Social Media Advertising Market by Platform (Facebook, Instagram, LinkedIn), Ad Format (Carousel, Display Ads, Native Ads), Device Type, Advertising Objective, Industry Vertical - Global Forecast 2025-2032
Description
The Social Media Advertising Market was valued at USD 121.66 billion in 2024 and is projected to grow to USD 136.05 billion in 2025, with a CAGR of 12.05%, reaching USD 302.41 billion by 2032.
A strategic orientation that frames the critical operational and executive priorities shaping contemporary social media advertising strategies and investment choices
The social media advertising landscape demands clarity and a concise orientation for senior leaders who must balance rapid innovation, cost efficiency, and audience relevance. This introduction establishes the operational and strategic context for executives, clarifies core market forces, and outlines the questions that matter most for budget holders and growth teams. By setting expectations early, readers can align report sections to priority decisions such as channel mix optimization, creative investment, and attribution redesigns.
Moving from context to utility, the introduction emphasizes the need for pragmatic intelligence that supports both short-term activation and durable capability building. It synthesizes competing pressures-economic restraint, platform policy shifts, and creative production constraints-into a coherent frame that informs subsequent analysis. Ultimately, this section prepares leaders to interpret insights through the lenses of risk mitigation, performance uplift, and organizational readiness.
How algorithmic evolution, short-form creative dominance, and privacy-first measurement are jointly reshaping activation, creative operations, and organizational design
Across platforms and formats, transformative shifts are redefining how brands plan, activate, and measure social media advertising. First, platform algorithms and privacy-driven changes have shifted the balance from broad reach tactics toward deterministic and probabilistic targeting approaches, requiring marketers to adapt creative strategies, measurement frameworks, and experimentation cadences. As channels evolve, so do the expectations for creative modularity and real-time optimization, which in turn pressure media operations to integrate tighter feedback loops between data, creative, and bidding engines.
Moreover, the rise of short-form video and immersive content has altered attention economics and production workflows. Brands must allocate resources not only to higher-frequency creative refreshes but also to testing for native resonance across formats. Consequently, internal teams are reorganizing around cross-functional pods that combine creative, analytics, and platform specialists to shorten learning cycles. In parallel, commerce and measurement integrations are deepening, enabling more direct paths to conversion and expanding the role of social platforms in full-funnel attribution. These shifts collectively drive a need for greater platform fluency and agile governance, as well as renewed emphasis on first-party data strategies and consent-compliant identity resolution.
An integrated assessment of how tariff-induced cost pressures in 2025 are reshaping creative production models, vendor strategies, and campaign economics across social channels
The cumulative impact of U.S. tariff policies in 2025 has rippled through supply chains, media procurement, and campaign economics in ways that intersect with social media advertising operations. Rising costs for hardware and peripheral digital production assets have prompted many advertisers to re-evaluate creative production strategies, shifting from high-cost studio shoots to agile in-house and remote production models. This change increases demand for skilled editors and motion designers within marketing teams, while also accelerating investment in content tooling that streamlines iteration cycles.
In addition, tariff-driven inflation in certain production categories has influenced vendor selection and pricing negotiations for media services, which has led procurement teams to seek multi-vendor frameworks and geographic diversification for creative partners. Consequently, some brands are optimizing by increasing the use of platform-native assets and template-driven formats that reduce dependence on imported equipment or centralized studios. Meanwhile, marketers are reassessing channel economics to preserve ROAS under altered cost structures, and finance teams are recalibrating forecasting assumptions for campaign budgets, creative spend, and third-party platform fees. Taken together, these impacts underscore the need for nimble resourcing strategies and contractual flexibility to sustain campaign momentum amid evolving cost pressures.
Actionable segmentation intelligence showing how platform, format, industry, device, demographic, objective, and payment model nuances determine activation success
Granular segmentation reveals differentiated performance levers and operational priorities across platforms, formats, industry verticals, device types, demographics, advertising objectives, and payment models. Based on Platform, the market is studied across Facebook, Instagram, LinkedIn, Pinterest, Snapchat, TikTok, Twitter, and YouTube, each demanding distinct creative rhythms and targeting frameworks. Based on Ad Format, the market is studied across Carousel, Display Ads, Native Ads, Sponsored Posts, Stories, and Video Ads, highlighting format-specific design patterns and production cadence. Based on Industry Vertical, the market is studied across Automotive, Consumer Electronics, Financial Services, FMCG, Healthcare, Retail, Telecommunications, and Travel And Hospitality, which clarifies sectoral differences in regulatory constraints, purchase cycles, and media intensity.
