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Amazon sold close to $40bn of advertising last year - bigger than Prime, bigger than the entire global newspaper industry and probably more profitable than AWS. But is this really advertising, rent, or something else? And what does that mean for Google?
over a year ago

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Editor's Note: For those of you reading via email, I recommend opening this in a browser so you can use the Table of Contents. This is my longest newsletter - a 16,000-word-long opus - and if you like it, please subscribe to my premium newsletter. Thanks for

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