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But how will Google ever make money? There’s the rub. The company’s adamant refusal to use banner or other graphical ads eliminates what is the most lucrative income stream for rival search engines. Although Google does have other revenue sources, such as licensing and text-based advertisements, the privately held company’s business remains limited compared with its competitors’.
“Will Google’s Purity Pay Off?” BusinessWeek, Dec 7, 2000 - via “Remember When Everyone Wondered How Google Was Going To Make Money” - cdixon.org