Yes, that is correct. The assumption in the example is that users are flattish, and you need to "do something" to get marginal growth. In the early days, you s

Yes, that is correct. The assumption in the example is that users are flattish, and you need to "do something" to get marginal growth. In the early days, you saw very real pricing growth (due to better targeting) and volume growth due to user growth. Over the last ten years or so, I believe that a lot of the growth has been greater ad density, and ad density is much more important for controlling financial results...which is the key point when it comes to exec behaviour. Execs can't turn on user growth, they can add more ads to a product if they see numbers coming in light.