data centres in East Africa, has announced the launch of the Wingu Cloud Exchange (WCX), a new private cloud platform tailored specifically for East African businesses and now available in Ethiopia.

With WCX, Ethiopian organisations can keep their data securely within the country, ensuring compliance with local regulations and protecting sensitive information. For businesses, this enables faster access to services, improved operational efficiency, and reliable support through locally optimised infrastructure.

WCX is a game-changer for African businesses. We are delivering secure, compliant, and scalable cloud solutions built specifically for local needs

Demos Kyriacou, Deputy CEO, COO and Co-founder of Wingu Africa, said, “WCX is a game-changer for African businesses. We are delivering secure, compliant, and scalable cloud solutions built specifically for local needs. With this platform, we are setting a new standard for digital infrastructure in the region and accelerating Ethiopia’s transformation into a digitally enabled economy.”

WCX brings together essential cloud services such as computing, storage, container management, and security, making advanced technology accessible to companies of all sizes. Enterprises can scale operations on demand, pay predictable prices in local currency, and avoid the uncertainties of foreign exchange or hidden fees. This gives businesses clarity in planning and the freedom to grow without constraints.

The platform offers a full range of services, including Wingu Compute, Wingu Kubernetes, Wingu Drive, and Wingu Security, enabling businesses to deploy, manage, and secure applications with confidence. The platform also integrates seamlessly with existing on-premises systems and complements global providers such as Azure and AWS, offering customers flexible hybrid options tailored to their operational requirements.

The launch of WCX highlights the company’s commitment to advancing Ethiopia’s digital transformation and strengthening the region’s cloud infrastructure. By delivering locally relevant solutions, Wingu Africa supports sustainable growth and inclusive development, while addressing customer demand for simplicity, reliability, and predictability in cloud adoption.

Distributed by APO Group on behalf of Wingu Africa.

 

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