<p><strong>亚马逊</strong>（AMZN -0.16%）悄然建立了一个数字广告业务，现在已经大到无法忽视。2024 年，亚马逊广告的收入超过 500 亿美元，成为公司增长最快的业务之一。</p>
<p>该公司最近与 <strong>奈飞</strong> 的合作进一步凸显了亚马逊在这一领域日益增长的角色。通过通过亚马逊的需求方平台（DSP）销售奈飞的广告库存，亚马逊巩固了其作为营销人员必用平台的地位。对于投资者来说，问题不再是亚马逊广告是否是真正的竞争者，而是随着其影响力的扩大，哪些参与者会胜出，哪些会失败。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxODQvc2hvcHBpbmctNS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="400" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxODQvc2hvcHBpbmctNS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>胜利者：亚马逊、高端流媒体平台和广告商</h2>
<p>最明显的赢家是亚马逊本身。该公司在数字广告领域拥有大多数竞争对手梦寐以求的优势：经过验证的用户数据、购买意图信号，以及在零售、视频和流媒体中的优质库存。通过将这些资产整合到其需求方平台中，亚马逊使广告商能够轻松接触到高价值受众，并获得可衡量的结果。</p>
<p>与奈飞的交易更是增强了这一优势。流媒体已成为广告的新前沿，而奈飞则是连接电视广告库存的皇冠明珠。通过将奈飞广告引入其 DSP，亚马逊为营销人员提供了优质内容的访问权限，并简化了购买流程。对于广告商来说，这既高效又可衡量。对于亚马逊来说，这是一种飞轮效应：更多的数据、更多的库存，以及更多的广告资金留在其生态系统内。</p>
<p>广告商在短期内也能受益。与亚马逊合作，他们获得了更好的定位和闭环归因，将展示直接与购买联系起来。反过来，这也带来了集中风险：随着营销预算越来越多地转向亚马逊，广告商未来可能会失去更多的议价能力，这与 <strong>字母表</strong> 和 <strong>Meta</strong> 的情况相似。</p>
<p>像奈飞（和 <strong>Roku</strong>）这样的高端流媒体平台也受益匪浅。它们获得了亚马逊庞大的广告商基础和基础设施的访问权限，而无需从零开始建立自己的销售机器。这确保了它们能够与传统广播公司和新进入者竞争。</p>
<h2>失败者：独立广告技术公司、小型出版商和其他 “围墙花园”</h2>
<p>亚马逊广告的崛起并不是所有人的好消息。独立的需求方平台，尤其是 <strong>The Trade Desk</strong>，可能面临更大的竞争压力。多年来，The Trade Desk 将自己定位为谷歌和 Meta 的独立替代品，提供中立性、透明性和跨渠道覆盖。然而，如果广告商能够直接通过亚马逊的 DSP 购买优质流媒体库存，The Trade Desk 的议价能力可能会逐渐减弱。</p>
<p>尽管如此，中立性仍然很重要。一些广告商可能会抵制过于依赖亚马逊，倾向于使用能够覆盖连接电视、零售媒体和更广泛开放网络的独立平台。The Trade Desk 与 <strong>迪士尼</strong>、Roku 和其他出版商的关系为其提供了一定的优势，但现在还为时已晚，尚不清楚这些关系是否足以保护公司的护城河。</p>
<p>小型出版商也面临失去市场份额的风险。如果广告资金集中到亚马逊、奈飞和其他大型平台，独立网站可能会难以吸引营销支出。人工智能驱动的搜索进一步复杂化了这一局面，减少了传统出版商的流量，缩小了开放网络的广告供应。</p>
<p>即使是字母表和 Meta 也将感受到压力。尽管它们仍主导数字广告市场，但亚马逊正在稳步在两个关键领域获得更多市场份额：零售媒体和流媒体视频。当品牌能够在亚马逊上直接在购买点进行广告时，Meta 的表现广告显得不那么具有差异化。随着产品搜索越来越多地开始于亚马逊而非谷歌，字母表面临压力，而其 YouTube 部门必须与奈飞和其他流媒体平台通过亚马逊的 DSP 销售广告进行竞争。</p>
<h2>更大和更长期的图景</h2>
<p>亚马逊不仅仅是数字广告领域的另一个参与者——它正在构建一个垂直整合的生态系统。从零售数据到 Prime Video，再到奈飞，亚马逊控制着广告商渴望的数据和大量可用的广告库存。这种整合使其成为全球最强大的广告业务之一。</p>
<p>对于整个行业来说，趋势显而易见：规模和数据正在推动整合。广告商越来越希望找到能够提供覆盖面和可衡量结果的主要合作伙伴。亚马逊满足了这两个条件，这给独立公司如 The Trade Desk 以及字母表和 Meta 等巨头带来了结构性挑战。</p>
<h2>这对投资者意味着什么？</h2>
<p>亚马逊广告显然是一个长期赢家。与奈飞的交易加强了亚马逊在连接电视领域的地位，扩大了其已经丰富的库存池，并使其 DSP 对广告商变得更加不可或缺。</p>
<p>对于像 The Trade Desk 这样的竞争对手来说，挑战在于差异化。其中立性、透明性和跨多个渠道的能力仍然具有价值，但争夺优质流媒体库存的竞争正在加剧。</p>
<p>换句话说，亚马逊不再仅仅是在广告领域竞争。它正在制定游戏规则。现在是看好亚马逊股票（在一定程度上也看好像奈飞或 Roku 这样的主要出版商）的好时机，但对像 The Trade Desk 这样的独立平台则不那么乐观。</p>

