Google’s parent company, Alphabet, experienced a decline in revenue in part due to reduced spending in cryptocurrency advertising as a result of the ongoing bear market.
A slowdown in crypto ads is yet another contraction in the digital asset space brought on by the year-long bear market.published on Tuesday showed that while Google’s advertising revenue was $54.4 billion, compared to $53.1 billion in 2021, YouTube ads fell to $7.07 billion from $7.20 billion the previous year. Revenue ad growth slumped to 6%, compared to 41% recorded in 2021, the lowest ever since 2013, as noted byAccording to Philip Schindler, Google’s chief business officer, a reduction in crypto ad spending was partly responsible for the company’s Q3 2022 performance.
“In the third quarter, we did see a pullback in spend by some advertisers in certain areas in search. For example in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories.” Meanwhile, Google’s statement that a crypto advert lull contributed to a shortfall in revenue is perhaps a testament to the increase in prominence of the industry. This is considering the fact that Google once banned cryptocurrency-related adverts in 2018. In June 2021, the search engine giant