Amazon raked in almost $500m from advertising and subscriptions in Australia last year
The e-commerce giant reported 50% growth in its local advertising business for 2023, as Australia’s largest media companies continue to wrestle with weakness in the advertising market.
Global e-commerce giant Amazon has posted eye popping gains in its local advertising and subscriptions businesses, as the company continues to elbow in on the turf of Australia’s largest media companies.
In its latest filings with the Australian corporate regulator, lodged last week, Amazon reported 50% growth in revenue for its local advertising business for 2023 to $153.3 million, up on the $101.6 million in ad sales booked a year earlier.
Amazon’s subscriptions business, which includes its Amazon Prime e-commerce memberships and access to video and music streaming, also saw growth through 2023, taking in $346.1 million for the year, up 40% on the $246.2 million posted a year earlier. That means the company generated $499.4 million in revenue from advertising and subscription products in Australia last year.
Its total net sales, including its juggernaut e-commerce business, were more than $3.1 billion. But income before tax for the year was just $7.69 million.