亚马逊

奈飞

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊广告已成为数字广告的重要参与者，预计在 2024 年产生超过 500 亿美元的收入。与奈飞的合作增强了其市场地位，使广告商能够通过亚马逊的需求方平台（DSP）访问优质内容。受益者包括亚马逊、优质流媒体服务商以及通过更好的定位和可衡量的结果获益的广告商。然而，独立广告技术公司和较小的出版商可能会面临困难，因为广告资金集中到更大的平台上。亚马逊的综合生态系统对竞争对手如 The Trade Desk、Alphabet 和 Meta 构成挑战，使其在广告领域成为长期赢家</p>

<p><strong>Amazon</strong>(AMZN -0.16%) has quietly built a digital advertising business that's now too big to ignore. In 2024, Amazon Ads generated more than $50 billion in revenue, making it one of the fastest-growing segments of the company.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.16%）悄然建立了一个数字广告业务，现在已经大到无法忽视。2024 年，亚马逊广告的收入超过 500 亿美元，成为公司增长最快的业务之一。</p>
</div><p>The company's recent partnership with <strong>Netflix</strong> only underlines Amazon's growing role in the space. By selling Netflix's advertising inventory through Amazon's demand-side platform (DSP), Amazon has solidified its position as a must-use platform for marketers. For investors, the question is no longer whether Amazon Ads is a real contender, but which players will win and which ones will lose as its influence expands.</p>
<div class="lb-trans"><p>该公司最近与 <strong>奈飞</strong> 的合作进一步凸显了亚马逊在这一领域日益增长的角色。通过通过亚马逊的需求方平台（DSP）销售奈飞的广告库存，亚马逊巩固了其作为营销人员必用平台的地位。对于投资者来说，问题不再是亚马逊广告是否是真正的竞争者，而是随着其影响力的扩大，哪些参与者会胜出，哪些会失败。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxODQvc2hvcHBpbmctNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833184%2Fshopping-5.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Winners: Amazon, premium streamers, and advertisers</h2>
<div class="lb-trans"><h2>胜利者：亚马逊、高端流媒体平台和广告商</h2>
</div><p>The most obvious winner here is Amazon itself. The company has a combination of advantages in the digital ad space that most of its rivals can only dream of: authenticated user data, purchase intent signals, and premium inventory across retail, video, and streaming. By combining these assets inside its demand-side platform, Amazon makes it easy for advertisers to reach high-value audiences with measurable outcomes.</p>
<div class="lb-trans"><p>最明显的赢家是亚马逊本身。该公司在数字广告领域拥有大多数竞争对手梦寐以求的优势：经过验证的用户数据、购买意图信号，以及在零售、视频和流媒体中的优质库存。通过将这些资产整合到其需求方平台中，亚马逊使广告商能够轻松接触到高价值受众，并获得可衡量的结果。</p>
</div><p>The Netflix deal adds even more muscle. Streaming has become the new frontier of advertising, and Netflix is the crown jewel of connected TV inventory. By bringing Netflix ads into its DSP, Amazon gives marketers access to premium content and simplifies the buying process. For advertisers, that's efficient and measurable. For Amazon, it's a flywheel: more data, more inventory, and more ad dollars staying inside its ecosystem.</p>
<div class="lb-trans"><p>与奈飞的交易更是增强了这一优势。流媒体已成为广告的新前沿，而奈飞则是连接电视广告库存的皇冠明珠。通过将奈飞广告引入其 DSP，亚马逊为营销人员提供了优质内容的访问权限，并简化了购买流程。对于广告商来说，这既高效又可衡量。对于亚马逊来说，这是一种飞轮效应：更多的数据、更多的库存，以及更多的广告资金留在其生态系统内。</p>
