Big tech platforms are also feeling the pinch of a global economy in crisis.
Take Snap, for example. Analysts at investment firm Cowen & Co. estimated Snap’s ad revenue will be cut by around $709 million, 30% below its prior estimate, Axios reported.
Facing the grim possibility of a long recession, Snap’s ad sales team will have to work harder for every dollar they bring in this year. Most of its key partners—advertisers, agencies and publishers—are facing fundamental business challenges, some of them existential.