Gavin Baker+ Your Authors @GavinSBaker Husband, Becky Painter. CIO, Atreides Management. Former PM, Fidelity OTC fund. No investment advice, views all my own. May. 05, 2020 1 min read + Your Authors

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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