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High-value AI conversations will lead to a new, richer era for Google and the


Close-up of a person’s hand holding an iPhone and using Google AI Mode, an experimental mode utilizing artificial intelligence and large language models to process Google search queries, Lafayette, California, March 24, 2025. (

Smith Collection | Gado | Archive Photos | Getty Images

Many believe generative artificial intelligence engines and large language models are a problem for the open web, publishers and even advertisers. Some think they are a problem for Google because they’ll have less search traffic to monetize, replaced by Gemini LLM conversations.

Both of these notions are wrong.

In just a single year since launch, Gen AI search and LLMs have changed the face of the open web. This rapid change is impacting both search engines and publishers. We’re seeing a decline in traditional search traffic, with some publishers experiencing more significant drops than others. This trend directly affects Google, which is seeing fewer search queries and also impacts publishers who are receiving less referral traffic from search engines. The competition for this shrinking pool of traffic is heating up, with companies like OpenAI and Perplexity vying for a share — and Google actively competing with itself by offering a generative AI product called Gemini.

Whether OpenAI and ChatGPT “kill” Google search or Google itself does it, there’s no doubt–search traffic to publishers is going down. The question is what do publishers do if search traffic drops 20%, 30% or even 50%?  

It is likely the end of search as we know it and, counterintuitively, the best thing that could have ever happened to Google and the open web.

Gen AI is reshaping and rebuilding the publisher business model

Gen AI tools like ChatGPT, Perplexity and Google’s Gemini are stealing traffic from publishers. Data suggests that just 0.1% of traffic from these engines are making their way to publishers, meaning if you’re searching on ChatGPT or Perplexity the likelihood you then click out to read more about a topic is next-to-nil. In fact, the newest buzzword from publishing executives is ‘zero click searches’ whereby not a single action is taken after a search is performed.

No publisher is immune to this threat. Search referral traffic to 1,000 web domains decreased by nearly 7% year over year, nearly a billion critical visits that have disappeared from the open web. 

On its face, you would think there is no rational defense from Gen AI companies that are tanking publisher traffic. Google would try to put a spin on things by publicly claiming that people who click on links after seeing AI Overviews tend to spend more time on those sites. 

David Tramontan | SOPA Images | Lightrocket | Getty Images

But the Gen AI threat is causing a chain reaction for the business foundation of publishers. Today, the primary determining factor to how much revenue a publisher makes is tied to how many potential people view ads on their site. Put simply, less traffic means less revenue in the short term. 

This has made it necessary for publishers to rethink how they make money. It’s even made Google rethink how it makes money. Short-term disruption is inevitable, but what’s coming next is a leap toward deeper engagement and bigger revenue than we’ve ever seen before — both for Google and to the open web. 

The rise of high-value LLM conversations

While search traffic will decline, potentially hurting Google and publishers in the short term, a new type of “supply” is emerging: LLM conversations.

Nearly a billion people use ChatGPT, Gemini or Perplexity each month. Most are asking general knowledge questions, but an estimated 10%–20% of those chats are high-value: travel planning, health care, commerce, financial advice and more. These conversations are worth far more than a search click.

ChatGPT’s model is straightforward, earning $20 per month from each subscriber, making every question valued the same, whether you asked about the weather or about a trip to Cancun. Google’s Gemini, backed by a $200 billion search ads business and 10 million advertisers, will see these conversations as commercial opportunities. Over time, a multiday exchange about a trip can evolve. If a person asks a question, Gemini can reply in the moment or if more research is needed, it can come back with more ideas, until that conversation ends with a full-service transaction. From here, users can book flights, hotels, and restaurants.

This is an incredible revolution for Google, from each interaction worth $1 per click to $1,000 per conversation. This shift positions Gemini’s long-term revenue potential well beyond search. In essence, less search traffic — but a lot more revenue. 

Publishers have an equally powerful opportunity. While 30%–40% of their audience today arrives via search, 60%–70% comes…



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