Google continues to execute proficiently across its platform of applications, which they had demonstrated at the Morgan Stanley Technology, Media, and Telecom Conference. Here are the three key takeaways: Google mentioned that the amount of time spent on the YouTube platform grew 50% y/y. It’s hard to articulate how this translates to Google’s P&L statement, but in a nutshell, the company’s doing a lot better across its portfolio of digital platforms. With Google Search growth slowing if not stagnating, other areas of its portfolios need to do more of the heavy lifting.Premium ad inventory grew by 35% m/m according to Google. This means that the most expensive ad units are generating higher impressions, thus higher cost per impressions, or cost per engagement metrics. The m/m growth rate is rapidly accelerating, so we’re witnessing a sort of ad cost inflation, which is fairly comparable to the rapid price increases on other platforms like Facebook and Twitter, i.e. sell it cheap, reel them in and jack prices up later. Google's ad pricing declined by 11% y/y in FY’15, but these trends are likely to reverse given management’s commentary. YouTube users have watched 7 million hours in advertisements. The length of ads can be increased considerably, which allows brands to convey more information, and provide better ad quality when compared to broadcast television. Hence, Google seems well positioned to grow its network, as they have invested heavily into ad tech, i.e. Active View, which they distribute to its partners for free. The incremental opportunities to add insights, while maintaining strong relationships in its publisher and ad ecosystem differentiates Google, thus limiting competitive threats. All in all, I think Google is strategically well positioned when compared to some of its Internet peers. However, it’s true that Google’s network of websites has slowed in recent years. I anticipate that this pattern will eventually shift as its publisher ecosystem, video platform provide enough incremental upside to offset weakening engagement for core search.