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Google has established near-total control of the advertising and journalism industries. According to Bernstein Research, The notion that the enormous cost of real newsgathering might be supported by display advertising, or by the revenue-sharing of a Google search box is idiotic. Google will control half of the $55 billion worldwide online advertising market by 2009, and will give back only nickels for each dollar of traditional advertising its methods displace. The U.S. magazine and newspaper industries have effectively lost their advertising revenue to Google. The company controls 70 percent of the U.S Internet search market, and paid $1.7 billion for YouTube, or more than half the value of The New York Times Company. 2007 brought an unprecedented wave of reductions to print journalism staffs in the U.S., and the online piece of such publications has not grown enough to absorb the number of jobs lost on the print side. Googles $180 billion market cap allows the company to spend at least $70 million a year on gourmet meals for its well-paid Mountain View, California-based workforce. The campus, known as the West Coast Googleplex, is outfitted with a massage room, fitness equipment, free washers and dryers, and a host of recreation and entertainment features. In effect, Google has more money than it knows what to do with.
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