The threat of Google Zero was always overblown
PLUS: How Netflix and Spotify teamed up to fight off YouTube
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The threat of Google Zero was always overblown
From Press Gazette:
Daily Mail director of SEO and editorial e-commerce Carly Steven said the traffic impact of Google rolling out AI Overviews has actually not been that severe overall.
“Our own findings are consistent with broader studies: when an AI Overview appears, clickthrough rates drop sharply,” she said.
“But the frequency of AIOs hasn’t increased in the way many expected. Across the keywords we track, AIO visibility has actually plateaued – around 12% of non‑brand terms on mobile in the UK and 19% in the US, slightly higher on desktop. That’s down from what we saw in mid‑2024.
I’ve always thought predictions of “Google Zero” were overblown because they misunderstood how people actually use search engines. Yes, some queries are straightforward and easily answered, and in those cases an AI summary is often enough. But a large share of Google searches are more exploratory, with users looking to consult multiple sources to better understand a topic. Even when Google’s AI provides a perfectly serviceable answer, I still find myself scrolling down to read what other sources have to say.
Google traffic isn’t going away, and the platform will continue to be a major source of clicks for publishers. Yes, those media outlets will need to move away from content written purely to satisfy search algorithms—but that kind of Google-driven traffic has always been overrated in terms of its real value.
SiriusXM’s podcasters can’t replace Howard Stern
For the past several years, SiriusXM has been assembling a roster of star talent meant to rival the influence of Howard Stern, who could announce his retirement at any time. In one sense, the strategy has worked: the company licenses chart-topping podcasts like Smartless, Call Her Daddy, and Conan O’Brien Needs a Friend. The problem is that the younger audiences drawn to these shows have little interest in signing up for satellite radio, and while SiriusXM’s advertising business is growing, it hasn’t been enough to make up for declining subscription revenue. [Bloomberg]
(BTW, I used a gift link so you can access that article for free.)
Outside’s subscription bundle finally pays off
Several years ago, the company that owned the magazine Outside embarked on a bold strategy of acquiring a bunch of niche outdoors media outlets and rolling them up into a big subscription bundle. That strategy finally paid off, with the company reaching profitability last year. At the beginning of that journey, 70% of its revenue came from advertising; now that's down to only 40%. Meanwhile, recurring revenue — mostly from subscriptions — now makes up 35%. [Adweek]
I’m tracking which brands are sponsoring newsletters
What’s the easiest way to sell sponsorships in your newsletter? Most publishers would tell you to start with the brands that have already advertised in other newsletters. But here’s the problem: there are thousands upon thousands of newsletters out there and no standardized ad units. This means that the only way to have a comprehensive picture of who’s advertising in newsletters is to subscribe to them all and then open them, one by one.
Luckily for you, I’m doing all that work for you. I’ve created a database tracking hundreds of newsletters across a wide range of B2B and B2C niches. I’ve logged 2,563 newsletter sponsorships so far, and that number is quickly growing. Check it out.
A fast-growing tech podcast is embracing media nostalgia
From Adweek:
TBPN, the hourslong daily tech podcast hosted by the young, brash entrepreneur-investors Jordi Hays and John Coogan, spun up significant cultural cachet—and big sponsorship dollars—in the year-and-change since its debut. Now, the show has bought a regional Super Bowl ad, set to air on broadcast across the Bay Area and Silicon Valley …
The investment was mostly for the hell of it. TBPN doesn’t need a Super Bowl ad to generate awareness, grow its audience, or drive downloads …
“We believe in doing things purely for fun,” [cohost Jordi Hays] said.
One of my favorite things about TBPN is its constant tongue-in-cheek nod to the legacy media that came before it. Its name — short for Technology Business Programming Network — is basically a dumb joke referring to old school TV networks. Its hosts dress up in suits and the show features a crawling cacophony of stock listings, similar to what you see on CNBC.
And now we have this Super Bowl ad. TBPN is a digital media company that’s wholly distributed through social channels, and yet its brand is distinctively nostalgic. I think it’s that exact marketing savvy that quickly distinguished it from the millions of other business podcasts out there.
YouTube finally gets its victory lap
From Variety:
YouTube generated more than $60 billion in revenue for 2025, including both advertising and subscriptions, the first time parent company Alphabet has broken out total revenue for the platform.
