Google was not immune to the last recession, as growth in advertising income dropped to single-digits (+8.5%) in 2009, equivalent to $1.9bn in absolute terms. This was down from a third (+31.3% – $5.2bn) in 2008 but ahead of the wider online market (+0.2%, or $141.2m).
It is conceivable that large brands will shift budgets online to focus on short-term goals during uncertain times. But much of Google's and, indeed, Facebook’s ad income is drawn from a long-tail of SMEs – those most exposed to a severe downturn. This explains, in part, why Facebook is now offering these companies...