Is Google a One Trick Pony? Yes! Says CEO Schmidt

When Google (s GOOG) CEO Eric Schmidt was asked if Google was a “one trick pony”, relying too heavily on advertising revenues, he replied:

If you’ve got a one-trick pony, you want the one we have. We’re in the ad business, and it’s growing rapidly. We picked the right trick.

Schmidt hopes display advertising and mobile will turn into two $10-billion dollar opportunities for the company:

‘If we have a billion people using Android, you think we can’t make money from that?’ Schmidt asked rhetorically. All it would take, he said, is $10 per user per year. Among other things, Google might earn such sums from selling access to digital content from newspapers.

Damn shame, a vast majority of those billion would be using a version of Android that doesn’t have anything to do with Google. Or that most of those billion pay less than $5-a-month to their phone companies today.

Pony image courtesy of Flickr user, Mariacecita under Creative Commons