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Yield: How Google Bought, Built, and Bullied Its Way to Advertising Dominance
A deeply researched insider’s account of Google’s epic two-decade campaign to dominate online advertising by any means necessary.
Everyone knows Google as the world’s most iconic search engine. But over the past twenty years, it has also bought, built, and bullied its way to control of the online advertising market. It has cornered the market so completely that they are often the buyer, seller, and intermediary in a single transaction.
In this gripping work of narrative journalism, former advertising executive Ari Paparo tells the story of how Google—starting in the mid-2000s with its initial near-monopoly on text ads (the ones you see alongside its search results)—began to look for ways to obtain a similar stranglehold on the display advertising market (the boxes and rectangles on most every website).
It found its edge, as it always has, in new technology—the acquisition of a leading “ad exchange” that allowed display ads to be bought and sold in milliseconds, with users operating more like Wall Street traders in pursuit of marginal but cumulatively huge profits (“yield”) than Mad Men-style creatives.
By the mid-2010s, the company with the founding motto of “Don’t be evil” was systematically using a suite of secret projects with names like “Bernanke,” “Poirot,” and “Bell” to squeeze, gaslight, and manipulate its partners and the market to its will.
As Google’s ultimate power play became obvious, a shifting alliance of companies, including tech and communications giants like Microsoft, AT&T, and Verizon, and traditional publishers like Rupert Murdoch’s News Corp, The Daily Mail, and Gannett, moved to stop them but ultimately fell short—leaving the question of whether one company could control the future of media and journalism hanging in the balance. Now, the Department of Justice and the courts are the last line of defense, with calls to break up the company and unravel the advertising empire.
Drawing from dozens of first-hand accounts, thousands of pages of court documents, and the author’s experience as an employee of many of the companies involved, Yield is a gripping story of technological innovation, hard-nosed politics, and how the business of modern advertising really works.
Everyone knows Google as the world’s most iconic search engine. But over the past twenty years, it has also bought, built, and bullied its way to control of the online advertising market. It has cornered the market so completely that they are often the buyer, seller, and intermediary in a single transaction.
In this gripping work of narrative journalism, former advertising executive Ari Paparo tells the story of how Google—starting in the mid-2000s with its initial near-monopoly on text ads (the ones you see alongside its search results)—began to look for ways to obtain a similar stranglehold on the display advertising market (the boxes and rectangles on most every website).
It found its edge, as it always has, in new technology—the acquisition of a leading “ad exchange” that allowed display ads to be bought and sold in milliseconds, with users operating more like Wall Street traders in pursuit of marginal but cumulatively huge profits (“yield”) than Mad Men-style creatives.
By the mid-2010s, the company with the founding motto of “Don’t be evil” was systematically using a suite of secret projects with names like “Bernanke,” “Poirot,” and “Bell” to squeeze, gaslight, and manipulate its partners and the market to its will.
As Google’s ultimate power play became obvious, a shifting alliance of companies, including tech and communications giants like Microsoft, AT&T, and Verizon, and traditional publishers like Rupert Murdoch’s News Corp, The Daily Mail, and Gannett, moved to stop them but ultimately fell short—leaving the question of whether one company could control the future of media and journalism hanging in the balance. Now, the Department of Justice and the courts are the last line of defense, with calls to break up the company and unravel the advertising empire.
Drawing from dozens of first-hand accounts, thousands of pages of court documents, and the author’s experience as an employee of many of the companies involved, Yield is a gripping story of technological innovation, hard-nosed politics, and how the business of modern advertising really works.
368 pages, Hardcover
Published August 5, 2025
57 people are currently reading
240 people want to read
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Displaying 1 - 9 of 9 reviews
October 1, 2025
This is a great book, but only for AdTech insiders who do already know a lot how this specific industry works. In theory, everything is explained step-by-step BUT explanations are very rushed, there are no examples (e.g., flows) and some historical aspects (that have led to such-and-such mechanisms) are omitted. The story is focused on Google - how they entered AdTech space, their acquisitions, how they cemented their position and a bit of what's ahead (but pre-Gen AI considerations only). There's a lot about the role of 1st party cookie and 3rd party cookie, but far less about the role of ecosystems and what alternative solutions were proposed (& by whom).
Unfortunately, even with this flaws, it's still the best book on the topic. AdTech is a very closed world, not really approachable and the recommendation-worthy resources are very limited.
