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And sort of, just to illustrate this is a contrast.
為了說明，這里有個對比的例子
If you sorta, compare the US airline industry with a company like Google on search.
如果你比較美國航空業(yè)和像谷歌這樣的公司
If you sorta, measure by the size of these industries you could,
如果只是比較兩者的規(guī)模
you could say that airlines are still more important than search.
你會說航空業(yè)仍然比搜索引擎更加重要
If you just measure it say by revenues. There's 195 billion.
如果只是比較收入的話，前者有1950億
In domestic revenues in 2012. Google had just north of 50 billion.
這是12年在美國本土的收入，而谷歌才500億多一點
And certainly, sort of on some intuitive level,
誠然，從直覺上來說
if you said, if you were given a choice and said well do you want to get rid of all air travel.
如果要你做一個選擇，是不再乘飛機(jī)旅行
Or do you want to get rid of your ability to use search engines?
還是不再使用搜索引擎
The intuition would be that air travel is something that's more important than search.
直覺上來說，飛機(jī)旅行確實比搜索更重要
And this is, of course, just the domestic numbers.
這還只是對于美國本土的數(shù)據(jù)
If you had looked at this globally, airlines are much, much bigger than search, or Google, is
如果放眼全球來看，航空業(yè)比搜索引擎，或者說比谷歌的收入就更多了
But the profit margins are quite a bit less.
但利潤率就少多了
You know, they were marginally profitable in 2012.
這里有12年的利潤率的數(shù)據(jù)
Think entire hundred year history of the airline industry.
縱觀美國航空業(yè)的百年歷史
The cumulative profits in the U.S. have been approximately zero.
累積起來的利潤幾乎為0
The companies make money. They episodically go bankrupt.
公司會賺錢，但也會階段性破產(chǎn)
They get re-capitalized and you sort of cycle and repeat.
然后再重新融資，不斷循環(huán)這一過程
And this is reflected in you know the combined market capitalization
這反映在航空業(yè)的總市值上
of the airline industries maybe something of the U.S. airline industry
美國航空業(yè)的總市值
Something like a quarter that of Google.
大約只有谷歌的1/4
So, you have a search engine much,
因此，搜索引擎的業(yè)務(wù)規(guī)模
much smaller than air travel but much more valuable.
雖然比航空業(yè)小很多，但卻更有價值