Further nuance arises from device-level behavior and audience composition. Based on Device Type, the market is studied across Desktop, Mobile, and Tablet, revealing differences in engagement depth and conversion pathways. Based on Demographics, the market is studied across Age Group, Gender, and Income Level. The Age Group is further studied across 18-24, 25-34, 35-44, 45-54, and 55 Plus. The Gender is further studied across Female and Male. The Income Level is further studied across High Income, Low Income, and Middle Income, each cohort exhibiting distinctive media consumption patterns and purchase propensities. Finally, based on Advertising Objective, the market is studied across App Installs, Brand Awareness, Engagement, Lead Generation, and Traffic, while based on Payment Model, the market is studied across CPA, CPC, CPM, and CPV, informing cost management, bidding strategies, and performance alignment.
Integrating these segmentation lenses demonstrates that no single channel or format universally outperforms; rather, success depends on matching creative approach, measurement rigour, and procurement cadence to sectoral dynamics, device behaviors, and campaign intent. Therefore, leaders should adopt a segmented operating model that aligns metrics, creative standards, and talent to the specific mix of platform, format, and objective most relevant to their business.
Regional distinctions that compel a hybrid operating model to reconcile centralized governance with local agility across the Americas, EMEA, and Asia-Pacific
Regional dynamics continue to shape strategic choices for global advertisers as platform penetration, regulatory environments, and consumer behavior diverge across geographies. In the Americas, robust platform adoption and mature commerce integrations favor performance-driven activations and advanced attribution models, while marketers must navigate heightened competition for attention and rising media costs. In Europe, Middle East & Africa, privacy regulation maturity and heterogeneous market structures encourage localized creative strategies, stronger emphasis on consent-based measurement, and partnerships with regional media specialists to maintain relevance. In the Asia-Pacific region, rapid mobile-first adoption, high engagement with short-form video, and platform innovation drive experimentation, accelerated creative cycles, and significant opportunities for localized social commerce formats.
Given these contrasts, multinational advertisers should balance centralized strategy with empowered regional execution. Central teams can provide governance, measurement standards, and reusable creative assets, while regional teams tailor messaging, landing experiences, and vendor selection to local market conditions. This hybrid operating model preserves global consistency while unlocking regional agility and cultural relevance, which is essential for maximizing engagement across diverse audiences and regulatory regimes.
How platform expansions, integrated creative production, and privacy-compliant measurement vendors are redefining vendor selection and partnership models
Competitive dynamics among companies offering platform, creative, measurement, and agency services are shaping the delivery of end-to-end social advertising solutions. Leading platform partners continuously expand native commerce features and measurement integrations, prompting advertisers to evaluate depth of platform capability alongside reach and audience quality. Creative agencies are evolving into integrated production partners, providing modular asset libraries and rapid iteration capabilities that reduce turnaround times and lower incremental production costs. Measurement vendors and analytics teams are converging on privacy-compliant identity solutions and server-side tracking approaches that preserve measurement continuity while respecting consent frameworks.
In market engagement, companies that blend proprietary data capabilities, cross-platform orchestration tools, and consultative services outperform those offering discrete solutions. Consequently, advertisers are prioritizing vendor partnerships that can demonstrate API-level integrations, transparent measurement methodologies, and clear service-level agreements for data access and campaign governance. Strategic procurement therefore favors partners that can operationalize insights at scale, support testing roadmaps, and provide cross-functional training to internal teams.
A pragmatic playbook of governance, creative modularity, procurement flexibility, and measurement modernization to drive resilient performance improvements
Industry leaders should prioritize a set of practical actions that align operating model, creative systems, and measurement practices to current market realities. First, invest in modular creative systems and governance that enable rapid iteration across formats while enforcing brand safety and quality standards. This reduces production friction and supports higher test-and-learn velocity. Next, realign measurement frameworks to prioritize privacy-compliant deterministic signals and probabilistic modeling where necessary, while establishing clear experiment roadmaps that validate incremental lift across channels.
