Alphabet Inc (NASDAQ:GOOGL) has announced that it plans to shut down Compare, a service that allowed people to equate mortgages, auto insurance, and credit cards.
Google Compare lets users place a comparison of vital services such as credit cards, mortgages and auto insurance. It was developed by Google in 2015 as a new strategy for the firm especially because Google had never tried ventures that involve such data. However, it seems that the project is not working out for the company and thus its untimely termination.
Joshua Dziabiak, the chief operating officer of The Zebra, which happens to be Google’s rival auto insurance comparison company, stated that his firm received word from industry sources about the termination of Google Compare. The service was only available in the US and the UK.
Google Compare’s revenue was generated through referral missions. Andrew Rose, the CEO of Compare.com said it was a bit of a surprise to hear that the company decided to stop pursuing the project. Google sent a letter to its partners to notify them of the decision to shut down the service. The letter indicates that winding up will commence on February 23 and will be complete by March 23 this year.
The announcement came as a surprise to many, but the company has already pointed out that Google Compare will be terminated because it has not been achieving the same level of success that the firm had targeted and anticipated. The letter also acknowledges the support that the partners have offered to the project during the short time it has been active.
According to the notification letter, Google’s plan is to shift its focus to future innovations that will offer more efficiency to customers as well as Adwords. Shutting down the service can be viewed as a setback for the company especially in its mission to launch revenue-generating services outside its main businesses. Google also announced that it will continue to work with the partners until the program is completely terminated and even in other future projects.
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