Advertisements are a significant source of revenue for large technology companies in general. It is expected that the advertising market, which suffered a setback in 2020 as a result of the pandemic, will rebound this year.
Google and other major technology companies have already reported ad revenue that exceeds expectations. According to Google’s Q2 earnings report, total ad revenue increased to $50.44 billion, up 69 percent from the previous quarter.
Alphabet, Google’s parent company, also reported that it made $147 billion from Google ads last year, accounting for more than 80% of its revenue. Surprisingly, Google has been the market leader in online advertising for over a decade, with a market share of approximately 29 percent. Following them are Facebook with a 25% market share and Amazon with a 10% market share.
The nascent cryptocurrency industry, which has recently been noted to be a serious business, is also bringing in ad revenue for big tech companies where they are permitted to advertise. As a result, it is unsurprising that Google has lifted the ban on cryptocurrency businesses advertising on its platform.
According to Google’s June Financial products and services policy, which went into effect on August 3, the company has lifted a previous ban on cryptocurrency-related advertising on the platform. To protect consumers, the ban, which went into effect in 2018, prohibited all types of sponsored advertising related to cryptocurrencies in every corner of Google’s vast ecosystem.
The ban was recently lifted, and the tech giant will now allow advertising by duly registered cryptocurrency exchanges and wallet service providers. Advertising for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products remains illegal.
The move, which demonstrates how far the cryptocurrency industry has progressed, will almost certainly be highly profitable for the tech behemoth. The cryptocurrency market, which currently has a market cap of $1.7 trillion, has piqued the interest of many investors. Serving this expanding market will benefit Google’s vast and global advertising empire.
Other major tech companies, such as TikTok, which recently banned cryptocurrency promotions on its platform, may soon follow suit. Remember that Facebook, which banned cryptocurrency advertising in January 2018, lifted the ban in June 2018 and has been serving the cryptocurrency industry since then.
Without a doubt, cryptocurrencies are here to stay, and their dominance is only growing by the day, making skeptics reconsider. Parties who have been opposed to aspects of the cryptocurrency market such as trading, advertising, and regulation may have no choice but to re-enter the market or risk being left behind.