1) Social advertising was more resilient than search partially because it has *less* intent and therefore demand is more fungible.
And there was more demand variance by category in April than at any other point in history.
And there was more demand variance by category in April than at any other point in history.
2) i.e. When travel/auto advertising demand on search declines there isn't anything that can replace it because it search is intent based.
Whereas this is irrelevant on social platforms - easy to substitute a growing category in the feed for the declining categories.
Whereas this is irrelevant on social platforms - easy to substitute a growing category in the feed for the declining categories.
3) Argument by extreme: social platforms can fill 100% of their potential platform wide ad load with one category whereas this is impossible for search.
Credit to an investor who isn't on Twitter for provoking the thought.
Credit to an investor who isn't on Twitter for provoking the thought.
