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Adsense will be only accessible for a limitted number of publishers.
But it is not growing in a percentage equal to the number of new websites...so revenue will continue to decline.
Not all impressions are equal. One pageview from someone looking for a mortgage is worth a million pageviews from someone looking at cat memes.
The number of websites is a useless metric. Who cares how many websites exist.
If the the money spent on advertising is decreasing, as the article shows, and the number of websites is increasing, well, it doesn’t take a genius to know what will be the result.
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Alphabet reported their earnings and part of it is Google. Reduction of 11 percent in cost per click but about 23 percent more clicks.
One way or another, Google/Alphabet get their money and they don't care about publishers with less revenue. I do believe that one day they will ban small publishers and maybe it's better.
More to the point, AdSense is not helping it's bottom line by restricting the number of sites on which its appear. To the contrary, this create value for publishers, this reduces the total supply thus pushing prices up, which benefits publishers. You may say "Yes but AdSense gets more money too" per click maybe but increased prices means that fewer advertisers will be able to show ROI for their ads thus reducing the overall number of impressions, which "may" reduce revenue overall for Adsense. I use "may" as it is not certain, the increase in price could make-up for the reduction in volume, but I would doubt it, as it opens the door for competition by other ad networks.