Goldman Sachs Japan Internet & Consumer: How Generative AI and AI Search Are Changing Marketing and Internet Advertising
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Abstract
At a September 17, 2026 investor webinar with CyberAgent's internet advertising executive and istyle's head of AI innovation strategy, Goldman Sachs explored how generative AI and AI search are reshaping marketing and internet advertising. Participants saw meaningful profit opportunities from AI, with AI capability—regardless of company size—increasingly decisive for marketing outcomes. Addressing fears that generative AI shrinks traditional search advertising, guests noted that consumers use conversational AI alongside search: per CyberAgent, more than 50% of Japanese users used generative AI search in August 2026, and Google query volumes recently hit record highs.
CyberAgent launched an AI Search Marketing Division in June 2026 spanning search ads, GEO and generative AI search, plans to expand it from roughly 150 to 250 staff by FY9/27, and is an official launch partner for ChatGPT ads in Japan. Management views generative AI as a once-in-two-decades shift, expects internet advertising's share of total ad spend to rise, and sees room above the current ~20% ad-display share in search, layering consulting fees on agency commissions. Goldman Sachs keeps CyberAgent at Neutral with a ¥1,580 sum-of-the-parts target (FY9/27 base year), noting generative AI search/GEO monetization remains early. For consumer brands, large brands' trusted data and budgets may help, but scale is not decisive.