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Google plans to shut down radio venture
By Brian Womack |
February 14, 2009, Saturday
|
Print Edition
Print Edition
GOOGLE Inc, owner of the world's most popular search engine, announced plans to shut its three- year-old radio-advertising business and cut up to 40 jobs, saying the investment didn't pay off enough.
The company, which expanded into the market with the 2006 purchase of DMarc Broadcasting Inc, is seeking a buyer for software that arranges ads on radio programs. Google will stop selling radio ads by May 31 and focus instead on online streaming audio, according to a blog posting yesterday.
The move illustrates Google's failure to parlay its dominance in Internet-search ads into traditional media. The company said last month that it would close a business that sold ad space in newspapers.
The growth of radio advertising has stalled in the past three years. Preliminary figures show a decline of 8.5 percent last year, and a 10-percent drop is expected this year.
The company, which expanded into the market with the 2006 purchase of DMarc Broadcasting Inc, is seeking a buyer for software that arranges ads on radio programs. Google will stop selling radio ads by May 31 and focus instead on online streaming audio, according to a blog posting yesterday.
The move illustrates Google's failure to parlay its dominance in Internet-search ads into traditional media. The company said last month that it would close a business that sold ad space in newspapers.
The growth of radio advertising has stalled in the past three years. Preliminary figures show a decline of 8.5 percent last year, and a 10-percent drop is expected this year.
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