D2C ecommerce will continue to grow at above-average rates. But that growth will be driven by established brands selling directly鈥攏ot digitally native brands.
If we subtract search ad spending on retail media from the equation, Google accounts for roughly 70% of the search advertising market. Search tactics revolve around Google. Of course they do. Google processes 90% of search queries. Google is where the eyeballs are. So can Google jack up ad prices by 5 to 10% without losing clients to a competitor? Yes, it can.
And this is also excluding retail media, which has been gaining share of our search ad spending forecast, but is excluded from the analysis in the piece that you just mentioned. And the way that most regular folks think about the search market is in search engines, so I'm throwing the retailers out of here. But so 3 is if Google wins the trial. And if the DOJ wins the trial, I'd say more like 6 or 7.