"Tech & Shopping's revenues declined largely due to a drop in web search traffic, which had a meaningful impact on our affiliate commerce revenues."

"Lost search traffic can be and has been made up with other sources of engagement, apps, social traffic, video, programmatic traffic and e-mail. So the degree to which in any of our segments in the Gaming & Entertainment and Health & Wellness segments, in particular, we're able to offset search traffic declines. Where that has become really hard is within Tech & Shopping because the one type of traffic that really is hard to replace as high-intent consumers who arrive via search looking for a product or a service and then clicking through to make a purchase."

"Even as the AI overviews and AI-enabled answer the optimization engines or GEOs are gaining scale. We actually think of them as a new organic channel for brand messaging and awareness. We're investing in AI marketing capabilities internally, but continue to strengthen where we are with those efforts. In fact, we believe that we are very well positioned to take advantage of this change in how people search, because we've been known to create high-quality content and expertise across multiple different categories that we operate in. So I think with new opportunities with answer engines and AI overviews, we actually are using them to drive some of that message home."

"We continue to drive increased consumer awareness through our paid media strategies, search optimization, partnerships and scaling brand recognition."

"In the fourth quarter, general purpose LLMs drove an increasing percentage of traffic and checkouts as we continue to expand this new and growing channel."

"We actually have people who just are working through LLM search strategies so that we do appear on whether it's Gemini or Claude or ChatGPT."

"And we track it also, by the way. So we have seen this go up month to month to month. People who are finding us on the other LLMs, the number of people, it continues to increase month-to-month. So one, that's what we're doing on the SEO, very comfortable about where we are relative to that strategy."

"Our strategy is simple, automate what can be automated and then win through deep expertise and high-touch service where it matters most. AI can help you start. LegalZoom helps you get it done. Today, more customers are starting with AI platforms like ChatGPT, Gemini, Claude and Perplexity, getting information, document reviews and insights while increasingly trying to complete complex tasks."

"The trend should look no different and look no different than what you're seeing overall in the general market. You're seeing less and less traffic ,and quality traffic, come through traditional search engines and more and more coming from AI queries. And we're seeing that as well, and we're actually taking advantage of that as what we see as a key opportunity into 2026 and 2027."

"While still a very small part of our overall traffic in GMS, agentic traffic to Etsy in Q4 was about 15x what it was last year, underscoring just how rapidly this channel is emerging. Early indicators support our hypothesis that agentic discovery can be additive to our ecosystem. Using ChatGPT as an example, we're seeing evidence that in addition to bringing new buyers to Etsy, a meaningful share of buyers engaging through ChatGPT have a prior relationship with us — including lapsed buyers — indicating that agentic shopping could be a great unlock for retention and better lifetime value. Orders originating from ChatGPT also tend to skew higher value compared to some of our more mature acquisition channels. And in addition to instant checkout sales, we're seeing strong engagement with listings on Etsy resulting from ChatGPT discovery."

"We're also leading automotive marketplace competitors in the emerging AI-driven discovery landscape. While AI remains a small share of overall traffic today, in Q4, CarGurus generated more AI-driven traffic than our closest competitors, and these users convert at higher rates, submitting leads at nearly 50% higher rates than traditional SEO in Q4. To date, AI traffic has been additive to our overall acquisition mix, increasing visibility rather than displacing existing channels. AI is reshaping discovery across many categories. In automotive, the shift has been more measured."

"On the non-paid side, we have strengthened and will continue to evolve technical platform best practices and scaling proprietary content so it is discoverable across LLM environments — not just traditional organic search."

"We are sharing our data with LLMs in a controlled way. We're giving them access to certain data, not all data."

"We continue to focus on improving our paid marketing efficiencies as well as bringing more of the repeat customers back. SEO has been a headwind for several years now industry-wide. We continue to see declines in the organic traffic, but our focus is on continuing to build the other 2 parts of the marketing engine through the investments that we have outlined earlier [paid and lifecycle marketing]."

"To your question on AI, I will tell you right now that the traffic is very small, and it's not just for us, like in general, there's not a lot of traffic being driven. The traffic that is being driven is high intent, and so we are seeing kind of high conversion on that in terms of the traffic that's there."

"As general purpose LLMs increasingly create new top-of-funnel entry points for travel and generative AI drives increased global online participation and spend, our proactive engagement with major technology and AI players is positioning us to meet whatever level of demand ultimately migrates from traditional search firms to horizontal LLMs."

"Historically, I would say, for over 20 years, it kind of stays the same, right? People go to Google, they type "Holiday for four in Mallorca", and thanks to SEM ads or SEO, free positioning, companies like us, they show us at the top. We're seeing a shift, from even if, you know, typing keywords into a, into a bar is still the vast majority of searches. Of course, people are having more conversations with chatbots such as ChatGPT and Gemini by Google."