Concurrently, restructure procurement and vendor management to emphasize flexibility; adopt agreements that allow geographic substitution of production services and tiered engagement models to manage tariff and supply-chain volatility. Strengthen talent pathways by building cross-disciplinary squads that combine creative, analytics, and platform expertise, and deploy continuous training programs to keep these squads current with rapidly evolving ad product features. Finally, embed a centralized insight hub that curates learnings from segmented campaigns, enabling rapid translation of successful tactics across product lines and geographies. Taken together, these actions will increase resilience, accelerate performance improvements, and better align media investment to measurable business outcomes.
A transparent methodological framework combining practitioner interviews, platform feature analysis, and thematic synthesis to ground actionable recommendations
This research synthesizes primary qualitative interviews, platform feature analysis, and secondary open-source literature to ensure comprehensive coverage and practical relevance. Primary inputs include structured interviews with media buyers, creative directors, analytics leads, and procurement specialists across multiple industry verticals, providing firsthand perspectives on operational constraints, vendor performance, and creative workflows. Platform analysis traces recent product rollouts, measurement enhancements, and policy updates to contextualize recommended tactics and technical approaches.
Secondary inputs draw from publicly available regulatory documents, corporate product announcements, and technical guidance on privacy and measurement practices. Methodologically, the research applies thematic synthesis to identify recurring operational pain points and opportunity areas, and employs cross-sectional segmentation to surface actionable differences by platform, format, and audience. Quality assurance procedures included peer reviews, triangulation between qualitative sources, and validation sessions with practitioners to ensure findings are grounded in current practice and suitable for immediate operationalization.
A conclusive synthesis that balances urgency and rigor to show how targeted investments in creative systems, measurement, and procurement yield sustained advertising advantage
In closing, the social media advertising environment is simultaneously complex and opportunity-rich, requiring leaders to make targeted investments in creative agility, measurement clarity, and procurement resilience. The insights presented throughout emphasize that success is contingent on aligning organizational structures and vendor partnerships with the nuanced realities of platforms, formats, and regional markets. By adopting a segmented operating model, modernizing measurement approaches, and institutionalizing iterative creative workflows, advertisers can both protect performance amid cost pressures and unlock new sources of consumer relevance.
As a final note, the imperative for speed balanced with rigor remains paramount: rapid experimentation without robust measurement will yield noise rather than insight, while overly centralized control throttles local responsiveness. Therefore, a balanced approach that couples centralized standards with empowered execution will enable teams to convert insight into demonstrable commercial outcomes.
Note: PDF & Excel + Online Access - 1 Year
A strategic orientation that frames the critical operational and executive priorities shaping contemporary social media advertising strategies and investment choices
The social media advertising landscape demands clarity and a concise orientation for senior leaders who must balance rapid innovation, cost efficiency, and audience relevance. This introduction establishes the operational and strategic context for executives, clarifies core market forces, and outlines the questions that matter most for budget holders and growth teams. By setting expectations early, readers can align report sections to priority decisions such as channel mix optimization, creative investment, and attribution redesigns.
Moving from context to utility, the introduction emphasizes the need for pragmatic intelligence that supports both short-term activation and durable capability building. It synthesizes competing pressures-economic restraint, platform policy shifts, and creative production constraints-into a coherent frame that informs subsequent analysis. Ultimately, this section prepares leaders to interpret insights through the lenses of risk mitigation, performance uplift, and organizational readiness.
How algorithmic evolution, short-form creative dominance, and privacy-first measurement are jointly reshaping activation, creative operations, and organizational design
Across platforms and formats, transformative shifts are redefining how brands plan, activate, and measure social media advertising. First, platform algorithms and privacy-driven changes have shifted the balance from broad reach tactics toward deterministic and probabilistic targeting approaches, requiring marketers to adapt creative strategies, measurement frameworks, and experimentation cadences. As channels evolve, so do the expectations for creative modularity and real-time optimization, which in turn pressure media operations to integrate tighter feedback loops between data, creative, and bidding engines.
