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Analysis reveals rising revenues, shrinking profits and asymmetries in national market presence
The Media and Journalism Research Center (MJRC) has published a new study, “Charting Google’s European Footprint: Revenue Streams, Profit Pools and Market Presence,” offering a look at Google’s economic operations across Europe based on data from 2020 to 2023.
Drawing on national trade registries, company filings and third-party datasets, the report documents a period of financial divergence for Google in the region. While the company’s combined European revenues increased from €81.8 billion in 2020 to €95.81 billion in 2023, net profits declined from €23.77 billion to €14.74 billion. The data suggest that regulatory changes, the phase-out of legacy tax structures and compliance costs are reshaping Google’s financial model in Europe.
Ireland remains Google’s financial hub, with over €81 billion in turnover and €14.7 billion in profits recorded in 2023 across its local subsidiaries. However, per capita revenue figures are highly uneven across the continent—exceeding €15,000 in Ireland but remaining below €50 in most other EU countries. This points to continued centralization of declared revenues in a small number of jurisdictions, even as digital ad markets expand across Europe.
The report also explores the relationship between national digital maturity (as measured by the DESI index), GDP per capita, and online ad spend. While more digitally advanced economies tend to show higher levels of digital ad spending, there is little correlation between these indicators and the amount of revenue Google reports locally. This disconnect raises broader questions about the alignment of platform revenues with national economic activity.
The findings carry important implications for media sustainability. As Google captures a growing share of digital advertising revenue—particularly in search and programmatic formats—publishers in many countries face shrinking income and limited bargaining power. The report notes that the bulk of Google’s advertising revenue continues to be processed through vertically integrated systems, leaving national media companies increasingly dependent on a single intermediary for monetization.
The study forms part of MJRC’s broader work on media economics and platform accountability, aiming to provide transparent, comparative data on the operations of major digital intermediaries across European markets.The full report, including detailed tables and country-level breakdowns, is available now on Global Media Finances Map.
Photo by Kai Wenzel on Unsplash