this post was submitted on 30 Jun 2023
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The growth of online advertising revenue slowed in 2022 for the first time since 2009.It still grew, just slower.
Interest rates went up.
With the collapse of crypto and Silicon Valley Bank (which was overleveraged in crypto), VC money isn't as free flowing. There really wasn't that much institutional money in crypto, but it's still a destablizing force and has had a ripple effect.
AI is making more people aware of bots. This is related to point #1. A huge, unknown percentage of of FAANG revenue is selling online ads to bots instead of real eyeballs and once the word gets out, ad revenue will slow even more for any service depending on online ads (eg reddit).
One correction,, SVB was not over-leveraged in crypto, they had too many government bonds when the interest rates went up, devaluing them.
That makes a lot more sense. Thank you.