People Inc., formerly Dotdash Meredith, is facing challenges with declining referral traffic from Google Search and a downturn in its print business. Digital ad revenue saw a 5% increase in Q2 2024, balancing the 9% YOY drop in print revenue. Overall, digital revenue reached $260.4 million against $173.5 million for print. CEO Neil Vogel highlighted the shift towards generative AI in search, leading to reduced referrals from Google. As a result, 55% of search keywords relevant to People Inc. featured AI-generated results in Q2, up from 35% in Q1.
"People Inc. is facing a downturn in print revenue, which decreased by 9% YOY, contrasted by a 5% increase in digital ad revenue in Q2 2024."
"CEO Neil Vogel noted that referral traffic from Google is declining significantly, growing more pronounced each quarter, attributed to AI search products like Google Gemini."
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