Video advertising is starting to see a drop in CPM that's going to lead to a leaning of producers, which is going to have a cyclical effect on Google's revenue.

Video advertising is starting to see a drop in CPM that's going to lead to a leaning of producers, which is going to have a cyclical effect on Google's revenue. Banner ads have already bottomed out for the most part, but you can see with Google's most recent search changes that they're struggling to monetize. Compare how much ads stood out in search results ~5 years ago to the incredibly minor [ad] badge that appears on current search results. Google would not have done that if they didn't have to.