During a product review session with executives last year, 'this 22-year-old comes in ... and shows his current position on his phone, and he shows the current positions of his friends,' Schmidt said. 'As he does his demo, I'm slowly sinking into my chair. He has no clue what he just invented. I'm going, 'you have real-time tracking that you're storing in our log files ... with an accurate predicator of where the people are going.'
Schmidt acknowledged that this Web traffic might not make up for the loss of revenue from print, but 'that's probably not a problem we can solve,' he said.
'We use newspaper content with their permission,' he said. 'In every case, they have chosen to give us that information in turn for sending traffic to their sites.'
Google's Print Ads program tried to help newspapers generate revenue through more targeted advertising, but the search engine giant was not able to gather enough information to make it worthwhile, Schmidt said.
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