"So there's new traffic sources emerging. OpenAI and ChatGPT are the obvious ones."

"We continue to hold a unique position in this space despite ongoing declines in flyby visitors to our site due to the changing search landscape and the rise of AI overviews. Last year, a stable base of travelers shared nearly 80 million contributions on Tripadvisor, impressive and consistent volumes despite the traffic headwinds we've endured."

"As a result, our current expectations are for mid-to-high-teens revenue declines, largely driven by SEO traffic headwinds and our focus on maintaining consistent ROIs in the paid channels within hotel meta."

"And what we're seeing is that as AI traffic comes in, it tends to be higher intent."

"That traffic that we're driving through that AI-first approach is a lower relative percentage of our overall traffic, but it's growing much, much faster, and we're pretty excited about what we can do there."

"The journalists and the independent newsrooms we work with have been struggling with plummeting search traffic, rising product costs, increased competition from content creators and declining revenue. They have been urging us to provide more support in areas like AI adoption, content monetisation, and legal assistance."

"Look, we're not seeing material changes right now [regarding traffic from Google]."

"We're making sure that our brands show up well, as I said, through many ways, whether it's answer engine optimization, native integrations, agentic browsers. I actually think that AI search opens up even more possibilities to reach more travelers."

"What we see is that traffic that comes from chatbots converts at a higher rate than traffic that comes from Google."

"So I think that for chatbots or AI companies to win, we don't need to live in a world where everyone else has to lose. I don't think that one company is going to own everything. I think we're going to be able to work together. And these companies will be very helpful top-of-funnel traffic generators for Airbnb, just like Google."

"In fact, since January 2025, orders coming to Shopify stores from AI search are up 15X. Now that's on a small base, but that's still a really big jump in 12 months."

"At the same time, marketing is going through the biggest shift we have seen in decades. Search traffic is declining as AI-generated answers become the starting point for product and brand discovery."

"We're going to assume Google SEO stays down at that lower level for the year."

"So on SEO, we're currently at around 7% of SRs, leads revenue is coming through SEO."

"As we lose SEO and we lean into our paid channels where we're effective, we have seen an increase in marketing as a percent of revenue just as you follow through the year."

"On the top of funnel question on SEO and GEO. I think, we actually have seen some very, very good initial yields on the GEO side, but it's super early days. These are very, very new channels for everyone. And I also think there's some interplay still between SEO and GEO. So we feel really confident and positive about what we're seeing from a signal point of view on that side of the house, but it's also very early days."

"On SEO and AIO, what I'd tell you is, first, the negative impact has stepped down modestly, but we haven't seen a return to prior levels."

"As we have expressed, changes in search interfaces continue to impact our traffic. Yet despite these changes, the quality and accuracy of our services continues to drive high retention rates."

"I think what you're seeing more broadly is that we get a different type of traffic from the LLMs than you would have historically seen from search. And so you see higher intent on traffic coming through from the LLMs."

"Realtor continued to gain audience share with visits to its properties reaching 29% of total visits to all real estate portals in quarter two — more than triple that of homes.com and double that of Redfin, while narrowing the gap versus Zillow. These strong outcomes are a result of the improvements in SEO as well as continued product enhancements and a successful brand campaign."

"And we are seeing pretty good progress in GEO. We don't have much by way of SEO. We deemphasized that years ago. And so the SEO, our SEO has actually been fairly stable, not declining in any kind of significant rates, but it's not material anyway."

"The biggest contributor to that is a 50% drop in Google search referrals over the last 2 years. This quarter, we also saw a little softness in non-search traffic sources, mainly driven by declines in Google Discover, which is their version of Apple News, which had been a contributor to non-search growth earlier in the year."

"The factors affecting Q4 digital revenue are unchanged from those outlined in our Q3 trading update. These include a material reduction in Google referral volumes, alongside continued macroeconomic weakness."

"Digital advertising revenues also decreased, with website traffic being adversely affected by the introduction of AI overviews by search engine providers, resulting in fewer users clicking through to news websites."

"So first of all, what we are seeing in terms of traditional search that we still see volume growth. So travel clicks that are coming to us from traditional search are still going up year-over-year. That, of course, might change over time, but I think that is an important data point. The other is the number of leads that we're receiving from large language models relatively small, but it is growing."

"Simultaneously, we are using generative AI to put those suppliers' products in front of more customers. We've utilized LLMs to rapidly scale and optimize our SEO titles, leading to greater Wayfair presence in Google Search and a higher volume of free traffic."

