If I might address the disruption of the newspaper business model, the Internet obviously changed everything. If you look at the primary sources of advertising for news organizations back 30 years ago, there were four categories that were dominant, representing more than three-quarters of their revenue. One was classified ads, which went online, as you know, and not to Google. Another was department stores, which have been a shadow of their former selves with e-commerce. Another was food coupons, which now are loyalty programs by supermarkets. The other was automotive dealers, which have also gone online. So unfortunately, yes, the Internet did, indeed, disrupt the business model. It also provided tremendous opportunities for small businesses. With Google, more than half of our advertisers are small businesses that can now afford to advertise to their markets—
On April 20th, 2023. See this statement in context.