Moreover, the rise of short-form video and immersive content has altered attention economics and production workflows. Brands must allocate resources not only to higher-frequency creative refreshes but also to testing for native resonance across formats. Consequently, internal teams are reorganizing around cross-functional pods that combine creative, analytics, and platform specialists to shorten learning cycles. In parallel, commerce and measurement integrations are deepening, enabling more direct paths to conversion and expanding the role of social platforms in full-funnel attribution. These shifts collectively drive a need for greater platform fluency and agile governance, as well as renewed emphasis on first-party data strategies and consent-compliant identity resolution.
An integrated assessment of how tariff-induced cost pressures in 2025 are reshaping creative production models, vendor strategies, and campaign economics across social channels
The cumulative impact of U.S. tariff policies in 2025 has rippled through supply chains, media procurement, and campaign economics in ways that intersect with social media advertising operations. Rising costs for hardware and peripheral digital production assets have prompted many advertisers to re-evaluate creative production strategies, shifting from high-cost studio shoots to agile in-house and remote production models. This change increases demand for skilled editors and motion designers within marketing teams, while also accelerating investment in content tooling that streamlines iteration cycles.
In addition, tariff-driven inflation in certain production categories has influenced vendor selection and pricing negotiations for media services, which has led procurement teams to seek multi-vendor frameworks and geographic diversification for creative partners. Consequently, some brands are optimizing by increasing the use of platform-native assets and template-driven formats that reduce dependence on imported equipment or centralized studios. Meanwhile, marketers are reassessing channel economics to preserve ROAS under altered cost structures, and finance teams are recalibrating forecasting assumptions for campaign budgets, creative spend, and third-party platform fees. Taken together, these impacts underscore the need for nimble resourcing strategies and contractual flexibility to sustain campaign momentum amid evolving cost pressures.
Actionable segmentation intelligence showing how platform, format, industry, device, demographic, objective, and payment model nuances determine activation success
Granular segmentation reveals differentiated performance levers and operational priorities across platforms, formats, industry verticals, device types, demographics, advertising objectives, and payment models. Based on Platform, the market is studied across Facebook, Instagram, LinkedIn, Pinterest, Snapchat, TikTok, Twitter, and YouTube, each demanding distinct creative rhythms and targeting frameworks. Based on Ad Format, the market is studied across Carousel, Display Ads, Native Ads, Sponsored Posts, Stories, and Video Ads, highlighting format-specific design patterns and production cadence. Based on Industry Vertical, the market is studied across Automotive, Consumer Electronics, Financial Services, FMCG, Healthcare, Retail, Telecommunications, and Travel And Hospitality, which clarifies sectoral differences in regulatory constraints, purchase cycles, and media intensity.
Further nuance arises from device-level behavior and audience composition. Based on Device Type, the market is studied across Desktop, Mobile, and Tablet, revealing differences in engagement depth and conversion pathways. Based on Demographics, the market is studied across Age Group, Gender, and Income Level. The Age Group is further studied across 18-24, 25-34, 35-44, 45-54, and 55 Plus. The Gender is further studied across Female and Male. The Income Level is further studied across High Income, Low Income, and Middle Income, each cohort exhibiting distinctive media consumption patterns and purchase propensities. Finally, based on Advertising Objective, the market is studied across App Installs, Brand Awareness, Engagement, Lead Generation, and Traffic, while based on Payment Model, the market is studied across CPA, CPC, CPM, and CPV, informing cost management, bidding strategies, and performance alignment.
Integrating these segmentation lenses demonstrates that no single channel or format universally outperforms; rather, success depends on matching creative approach, measurement rigour, and procurement cadence to sectoral dynamics, device behaviors, and campaign intent. Therefore, leaders should adopt a segmented operating model that aligns metrics, creative standards, and talent to the specific mix of platform, format, and objective most relevant to their business.
Regional distinctions that compel a hybrid operating model to reconcile centralized governance with local agility across the Americas, EMEA, and Asia-Pacific
Regional dynamics continue to shape strategic choices for global advertisers as platform penetration, regulatory environments, and consumer behavior diverge across geographies. In the Americas, robust platform adoption and mature commerce integrations favor performance-driven activations and advanced attribution models, while marketers must navigate heightened competition for attention and rising media costs. In Europe, Middle East & Africa, privacy regulation maturity and heterogeneous market structures encourage localized creative strategies, stronger emphasis on consent-based measurement, and partnerships with regional media specialists to maintain relevance. In the Asia-Pacific region, rapid mobile-first adoption, high engagement with short-form video, and platform innovation drive experimentation, accelerated creative cycles, and significant opportunities for localized social commerce formats.
