3Q26 Online Advertising Expert Calls Compilation: Beat and Raise Despite Pockets of Weak Demand

As we wrap the 3Q26 edition of our Advertising Expert Call Series, we compile conversations with eight advertising experts into an aggregated view of upside potential or downside risk to our 3Q26, 4Q26 and 2026 ad revenue forecasts. 3Q26 aggregate digital budget growth reached 13.0% YOY vs 12.3% projected, a 70bps beat, with five of eight experts reporting better-than-expected spend; the World Cup was cited as a stronger-than-expected catalyst, and continued adoption of AI-led automation products supported performance spend. By platform, Google Search grew 10.4% (110bps ahead) and YouTube 13.5% (118bps ahead) on CTV, Shorts, Demand Gen and sporting inventory; Meta grew 12.5% (60bps ahead) on Reels and Advantage+;