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Amazon’s ad business will bring in $4.61 billion this year, according to a new eMarketer study, up a whopping 60% from the projection of $2.89 billion in March.

Why it matters: The new projection puts Amazon ahead of Microsoft in its share of the U.S. digital ad market. While it's still a distant third behind Google and Facebook, Amazon's share is growing so fast that some analysts argue it could one day catch up with those leaders.

Expand chart
Reproduced from eMarketer; Axios Visuals

The bigger picture: The news comes just weeks after Amazon surpassed $1 trillion in market value. Some analysts predict Amazon's ad business is growing so fast that it will overtake its lucrative cloud business, Amazon Web Services, in just two years.

Strong growth in product search and insight into consumer purchase behavior are what eMarketer’s senior director of forecasting Monica Peart cites as fueling Amazon's recent ad growth.

“That increased search traffic gives third-party sellers a reason to increase bids for keywords on Amazon."
— Monica Peart

Between the lines: Amazon's advertising business has quickly become one of its fastest-growing business units, and it will continue to expand as Amazon invests more in video, ad sales staff and ad technology.

  • The company has been doubling down on video ads and ads on its streaming platform Twitch.
  • Amazon CFO Brian Olsavsky has previously told investors of accelerated growth in hiring for Amazon's ad sales and web services teams.

Sound smart: Amazon has reportedly been pitching ad buyers to buy ads on its platforms by saying that they are more "brand safe" or less risky than buying ads on big social media platforms, like Google's YouTube and Facebook.

  • Both Facebook and YouTube have faced advertiser boycotts because of advertisers' concern about having their ads placed next to objectionable content, like terrorist videos.

Go deeper: Amazon's big advertising push

Go deeper

GOP Sen. Chuck Grassley announces run for re-election

Photo: Greg Nash/The Hill/Bloomberg via Getty Images

Sen. Chuck Grassley (R-Iowa), the longest-serving Senate Republican, announced on Friday that he's running for re-election in 2022.

Why it matters: The GOP is looking to regain control of both chambers of Congress in the upcoming midterm elections. Several Republicans had urged the 88-year-old senator to run to avoid another retirement after five incumbent senators said they wouldn't seek re-election.

China deems all cryptocurrency transactions illegal

A person walking past China's central bank in Beijing in August 2007. Photo: Teh Eng Koon/AFP via Getty Images

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.