> As you rightly pointed out, there is a significant amount of B2B adtech that gets done at Google
B2B adtech is the overwhelming source of revenue. The consumer services you mention exist either a) to entrench the ad business by commoditizing its complements, or b) as a side-effect of Google’s strategy to secure all the best R&D talent even if it means inventing fun projects to keep them busy.
Neither of those things make Google a consumer services business that happens to sell ads. It makes Google the largest ad business in history, which happens to build free consumer products as a means to protecting and expanding its business.
Google Cloud or Waymo could, perhaps one day, become a source of revenue large enough to truly change the nature of Google’s business. But at this time their revenue is not large enough, and Google’s leadership has not shown the desire to shift their strategic focus decisively.
> B2B adtech is the overwhelming source of revenue.
This is wrong and therefore all conclusions based on it, most of their ad revenue comes from ads on their own services, most notably search. B2B adsence is a big chunk of money but it is not their main business.
By "B2B adtech" I mean "sells ads to businesses". This includes not just adsense, but adwords as well. Whether the ad is served on Google's sites or elsewhere, it's a business paying for it.
Not that this semantic point makes any difference either way. Google is an ad business that happens to make consumer products.
B2B adtech is the overwhelming source of revenue. The consumer services you mention exist either a) to entrench the ad business by commoditizing its complements, or b) as a side-effect of Google’s strategy to secure all the best R&D talent even if it means inventing fun projects to keep them busy.
Neither of those things make Google a consumer services business that happens to sell ads. It makes Google the largest ad business in history, which happens to build free consumer products as a means to protecting and expanding its business.
Google Cloud or Waymo could, perhaps one day, become a source of revenue large enough to truly change the nature of Google’s business. But at this time their revenue is not large enough, and Google’s leadership has not shown the desire to shift their strategic focus decisively.