Given these contrasts, multinational advertisers should balance centralized strategy with empowered regional execution. Central teams can provide governance, measurement standards, and reusable creative assets, while regional teams tailor messaging, landing experiences, and vendor selection to local market conditions. This hybrid operating model preserves global consistency while unlocking regional agility and cultural relevance, which is essential for maximizing engagement across diverse audiences and regulatory regimes.
How platform expansions, integrated creative production, and privacy-compliant measurement vendors are redefining vendor selection and partnership models
Competitive dynamics among companies offering platform, creative, measurement, and agency services are shaping the delivery of end-to-end social advertising solutions. Leading platform partners continuously expand native commerce features and measurement integrations, prompting advertisers to evaluate depth of platform capability alongside reach and audience quality. Creative agencies are evolving into integrated production partners, providing modular asset libraries and rapid iteration capabilities that reduce turnaround times and lower incremental production costs. Measurement vendors and analytics teams are converging on privacy-compliant identity solutions and server-side tracking approaches that preserve measurement continuity while respecting consent frameworks.
In market engagement, companies that blend proprietary data capabilities, cross-platform orchestration tools, and consultative services outperform those offering discrete solutions. Consequently, advertisers are prioritizing vendor partnerships that can demonstrate API-level integrations, transparent measurement methodologies, and clear service-level agreements for data access and campaign governance. Strategic procurement therefore favors partners that can operationalize insights at scale, support testing roadmaps, and provide cross-functional training to internal teams.
A pragmatic playbook of governance, creative modularity, procurement flexibility, and measurement modernization to drive resilient performance improvements
Industry leaders should prioritize a set of practical actions that align operating model, creative systems, and measurement practices to current market realities. First, invest in modular creative systems and governance that enable rapid iteration across formats while enforcing brand safety and quality standards. This reduces production friction and supports higher test-and-learn velocity. Next, realign measurement frameworks to prioritize privacy-compliant deterministic signals and probabilistic modeling where necessary, while establishing clear experiment roadmaps that validate incremental lift across channels.
Concurrently, restructure procurement and vendor management to emphasize flexibility; adopt agreements that allow geographic substitution of production services and tiered engagement models to manage tariff and supply-chain volatility. Strengthen talent pathways by building cross-disciplinary squads that combine creative, analytics, and platform expertise, and deploy continuous training programs to keep these squads current with rapidly evolving ad product features. Finally, embed a centralized insight hub that curates learnings from segmented campaigns, enabling rapid translation of successful tactics across product lines and geographies. Taken together, these actions will increase resilience, accelerate performance improvements, and better align media investment to measurable business outcomes.
A transparent methodological framework combining practitioner interviews, platform feature analysis, and thematic synthesis to ground actionable recommendations
This research synthesizes primary qualitative interviews, platform feature analysis, and secondary open-source literature to ensure comprehensive coverage and practical relevance. Primary inputs include structured interviews with media buyers, creative directors, analytics leads, and procurement specialists across multiple industry verticals, providing firsthand perspectives on operational constraints, vendor performance, and creative workflows. Platform analysis traces recent product rollouts, measurement enhancements, and policy updates to contextualize recommended tactics and technical approaches.
Secondary inputs draw from publicly available regulatory documents, corporate product announcements, and technical guidance on privacy and measurement practices. Methodologically, the research applies thematic synthesis to identify recurring operational pain points and opportunity areas, and employs cross-sectional segmentation to surface actionable differences by platform, format, and audience. Quality assurance procedures included peer reviews, triangulation between qualitative sources, and validation sessions with practitioners to ensure findings are grounded in current practice and suitable for immediate operationalization.
A conclusive synthesis that balances urgency and rigor to show how targeted investments in creative systems, measurement, and procurement yield sustained advertising advantage
In closing, the social media advertising environment is simultaneously complex and opportunity-rich, requiring leaders to make targeted investments in creative agility, measurement clarity, and procurement resilience. The insights presented throughout emphasize that success is contingent on aligning organizational structures and vendor partnerships with the nuanced realities of platforms, formats, and regional markets. By adopting a segmented operating model, modernizing measurement approaches, and institutionalizing iterative creative workflows, advertisers can both protect performance amid cost pressures and unlock new sources of consumer relevance.
