Internet giants Google and Facebook accounted for 20 per cent of global ad expenditure across all media in 2016, capturing 64 per cent of all growth in global ad spend between them from 2012 to 2016.

In a ranking of the top 30 global media owners based on ad revenues by Zenith, digital platforms funded by internet advertising dominate. Joining Google and Facebook are Baidu, Microsoft, Yahoo, Verizon and Twitter – which as a seven account for 73 per cent of all internet ad spend, and 24 per cent of global ad spend across all media.

“Zenith’s new ranking demonstrates just how much the internet advertising platforms are setting the pace for global ad spend growth,” said Jonathan Barnard, head of forecasting at Zenith. “Google and Facebook alone have accounted for almost two thirds of global ad spend growth since 2012. “

Individually, Google is by far the world’s largest media owner with $79.4bn (£61.6bn) in ad revenues in 2016 – which is three times more second-largest Facebook’s $26.9bn. The largest traditional media company is Comcast, taking third on the list with $12.9bn in ad revenues.

The fastest growing media owner is Twitter, which has increased its ad revenues by 734 per cent between 2012 and 2016, followed by Tencent at 697 per cent and Facebook at 528 per cent.

Interestingly, Verizon takes the 21^st spot in the rankings but will move up to sixth place once its acquisition of Yahoo is complete.

“The scale of the biggest platforms highlights the importance of building strong partnerships between agencies and media owners,” said Vittorio Bonori, global brand president at Zenith. “Brands need to deal with these platforms to communicate with consumers effectively and efficiently, and agencies need to ensure they do so on the best terms available.”