To summarize: 5 stars, but only if you're into AdTech already or you're very determined to "dig" into the stuff here, even if it means a lot of research around.
P.S. Diclaimer - I was listening to the audio-book, I have no idea if there are any good illustrations/diagrams here.
Unfortunately, even with this flaws, it's still the best book on the topic. AdTech is a very closed world, not really approachable and the recommendation-worthy resources are very limited.
To summarize: 5 stars, but only if you're into AdTech already or you're very determined to "dig" into the stuff here, even if it means a lot of research around.
P.S. Diclaimer - I was listening to the audio-book, I have no idea if there are any good illustrations/diagrams here.
September 25, 2025
My nerdy book review. I enjoyed this book, which sometimes I get bored with non fiction, but I found it interesting and thought Ari did a good job. It is pretty technical, and if not in the industry may not be as interesting or maybe hard to follow. As I was reading it felt like a trip down my work memory lane from starting at double click pre google acquisition and the evolution of digital media/advertising over the years and how google really drove that in some of their monopolistic strategies. It’s also interesting as it feels like some parallels to what is happening in retail media and the rate of change happening in the industry currently. Overall I enjoyed this and was a good audible for my commute and gave me some things to think about with digital media landscape
August 25, 2025
This book is absolutely excellent for anyone in the media/advertising world. I would say the knowledge is great for anyone as it's an eye opening read into why the open internet behaves the way it does, but this book is written for people who speak the industry language of programmatic piping.
I think this book excelled in marrying the technical capabilities, with business KPI's, and human personalities that drove the decisions. Written chronologically you understand the technical innovations, to who and why they mattered, and how companies implemented them. I think too many books get bogged down in one side of these elements, and this book did a great job of showcasing all of it.
This was a great 101 for me on the rise of display advertising, and programmatic as a whole. The evolution of the programmatic marketplace, rise of DSP's - all of it served as a terrific lesson to anyone working in the space on our industry's history.
One of the parts that surprised me the most was how this entire book focused on Google's anticompetitive practices & monopoly power, while almost never touching on Search & just mentioning YouTube. These are both referenced in the conclusion, but it was eye opening to me that Google had such an outsized control of the open internet through their dominance of the ad exchange & ad server.
This concluded in a semi-somber note, referencing how these anti-trust busts by the gov't are likely necessary, but almost always a little late. Google is moving increasingly to the walled garden approach with YouTube, and the advertising market is moving away from open internet towards social & video, largely owned by apps. Similarly, AI may blow up Google's dominance of their Search business in a way that the anti-trust cases have no bearing on.
Highly recommend this to anyone in the industry, and will need to read again to soak it up more thoroughly.
I think this book excelled in marrying the technical capabilities, with business KPI's, and human personalities that drove the decisions. Written chronologically you understand the technical innovations, to who and why they mattered, and how companies implemented them. I think too many books get bogged down in one side of these elements, and this book did a great job of showcasing all of it.
This was a great 101 for me on the rise of display advertising, and programmatic as a whole. The evolution of the programmatic marketplace, rise of DSP's - all of it served as a terrific lesson to anyone working in the space on our industry's history.
One of the parts that surprised me the most was how this entire book focused on Google's anticompetitive practices & monopoly power, while almost never touching on Search & just mentioning YouTube. These are both referenced in the conclusion, but it was eye opening to me that Google had such an outsized control of the open internet through their dominance of the ad exchange & ad server.
This concluded in a semi-somber note, referencing how these anti-trust busts by the gov't are likely necessary, but almost always a little late. Google is moving increasingly to the walled garden approach with YouTube, and the advertising market is moving away from open internet towards social & video, largely owned by apps. Similarly, AI may blow up Google's dominance of their Search business in a way that the anti-trust cases have no bearing on.
Highly recommend this to anyone in the industry, and will need to read again to soak it up more thoroughly.
This entire review has been hidden because of spoilers.
September 25, 2025
"Yield" is a well-crafted narrative describing the history of the ad-supported web and Google's role in it over the past 20 years.
While that may seem like a dry topic, the book is very engaging to read and hard to put down because the author brings to life all the people and personalities involved. He captures key moments that makes a reader feel like a true fly-on-the-wall observer of the story in pivotal moments.
This story-telling is founded on a plain-language and matter-of-fact humorous style, which serves as one of the book's greatest strengths: the arcane technical world of digital ad tech is simplified without dumbing it down or eliminating key details, while winking at some of the insanity. This characteristic makes the book a treasure-trove of ad tech explainers.
