What happened
Dotdash Meredith, branded as People Inc. in the article, reported Q3 2026 earnings showing core web sessions fell 26% year-over-year, accelerating from a 22% decline in Q2. Google Search referrals have dropped nearly 70% over several years, reflecting the impact of AI-powered search on open-web traffic. Despite this, total digital revenue grew 2%, marking the twelfth consecutive quarter of growth, driven by non-session-based businesses like licensing, content syndication, social video, events, and digital subscriptions, which now account for 43% of digital revenue. Licensing and other revenue rose 49%, and content generated 26 billion off-platform views. CEO Neil Vogel described the situation as 'Google Zero.' The article analyzes the implications for the advertising ecosystem, forecasting further traffic declines and questioning whether the open web can sustain its infrastructure with reduced ad inventory. It draws parallels to the newspaper industry's decline and adaptation.
Key facts & figures
- ·People Inc. (Dotdash Meredith) reported Q3 2026 core web sessions of 1.6 billion, a 26% decline year-over-year.
- ·Google Search referrals account for nearly 70% of the decline in core sessions over the past several years.
- ·Total digital revenue grew 2% year-over-year, marking the twelfth consecutive quarter of growth, driven by licensing, syndication, and other non-session-based revenue.
- ·Non-session-based revenue now represents approximately 43% of digital revenue, with licensing and other revenue up 49%.
- ·The article forecasts core sessions could fall to 965 million by Q4 2028, a 40% contraction from Q3 2026.
Key questions for investors and operators
When evaluating transactions, technology stacks, or commercial partnerships in this space, we recommend looking closely at three questions:
Companies & platforms involved
Dotdash Meredith, referred to as People Inc., reported Q3 2026 earnings showing a 26% decline in core web sessions.
Google Search referrals have fallen nearly 70%, and Google increasingly keeps users within its own search and AI experiences, contributing to 'Google Zero'.
The New York Times is cited as an example of a publisher that diversified into subscriptions, generating $2.8 billion in revenue in 2025.
IAC is mentioned as the parent company of Dotdash Meredith, with data sourced from IAC quarterly filings.