gregbo - 8:19 pm on Jun 24, 2006 (gmt 0)

Maybe not as dependent, but about 40% of their earnings are from the content network -- i.e. AdSense publishers -- (the rest is from the search network). This is quite a lot, when you consider that publishers get about 75% of the total revenues. (In total, the content network yields much more money than the search network.)

Revenues are not the entire story. What is the cost to G to support the content network? To analyze click fraud on it; to respond to challenges on charges; to hunt down and eliminate fraudulent publishers; to defend itself against lawsuits? What are the trends going forward? These considerations will have an effect on the decisions G makes, not just revenues.

I'd be surprised if G withdrew its CPA program based on some mass publisher movement to leave AdSense.