Что цены на баннерную рекламу говорят о рыночной власти цифровых платформ

Вопросы экономики. 2024. № 12. С. 110–130.

Bovt S., Avdasheva S. B.

Multi-sided digital platforms such as GAFAM (Google, Apple, Facebook, Amazon, Microsoft) provide services at zero cost by monetizing user attention and data through advertising. Testing the hypotheses on the determinants of display
advertising price set by three largest digital platforms — Google, YouTube and Facebook, — contributes to the explanations of the roots of platforms market power. During the period from January 2018 to March 2024 cost per mile (CPM) increases with the number of unique visitors and traffic (total visits), as well as with the time that the user spends on the platform. However, the second effect is more pronounced. We interpret this result as an evidence that the market power in digital advertising depends more on the data of particular user’s preferences (digital footprint) and therefore on the ability to personalize advertising messages than on the number of users and data traffic on the platforms. The results highlight the economic value of personal data under monetization of cross-platform externalities through digital advertising. 

Keywords: market power, рыночная власть, сетевые эффекты, Network effects, цифровая реклама, цифровые платформы, digital platforms, многосторонние рынки, multi-sided markets, digital advertising, attention markets, online advertising, рынки внимания, онлайн-реклама

Publication based on the results of: ­­­Competitive Effects of Application Regimes of Digital Data and Advertising in the Platform Markets (2024)