Google’s Ad Revenue Impacted By Crypto Downturn
The so-called crypto winter means the current crisis in the cryptocurrency market, last spring, and summer most coins had to experience a price crash. A web giant that has nothing to do with Bitcoin and the company is now feeling this.
The search engine giant from Mountain View, California, announced its current quarterly figures last night, and these were not particularly good for the company, which is actually used to success. There are of course several reasons for this, but most of them are related to advertising – after all, this is by far Google’s most important source of income.
At the usual telephone conference with investors and analysts following the announcement of the business figures, Philipp Schindler, Google’s Chief Business Officer, explained the reasons. Among the most notable are sharp falls in ad spending by crypto firms and other financial firms (via CNBC ).
The downturn in the financial sector
“In the third quarter, some advertisers reduced their spend in certain areas of search,” Schindler said. “In financial services, for example, there was a decline in the insurance, credit, mortgage, and cryptocurrency subcategories.”
The Chief Business Officer later mentioned the crypto decline again, but the Google manager did not give any details. Even if you don’t put a number on it: You can see the drying up of the crypto market everywhere. While just six months ago, US television, among other things, was full of advertisements for crypto assets, you hardly get to see a corresponding spot at the moment.
However, there are concrete figures: Bitcoin and Ethereum both lost almost 60 percent of their value in 2022. Crypto exchange Coinbase, which went public in 2021, has fallen over 70 percent in value.
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