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.
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.
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.
You can follow @GavinSBaker.
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