</div><p>Advertisers also come out ahead -- at least in the short term. With Amazon, they get better targeting and closed-loop attribution, tying impressions directly to purchases. The flip side is concentration risk: The more marketing budgets shift into Amazon, the less leverage advertisers may have down the road, echoing what's already happened with <strong>Alphabet</strong> and <strong>Meta</strong>.</p>
<div class="lb-trans"><p>广告商在短期内也能受益。与亚马逊合作，他们获得了更好的定位和闭环归因，将展示直接与购买联系起来。反过来，这也带来了集中风险：随着营销预算越来越多地转向亚马逊，广告商未来可能会失去更多的议价能力，这与 <strong>字母表</strong> 和 <strong>Meta</strong> 的情况相似。</p>
</div><p>Premium streamers like Netflix (and <strong>Roku</strong>) also benefit. They gain access to Amazon's massive advertiser base and infrastructure, and they don't have to build their own sales machines from scratch. This ensures they can compete with traditional broadcasters and newer entrants alike.</p>
<div class="lb-trans"><p>像奈飞（和 <strong>Roku</strong>）这样的高端流媒体平台也受益匪浅。它们获得了亚马逊庞大的广告商基础和基础设施的访问权限，而无需从零开始建立自己的销售机器。这确保了它们能够与传统广播公司和新进入者竞争。</p>
</div><h2>Losers: Independent adtech companies, smaller publishers, and other &#34;walled gardens&#34;</h2>
<div class="lb-trans"><h2>失败者：独立广告技术公司、小型出版商和其他 “围墙花园”</h2>
</div><p>The rise of Amazon Ads is not good news for everyone. Independent demand-side platforms, especially <strong>The Trade Desk</strong>, could face more competitive pressure. For years, The Trade Desk positioned itself as the independent alternative to Google and Meta, offering neutrality, transparency, and cross-channel reach. However, if advertisers can purchase premium streaming inventory directly through Amazon's DSP, The Trade Desk's leverage could slowly diminish.</p>
<div class="lb-trans"><p>亚马逊广告的崛起并不是所有人的好消息。独立的需求方平台，尤其是 <strong>The Trade Desk</strong>，可能面临更大的竞争压力。多年来，The Trade Desk 将自己定位为谷歌和 Meta 的独立替代品，提供中立性、透明性和跨渠道覆盖。然而，如果广告商能够直接通过亚马逊的 DSP 购买优质流媒体库存，The Trade Desk 的议价能力可能会逐渐减弱。</p>
</div><p>That said, neutrality still matters. Some advertisers may resist relying too heavily on Amazon, preferring to use independent platforms that can span connected TV, retail media, and the broader open web. The Trade Desk's relationships with <strong>Disney</strong>, Roku, and other publishers give it some weight, but it's too early to say whether such relationships will be enough to preserve the company's moat.</p>
<div class="lb-trans"><p>尽管如此，中立性仍然很重要。一些广告商可能会抵制过于依赖亚马逊，倾向于使用能够覆盖连接电视、零售媒体和更广泛开放网络的独立平台。The Trade Desk 与 <strong>迪士尼</strong>、Roku 和其他出版商的关系为其提供了一定的优势，但现在还为时已晚，尚不清楚这些关系是否足以保护公司的护城河。</p>
</div><p>Smaller publishers also risk losing ground. If ad dollars consolidate into Amazon, Netflix, and other large platforms, independent websites could struggle to attract marketing spending. AI-driven search further complicates this picture, reducing traffic to traditional publishers and shrinking the open web ad supply.</p>
<div class="lb-trans"><p>小型出版商也面临失去市场份额的风险。如果广告资金集中到亚马逊、奈飞和其他大型平台，独立网站可能会难以吸引营销支出。人工智能驱动的搜索进一步复杂化了这一局面，减少了传统出版商的流量，缩小了开放网络的广告供应。</p>
