Ok, I understand the view point. But here are couple of questions to consider: 1. How do you know that CPCs are falling because of existing advertisers paying

Ok, I understand the view point. But here are couple of questions to consider: 1. How do you know that CPCs are falling because of existing advertisers paying less vs. new advertisers in new markets/mobile are paying less ? I.e. what evidence suggests that existing high value auctions are depreciating in CPCs/Value ? 2. CPCs are a proxy for value only if they have reached equilibrium. Since it is an auction as you have explained, it takes time for different participants to converge to the right bid configuration. That can take months or years to mature. So if the mobile market is new, how do you know that it has already reached equilibrium ? Desktop CPCs rose for a long time until they established that for many verticals.