I highly recommend this book for folks seeking an engaging read on big tech business history, an introduction to the digital ad tech world, or an understanding of how software design and execution can drive world-changing business results.
While that may seem like a dry topic, the book is very engaging to read and hard to put down because the author brings to life all the people and personalities involved. He captures key moments that makes a reader feel like a true fly-on-the-wall observer of the story in pivotal moments.
This story-telling is founded on a plain-language and matter-of-fact humorous style, which serves as one of the book's greatest strengths: the arcane technical world of digital ad tech is simplified without dumbing it down or eliminating key details, while winking at some of the insanity. This characteristic makes the book a treasure-trove of ad tech explainers.
I highly recommend this book for folks seeking an engaging read on big tech business history, an introduction to the digital ad tech world, or an understanding of how software design and execution can drive world-changing business results.
November 9, 2025
Fascinating book for “AdTechies,” about the rise and evolution of online display advertising over the past 2 decades. The main focus is Google, and how it grew to dominate AdTech through acquisitions and innovation, as well as bullying and anti-competitive tactics. Paparo, a successful AdTech exec (and entrepreneur) who has worked for Google and Doubleclick (among others), offers a well written, informative and insightful inside look at the key businesses and technologies underlying online display advertising.
October 17, 2025
This was really well written but SUPER technical for someone not in ad-tech. There were some great chapters on anti trust and an inside look at Google, but a lot of chapters I felt like my eyes glazed over and I skimmed.
No fault to author though, if this is your niche it’s an amazing book, just too technical for an outsider
No fault to author though, if this is your niche it’s an amazing book, just too technical for an outsider
November 14, 2025
Technically dense but fascinating
November 17, 2025
This was a good read with a lot of detail of Google and Advertising. A nice behind the look picture of what is going on.
December 22, 2025
History is shaped by the decisions and ventures of companies and individuals. Only later do we step back to explain how markets ended up structured the way they are—and to identify inefficiencies, distortions, or outright failures. Yield is an excellent illustration of this process applied to the modern display advertising market.
Ari Paparo explains how Google became the dominant force not only in search advertising—which it effectively invented—but also across the entire display ad tech ecosystem. This dominance was not the result of luck or inevitability. Instead, it emerged from a deliberate sequence of acquisitions, technological advances, and aggressive market practices that sidelined competitors and placed Google in a position of power over both buyers and sellers.
The acquisition of DoubleClick was foundational. It allowed Google to build a fully integrated stack covering the whole market, positioning itself simultaneously as seller, buyer, and broker. Internal initiatives such as Bernanke, Poirot, and Bell further reinforced this power by reshaping auction mechanics and pricing rules to favor Google’s own platforms.
These practices eventually placed Google at the center of multiple antitrust lawsuits. In 2025, U.S. courts ruled that Google’s control of the ad server and ad exchange markets constituted a monopoly.
The book is dense and highly detailed, with a large cast of actors and technologies, making it easy to get lost at times. However, core concepts such as real-time bidding, dynamic allocation, header bidding, and waterfalls are explained thoroughly and in historical context. For readers willing to engage with its complexity, Yield offers one of the most authoritative accounts of how today’s digital advertising market came to be.
Ari Paparo explains how Google became the dominant force not only in search advertising—which it effectively invented—but also across the entire display ad tech ecosystem. This dominance was not the result of luck or inevitability. Instead, it emerged from a deliberate sequence of acquisitions, technological advances, and aggressive market practices that sidelined competitors and placed Google in a position of power over both buyers and sellers.
The acquisition of DoubleClick was foundational. It allowed Google to build a fully integrated stack covering the whole market, positioning itself simultaneously as seller, buyer, and broker. Internal initiatives such as Bernanke, Poirot, and Bell further reinforced this power by reshaping auction mechanics and pricing rules to favor Google’s own platforms.
These practices eventually placed Google at the center of multiple antitrust lawsuits. In 2025, U.S. courts ruled that Google’s control of the ad server and ad exchange markets constituted a monopoly.
The book is dense and highly detailed, with a large cast of actors and technologies, making it easy to get lost at times. However, core concepts such as real-time bidding, dynamic allocation, header bidding, and waterfalls are explained thoroughly and in historical context. For readers willing to engage with its complexity, Yield offers one of the most authoritative accounts of how today’s digital advertising market came to be.
Displaying 1 - 9 of 9 reviews