September 19, 2023
In Part 1, we compared Instacart’s growth to its eTail peers, and today we’ll be doing the same exercise for its advertising business.
- Advertising has grown from 20% of its business in 2020 to 29% currently
- Relatively small digital ad player at $740mm, but has grown faster (+24%) than peers
- Management’s tempered outlook on ad growth surprising considering positive digital ad market
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