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Google feels bear market: Spending on crypto advertising has been falling since July

 


Data from Google's parent company Alphabet shows that there has been a decline in search ad spend in the financial services and cryptocurrency subcategories.


Alphabet released its third-quarter earnings report on October 25, showing the company reporting a 6 percent increase in revenue to $69.1 billion compared to the third quarter of last year. Revenue decreased slightly compared to Q2 2022, when it was $69.7 billion.


However, the breakdown of Google Services revenue, which includes advertising revenue, shows that this segment grew from $58.8 billion to $61.3 billion last year.


Philipp Schindler, Google's Chief Business Officer, spoke about difficulties in the financial and cryptocurrency sectors in particular, with significant decreases in ad spend compared to the previous quarter:


"We've seen a decrease in some advertisers' spend in certain areas of search ads. For example, in financial services, we've seen a decrease in the insurance, credit, mortgage, and cryptocurrency subcategories."

Google updated its Financial Products and Services Policy in July 2022 to clarify the scope and requirements for ads related to cryptocurrency companies, services and products. It sets out rules for advertisers related to exchanges and wallet services, targeting countries like France, Germany, South Korea, the Philippines, the United Arab Emirates, Hong Kong and Thailand.

As they met certain regulatory requirements in these countries, advertisers could continue to promote their crypto-related products and services through Google's advertising platform.


The change came several months after Google allowed crypto-related advertising in August 2021 . The tech giant previously banned advertising for crypto and initial coin offerings in June 2018 .


These are still difficult times for the global markets and the cryptocurrency markets. Analysis firms like Glassnode are calling this the worst bear market of all time .


Still, the decline in ad spend in the crypto sector doesn't reflect Google's stance on the space. Google announced a partnership with American cryptocurrency exchange Coinbase in October. They want payments for cloud services with Bitcoin in 2023 

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