The ad industry’s quiet Gilded Age moment

We just published a piece that’s worth your attention.

The core idea: the advertising industry is increasingly mirroring the dynamics of the Gilded Age: with power, data, and revenue concentrating among a handful of dominant platforms, while the rest of the market stagnates. In fact, outside the five largest digital players, ad spend has been effectively flat since 2018.

The piece connects that trend to broader structural shifts — from walled gardens to consolidation across agencies and media — and makes the case that we’re entering a new era that looks a lot like the old one.

Worth a read if you’re thinking about where the industry is headed.

Check out the full story here.