"Looking ahead, we are actively shaping the future of agentic commerce with a clear dual-pronged strategy. First, we view this as a new additive channel for growth, so we will be where our customers are. This begins with ensuring a vast and specialized catalog is deeply integrated and accurately represented on leading AI and search platforms including Google, OpenAI and Perplexity."

"Real estate portals built on SEO foundations need to build strategies to acquire traffic from AEO, answer engine optimization, and GEO, generative engine optimization. SEO remains the foundation of AEO and GEO, though a portal's brand, content, and context remain the key building blocks for success. Today, GEO is sub-1% of top-of-funnel acquisition."

"Brand traffic, direct traffic, SEM, display, social, email, SEO, and AEO remain 99.5% of top-of-funnel source. These traffic sources will remain important in the generative AI future for sure, and likely the majority, but GEO will become a much bigger top-of-funnel traffic feed, and we will position our portals to capture that traffic. Many believe that traffic from GEO may be monetized the way Google monetized SEO with SEM. There are some huge AI, GPU, and energy bills to pay out there."

"Beyond macroeconomic headwinds, changes in content search and the way Google presents search results, they have impacted not only our acquisition channels, but also our customers. We are adapting to these changes, acquiring, for example, clients coming from LLMs, but we are still in a period of continuous transitions in this area."

"The way people search for content is changing, and we're embracing this. SEO was the landscape. Now it's part of the landscape. Consumer behavior is slowly shifting away from traditional SEO to sponsored links on search engines to short summaries to AI-powered search engines and to prioritizing social first."

"Just like 15 to 20 years ago, we introduced websites to complement our magazines. We will do it again by pivoting from SEO to AI and social, and this is already happening. But not everything is changing."

"TechRadar is performing extremely well at this moment in time in ChatGPT."

"We have made tremendous progress improving Pinterest as a shopping destination, right? And we are a destination. 85% of our users come to our mobile app directly, 100% of our users are logged in. We are a destination. We are not nearly SEO dependent as others. We are a destination."

"Google Search is a source of our sessions from the 50s down to 28% last quarter. And People Inc. has really filled that hole with other channels. [..] So if you do that math, about 18% of our total Digital revenue comes from Google Search. Now we expect that to continue to decline as whatever disruptions happen with AI overviews."

"The same skills that allow you to be crawled and cited are the same skills for SEO that they are for AI. That's what Google has indicated they're seeing. That's what we're seeing with our capability."

"What we're seeing is that AI-first traffic from that search ecosystem, sometimes called generative engine optimization is growing exponentially. It's a small base, but it's growing exponentially, and the traffic is higher intent. So we're converting it more effectively."

"[The] second way is making sure that we make our data and our content available for the generative AI search engines themselves, so the SEO for AI and that is more of a technology and content strategy, and it's still a very small percent of total searches, but we're excited by how we're showing up there. Again, it's all relative to the competition. And I would say in that, the zero-click search that you mentioned, car shopping is rarely a zero-click or one-click activity. If you're searching for a data point or an answer to a question, it's fantastic. If you're searching for the the perfect Subaru Outback that you want for your family, you're going to need to do some searching over 3 to 6 months."

"I think we're very pleased with our organic traffic and Docusign has an amazing brand and recognition reputation, and I think that plays well, both in an SEO world and a GEO world. With that said, look, behavior, consumer and enterprise buying behavior is changing as a result of LLMs. And so I think we're keeping a very close eye on those changes and how that affects behavior throughout, what we've historically talked about is the funnel. So that's number one."

"Our top line remained pressured, and we continue to navigate an evolving customer acquisition landscape. Traditional SEO continued to decline and our bottom-of-the-funnel marketing investments did not yield their expected results. As a result, our consolidated fourth quarter revenue declined 6.7%."

"Our revenue coming from search traffic in the US - which is about half of Taboola's revenue - is about 5%. So we're not that exposed to search traffic as of now. And of course, I do expect that to go down over time. I think whether ChatGPT competes with Google Search or Google competes with Google Search, search will change."

"Our traffic is actually up quite significantly this year. And AI search is 1% of our overall traffic. And the top 25% brands actually have a 10x visibility in AI search. So which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor. And then the last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because we have 100 million folks that are in-app. And so less than 1% is SEO search. So that's not really impacted at all."

"Generally, we have not been overly reliant on search. I mean, specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search."

"Google’s AI overviews and evolving search algorithms have shifted traffic patterns across the open web. Over the past couple of years, forums like ours and Reddit benefited from Google rewarding authentic human content. More recently, zero click search has become a bigger factor, reducing the number of visitors referred from search results to the broader web."