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With an estimated 99% of total incremental digital advertising spending going to Facebook and Google (Alphabet) in the US, we were curious how the stronger dollar since 2014 and the emerging US ads duopoly was impacting the share of revenues these companies derive from the US. As shown below, since 2013 the trend for Alphabet has been for a growing share of US revenues. For Facebook, US revenue share is rising much slower but as our trend lines show, still trends towards higher US share of revenue. We should note that both Facebook and Google are seeing growing US revenue share despite very healthy ex-US revenue growth. As shown in the chart below, Facbook’s ex-US revenue has been rising over 50% per year while Alphabet’s is over 20% an accelerating.

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