That makes YouTube much larger than subscription-streaming leader Netflix, which reported $45.18 billion in revenue for full-year 2025. Indeed, the top-line number for YouTube was more than any other entertainment company except Disney ($95.7 billion in revenue for calendar year 2025).
The knock on YouTube over the past 20 years was that even though it had enormous reach, it was still a bad business.
Not anymore. It’s managed to not only build an enormous ad business, but also a respectable subscription business as well. What’s more, it did the latter without locking any content behind a paywall, which is even more incredible.
I also think the company’s been smart to go on a PR blitz over the last year to brag about its absolute domination on TV screens; that’ll ensure that it gets a greater share of TV ad budgets, whereas before it was mostly limited to digital ad budgets.
All this begs the question: when will companies like Meta and TikTok finally wake up and realize that it’s good for business in the longterm to establish a meaningful revenue share with your creators?
An audience engagement metric more important than views
A 16-year-old YouTuber launched a skincare product and drew roughly 50,000 people to its unveiling at a mall. At the time, she and her father had been pitching an animated series to all the major streamers. But after seeing the scale of that launch, Netflix quickly signed her to a broader, open-ended deal to develop shows for the platform. There’s no clearer signal of a devoted fanbase than tens of thousands of people showing up in person for a product they could have easily ordered on Amazon. [Colin & Samir]
ICYMI: How Colossus built one of the largest investing-focused podcast networks
CEO Matt Reustle explained the vision behind the network.
Jeff Bezos’s biggest misunderstanding about owning a media company
If I had to pinpoint Jeff Bezos’s biggest misunderstanding about running a media company, it’s that he underestimates how much the brand matters. Pulling a presidential endorsement weeks before an election damages the brand. Reorienting the opinion page so it no longer offends Republicans damages the brand. Firing 300 journalists damages the brand. Bezos seems to view a media company as little more than a delivery system for units of content, but those units don’t exist in a vacuum. Even the best reporting in the world struggles to convert readers into paying subscribers if they fundamentally distrust or dislike the brand behind it.
Why does Business Insider hate its subscribers so much?
I’m a paid subscriber to Business Insider and it’s gotten to the point that whenever I want to read one of its articles, I have to save it to a web app that strips out all its advertising. That’s a testament to how abusive its adtech is. Out of all the publications I actually pay for, it does the most to treat its paying customers like shit.
If this media company can survive in the era of AI overviews, any publisher can
From MediaPost:
IAC’s People Inc. (formerly Dotdash Meredith) had a stellar year in digital in 2025, judging by parent IAC’s financial results released on Tuesday.
People Inc. enjoyed Q4 digital revenue growth of 14% YoY to $354.8 million and 10% for the full year to $1.1 billion.
Total revenue for the quarter was $511.8 million, a 2% decline YoY. Print revenue fell by 21% to $168.5 million from the same period in 2024, which may have been due to the falloff of political advertising from the election year of. 2024.
Ad revenue hit $209 million, a 9% hike over the prior year.
This is pretty incredible when you consider that People, Inc is a media company that's almost entirely focused on publishing "intent-based content," which is basically the kind of product recommendation content that we've been told is most vulnerable to AI chatbots. The fact that it's still growing its digital advertising revenue is a sign that it's figured out a way to offer value above and beyond what can be found on Google's search summaries or ChatGPT.
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The rise of the police bodycam YouTubers
Over the past decade, police body cameras have become widespread, a shift many activists believe has brought greater transparency to law enforcement. But jurisdictions vary widely in how they release bodycam footage, with some states providing it to virtually anyone who requests it. That permissiveness has fueled the rise of TikTok and YouTube channels that post raw police encounters, often with a particular focus on interactions involving college-aged women. [New York]
Behind the paywall
Here’s what I have on deck for paid subscribers:
How Netflix and Spotify teamed up to fight off YouTube
Can AI patch the growing information gaps in news deserts?
Letterboxd’s anti-enshittification strategy
Democratic politicians should stop abandoning their social media accounts
Bookshop.org’s smart marketing strategy
The big bet in the 80s that almost sank Rupert Murdoch’s empire
Let’s jump into it…