A Canadian on Wall Street

Detailed overview of Bogatin’s skeptical view that Google will be able to grow outside of its main online AdSense/AdWords market, particularly in the radio advertising industry — their efforts to “revolutionize” advertising in both that space and in print publishing have been less than stellar compared to the results on their original turf. Here’s a good quotation from the article:

In “Google’s ‘1 percent’” I discuss how Schmidt’s multi-million dollar diversified sales reveries are indeed fantasies, to date; Google’s $150 billion market cap is entirely dependent upon online search and associated advertising services (AdWords, AdSense).

Google CEO Eric Schmidt, November 8, 2006, Form 10-Q: Revenues realized through the Google Publications Ads Program, our radio advertising efforts, Google Video and Google Checkout were not material in any of the periods presented.

Why not? Google is golden to date in online search, but will it ever be able to make money doing anything else?