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And sort of, just to illustrate this is a contrast.
为了说明，这里有个对比的例子
If you sorta, compare the US airline industry with a company like Google on search.
如果你比较美国航空业和像谷歌这样的公司
If you sorta, measure by the size of these industries you could,
如果只是比较两者的规模
you could say that airlines are still more important than search.
你会说航空业仍然比搜索引擎更加重要
If you just measure it say by revenues. There's 195 billion.
如果只是比较收入的话，前者有1950亿
In domestic revenues in 2012. Google had just north of 50 billion.
这是12年在美国本土的收入，而谷歌才500亿多一点
And certainly, sort of on some intuitive level,
诚然，从直觉上来说
if you said, if you were given a choice and said well do you want to get rid of all air travel.
如果要你做一个选择，是不再乘飞机旅行
Or do you want to get rid of your ability to use search engines?
还是不再使用搜索引擎
The intuition would be that air travel is something that's more important than search.
直觉上来说，飞机旅行确实比搜索更重要
And this is, of course, just the domestic numbers.
这还只是对于美国本土的数据
If you had looked at this globally, airlines are much, much bigger than search, or Google, is
如果放眼全球来看，航空业比搜索引擎，或者说比谷歌的收入就更多了
But the profit margins are quite a bit less.
但利润率就少多了
You know, they were marginally profitable in 2012.
这里有12年的利润率的数据
Think entire hundred year history of the airline industry.
纵观美国航空业的百年历史
The cumulative profits in the U.S. have been approximately zero.
累积起来的利润几乎为0
The companies make money. They episodically go bankrupt.
公司会赚钱，但也会阶段性破产
They get re-capitalized and you sort of cycle and repeat.
然后再重新融资，不断循环这一过程
And this is reflected in you know the combined market capitalization
这反映在航空业的总市值上
of the airline industries maybe something of the U.S. airline industry
美国航空业的总市值
Something like a quarter that of Google.
大约只有谷歌的1/4
So, you have a search engine much,
因此，搜索引擎的业务规模
much smaller than air travel but much more valuable.
虽然比航空业小很多，但却更有价值