As a final note, the imperative for speed balanced with rigor remains paramount: rapid experimentation without robust measurement will yield noise rather than insight, while overly centralized control throttles local responsiveness. Therefore, a balanced approach that couples centralized standards with empowered execution will enable teams to convert insight into demonstrable commercial outcomes.
Note: PDF & Excel + Online Access - 1 Year
Table of Contents
185 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Integration of artificial intelligence driven ad targeting in short form video campaigns for micro audiences
- 5.2. Growth of social commerce live streaming events with shoppable tags boosting impulse purchases among Gen Z
- 5.3. Adoption of privacy centric identity resolution tools in social media advertising to navigate cookie deprecation
- 5.4. Expansion of immersive augmented reality filters for branded storytelling and user generated product trials
- 5.5. Leveraging localized influencer micro networks to drive hyper targeted regional brand awareness and sales
- 5.6. Deployment of automated performance creative optimization using real time A B testing across multiple platforms
- 6. Cumulative Impact of United States Tariffs 2025
- 7. Cumulative Impact of Artificial Intelligence 2025
- 8. Social Media Advertising Market, by Platform
- 8.1. Facebook
- 8.2. Instagram
- 8.3. LinkedIn
- 8.4. Pinterest
- 8.5. Snapchat
- 8.6. TikTok
- 8.7. Twitter
- 8.8. YouTube
- 9. Social Media Advertising Market, by Ad Format
- 9.1. Carousel
- 9.2. Display Ads
- 9.3. Native Ads
- 9.4. Sponsored Posts
- 9.5. Stories
- 9.6. Video Ads
- 10. Social Media Advertising Market, by Device Type
- 10.1. Desktop
- 10.2. Mobile
- 10.3. Tablet
- 11. Social Media Advertising Market, by Advertising Objective
- 11.1. App Installs
- 11.2. Brand Awareness
- 11.3. Engagement
- 11.4. Lead Generation
- 11.5. Traffic
- 12. Social Media Advertising Market, by Industry Vertical
- 12.1. Automotive
- 12.2. Consumer Electronics
- 12.3. Financial Services
- 12.4. FMCG
- 12.5. Healthcare
- 12.6. Retail
- 12.7. Telecommunications
- 12.8. Travel And Hospitality
- 13. Social Media Advertising Market, by Region
- 13.1. Americas
- 13.1.1. North America
- 13.1.2. Latin America
- 13.2. Europe, Middle East & Africa
- 13.2.1. Europe
- 13.2.2. Middle East
- 13.2.3. Africa
- 13.3. Asia-Pacific
- 14. Social Media Advertising Market, by Group
- 14.1. ASEAN
- 14.2. GCC
- 14.3. European Union
- 14.4. BRICS
- 14.5. G7
- 14.6. NATO
- 15. Social Media Advertising Market, by Country
- 15.1. United States
- 15.2. Canada
- 15.3. Mexico
- 15.4. Brazil
- 15.5. United Kingdom
- 15.6. Germany
- 15.7. France
- 15.8. Russia
- 15.9. Italy
- 15.10. Spain
- 15.11. China
- 15.12. India
- 15.13. Japan
- 15.14. Australia
- 15.15. South Korea
- 16. Competitive Landscape
- 16.1. Market Share Analysis, 2024
- 16.2. FPNV Positioning Matrix, 2024
- 16.3. Competitive Analysis
- 16.3.1. Baidu, Inc.
- 16.3.2. Microsoft Corporation
- 16.3.3. Verizon Communications Inc.
- 16.3.4. eBay Inc.
- 16.3.5. LinkedIn Corporation
- 16.3.6. Amazon.com, Inc.
- 16.3.7. Pandora Media, Inc.
- 16.3.8. Soho Media Group
- 16.3.9. Meta Platforms, Inc.
- 16.3.10. Pinterest, Inc.
- 16.3.11. Snap Inc.
- 16.3.12. ByteDance Ltd.
- 16.3.13. Advance Publications, Inc.
- 16.3.14. X Corp.
- 16.3.15. Google LLC
- 16.3.16. Tencent Holdings, Ltd.
- 16.3.17. Sina Corporation
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