Feb. 12 (Bloomberg) -- Google Inc., owner of the world’s most popular search engine, announced plans to shut its three- year-old radio-advertising business and cut as many as 40 jobs, saying the investment didn’t provide enough of a payoff.
...The move illustrates Google’s failure to parlay its dominance in Internet-search ads into offline media. The company said last month that it would close a business that sold ad space in newspapers.
...Google plans to continue investing in its television ad business. It also is seeking ways to sell more advertising on online audio services, which younger audiences are using.
“We will use our technology to develop Internet-based solutions that will deliver relevant ads for online streaming audio,” Wojcicki said. “We are dedicating a team of people at Google to explore how we can best add value for advertisers, broadcasters and listeners in this emerging advertising space.”