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How would Facebook and Google, the ad-dependent duopoly, handle another recession?

For advertising, an industry that usually tracks with total economic growth, financial headwinds are gathering. Chinese tech giants Baidu and Tencent have both seen a slowdown in advertising revenue growth. The U.K. will be plunged into its first advertising recession in more than a decade in the event of a no-deal Brexit, meaning that £1.36 billion in advertising spending could disappear from the market, according to a new report by Enders Analysis. And Australia is already in an advertising recession, after Morgan Stanley cut its 2019 ad-spend estimates to flat growth, down from 2.2% growth. All of which makes sense. In a time when Americans are cutting their summer vacations and executives are getting nervous, advertising budgets are a...

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