1、LUMA is pleased to present our 2025 State of Digital reportIn 2024,we talked about the macro landscape continuing to be a rollercoaster and how such uncertainty hampered M&A activity.We talked about AI becoming a utility,like a railroad.We mentioned governments increasing efforts to oversee Big Tech

2、 within both the US and Europe.We noted that the performance of public company Ad Tech revenue growth was improving substantially.Lastly,we laid out a framework to contextualize the market:“Survive,Revive,Thrive”-survive the depths of 2023,return to growth in 2024,and then get set to Thrive in 2025.

3、Well,we got a few things right.The macro environment did improve,interest rates came down,inflation came down,and the stock market responded positively in 2024.AI became absolute table stakes for marketers.Best of luck to those 6%of marketers with their next job.Revenue growth continued to be strong

4、 quarter after quarter and so far,with the publicly announced earnings in Q1 of 2025,growth continues to look healthy.As predicted,M&A activity rose substantially with numerous transactions across Ad Tech and MarTech.The government continues its crackdown,securing case victories against Google and A

5、pple,and appears deeply engaged in pursuing further wins against Big Tech.Europe has several antitrust initiatives as well.And of course,the most consequential case for this ecosystem is the Ad Tech lawsuit against Google.We would argue that every potential constituency benefits if Google is ultimat

6、ely required to divest what is arguably its lowest-growth,lowest-margin,and most troublesome business,including Google.Were seeing new entrants ramping up.Some companies are accelerating their efforts through acquisitions or by expanding their initiatives in advertising,while others are well-positio