Look out, Facebook and Google: Amazon is becoming an advertising giant

While much has been said about Amazon.com Inc.’s aggressive bets on brick-and-mortar retail, health care and many other industries, the company has quietly built a sizable and growing business in an area dominated by two other tech titans: digital advertising.

Advertising pulled in up to $4 billion for Amazon AMZN, -0.43% last year, and the company said first-quarter revenue from ads and other service offerings more than doubled this year. Despite the dominant digital-ad positions of Alphabet Inc.’s GOOGL, -0.37%GOOG, -0.41% Google and Facebook Inc. FB, -0.46% , that growth is expected to continue: BMO Capital Markets analyst Daniel Salmon now believes Amazon ad revenue will be $9.5 billion this year and nearly double to $18.58 billion in 2020.

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