</div><p>Even Alphabet and Meta will feel the heat. While they still dominate digital advertising, Amazon is steadily taking more share in two critical areas: retail media and streaming video. Meta's performance ads look less differentiated when brands can advertise right at the point of purchase on Amazon. Alphabet faces pressure as product searches increasingly begin on Amazon rather than Google, while its YouTube unit must contend with Netflix and other streaming platforms selling ads through Amazon's DSP.</p>
<div class="lb-trans"><p>即使是字母表和 Meta 也将感受到压力。尽管它们仍主导数字广告市场，但亚马逊正在稳步在两个关键领域获得更多市场份额：零售媒体和流媒体视频。当品牌能够在亚马逊上直接在购买点进行广告时，Meta 的表现广告显得不那么具有差异化。随着产品搜索越来越多地开始于亚马逊而非谷歌，字母表面临压力，而其 YouTube 部门必须与奈飞和其他流媒体平台通过亚马逊的 DSP 销售广告进行竞争。</p>
</div><h2>The bigger and longer-term picture</h2>
<div class="lb-trans"><h2>更大和更长期的图景</h2>
</div><p>Amazon isn't just another player in digital advertising -- it's building a vertically integrated ecosystem. From retail data to Prime Video and now Netflix, Amazon controls both the data advertisers crave and a large slice of the available ad inventory. This integration makes it one of the most powerful ad businesses in the world.</p>
<div class="lb-trans"><p>亚马逊不仅仅是数字广告领域的另一个参与者——它正在构建一个垂直整合的生态系统。从零售数据到 Prime Video，再到奈飞，亚马逊控制着广告商渴望的数据和大量可用的广告库存。这种整合使其成为全球最强大的广告业务之一。</p>
</div><p>For the industry, the trend is clear: Scale and data are driving consolidation. Advertisers increasingly want major partners that can deliver both reach and measurable results. Amazon checks both boxes, and that creates structural challenges not only for independents like The Trade Desk but also for giants like Alphabet and Meta.</p>
<div class="lb-trans"><p>对于整个行业来说，趋势显而易见：规模和数据正在推动整合。广告商越来越希望找到能够提供覆盖面和可衡量结果的主要合作伙伴。亚马逊满足了这两个条件，这给独立公司如 The Trade Desk 以及字母表和 Meta 等巨头带来了结构性挑战。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>这对投资者意味着什么？</h2>
</div><p>Amazon Ads is a clear long-term winner. The Netflix deal strengthens Amazon's position in connected TV, expands its already rich inventory pool, and makes its DSP more indispensable to advertisers.</p>
<div class="lb-trans"><p>亚马逊广告显然是一个长期赢家。与奈飞的交易加强了亚马逊在连接电视领域的地位，扩大了其已经丰富的库存池，并使其 DSP 对广告商变得更加不可或缺。</p>
</div><p>For rivals like The Trade Desk, the challenge is differentiation. Its neutrality, transparency, and ability to bridge multiple channels remain valuable, but the fight for premium streaming inventory is heating up.</p>
<div class="lb-trans"><p>对于像 The Trade Desk 这样的竞争对手来说，挑战在于差异化。其中立性、透明性和跨多个渠道的能力仍然具有价值，但争夺优质流媒体库存的竞争正在加剧。</p>
</div><p>In other words, Amazon isn't just competing in advertising anymore. It's setting the rules of the game. It's a great time to be bullish about Amazon stock (and to an extent, major publishers like Netflix or Roku), but less so on independent platforms like The Trade Desk.</p>
<div class="lb-trans"><p>换句话说，亚马逊不再仅仅是在广告领域竞争。它正在制定游戏规则。现在是看好亚马逊股票（在一定程度上也看好像奈飞或 Roku 这样的主要出版商）的好时机，但对像 The Trade Desk 这样的独立平台则不那么乐观。</p>
</div>

The Rise of Amazon Ads: Who the Winners and Losers Are

- 亚马逊广告在 2024 年收入超过 500 亿美元，成为快速增长的业务。  
- 与 Netflix 的合作增强了亚马逊在数字广告领域的地位。  
- 独立广告技术公司和小型出版商面临更大竞争压力。

亚马逊广告的崛起：谁是赢家，谁是输家