Subscriptions, Platforms & DevicesNarrow moat

Alphabet (Google) (GOOGL) — moat facet

The one place ordinary people pay Google directly is growing about a fifth a year, and is about to learn whether Gemini subscribers can outrun a loosened Play-store commission.

Subscriptions, platforms and devices is Alphabet's second-fastest-growing line and the only one in which ordinary customers pay Google directly. It brought in $48,030 million in 20251, up 19.1%2, and the filing credits the growth mainly to "paid subscriptions across both YouTube services and Google One"3. It is also the least transparent line in the company, because it bundles several businesses with different economics and discloses no split among them.

Subscriptions, platforms and devices revenue ($B)$10.9B2017$14.1B2018$17.0B2019$21.7B2020$28.0B2021$29.1B2022$34.7B2023$40.3B2024$48.0B2025Reported as Google other through FY2022. Alphabet Forms 10-K FY2019-FY2025
More than four times its 2017 size with no down year; 2022, grey, was the only year growth fell below 15%.

Alphabet lists what is inside. Consumer subscriptions include YouTube TV, YouTube Music and Premium and NFL Sunday Ticket, as well as "Google One, which offers access to our most capable Gemini models"; platforms are mainly Google Play sales of apps and in-app purchases; devices are mainly the Pixel family; and there is a residual for other products and services4. Through the annual report for 2022 the whole line was called simply Google other5; it has carried its present name since the report for 20236. The chart on this site that divides it into parts is an estimate for exactly that reason.

Each part has its own history. The store came first: in March 2012 Google folded Android Market, Google Music and the Google eBookstore into a single service called Google Play7. Google One, the storage-and-extras subscription, dates back to May 2018 and had 150 million subscribers by May 2025, 50% more than in February 2024; its AI Premium tier costs $19.99 a month in the United States8 YouTube's paid tiers reached 125 million Music and Premium subscribers globally, including trials, by March 2025, which YouTube called "an incredible milestone that many laughed off as impossible"9. In December 2022 YouTube won the NFL's Sunday Ticket in a seven-year deal of about $2 billion a year10. On the hardware side, Google completed its acquisition of Fitbit in January 202111, adding wearables to the Pixel phones.

The line makes money in three different ways. Subscriptions charge a recurring fee, which is the most valuable kind of revenue a consumer business can have, because it arrives whether or not anyone clicks an ad. Google Play earns a commission on apps and in-app purchases sold through the store. Devices earn a hardware margin on each Pixel sold. Alphabet does not report the line's profit, which sits inside Google Services, and the three models almost certainly earn very different margins. Store commissions cost little to collect; phones carry manufacturing costs; and the sports and music inside YouTube's subscriptions carry content costs that Alphabet names as one of the drivers of its rising cost of revenues12. So the line's growth does not translate into profit one for one, and the mix within it matters more than its total.

The growth record has no down year. From $10,914 million in 201713 the line more than quadrupled, a compound rate of about 20%14. It reached $21,711 million in 2020 and $28,032 million in 202115. The slowest year was 2022, when revenue rose only to $29,055 million, about 3.6%16. Since then growth has been 19%, 16% and 19%, and 2026 has kept the pace: the first quarter grew 19% and the second 15%, to $12,911 million17.

The outlook has one tailwind and one threat. The tailwind is AI. Gemini passed a billion monthly users in 202618, and Google's consumer Gemini plans are sold through Google One, whose revenue lands on this line, so the question is how many of those users pay. The threat is Google Play's commission. Under the injunction in Epic's case, Google said it would begin supporting alternative app stores on Android on July 22, 202619, and every app that moves its sales to a rival store or its own payment system removes commission from this line. The two forces will play out at once, which makes the line's reported growth an imperfect guide to either.

The number that settles it is this line's growth rate against its 2025 pace of 19.1%. If Gemini subscriptions are converting in volume, the line should hold something close to that even as Play commissions come under pressure. A slide toward single digits over the next two years would say the AI tiers are not yet paying their way, and that the fastest-growing consumer money in the company was, in the end, YouTube's sports and music.

Moat trajectory: Widening

Paid subscriptions across YouTube and Google One drove 19.1% growth in 2025, the line has never had a down year, and Gemini's consumer plans are sold through Google One. The offsetting pressure is Google Play, where rival app stores have been supported on Android since July 2026.

The number that tests this moat
Moat Explorer calc
Subscriptions, platforms & devices growth
+19.1% (2025), to $48.0B

Paid subscriptions across YouTube and Google One drove the growth. If Gemini plans convert, the line should hold near this pace even as Play-store commissions come under pressure; a slide toward single digits would say they are not converting.

How it's calculated: Google subscriptions, platforms, and devices revenue $48,030m (2025) ÷ $40,340m (2024) − 1.
Source: Alphabet Form 10-K, FY2025 ↗
References
  1. ReportedIt brought in $48,030 million in 2025, up 19.1%, and the filing credits the growth mainly to "paid subscriptions across both YouTube services and Google One".
    Alphabet Form 10-K, FY2025 — Note 2, revenues by type: Google Search & other $175,033m / $198,084m / $224,532m; YouTube ads $31,510m / $36,147m / $40,367m; Google Network $31,312m / $30,359m / $29,792m; Google subscriptions, platforms, and devices $34,688m / $40,340m / $48,030m; Google Cloud $33,088m / $43,229m / $58,705m; Other Bets $1,527m / $1,648m / $1,537m; total revenues $307,394m / $350,018m / $402,836m (2023 / 2024 / 2025) — FY2023–FY2025 · publ. February 5, 2026 · source ↗
  2. Moat Explorer calcIt brought in $48,030 million in 2025, up 19.1%, and the filing credits the growth mainly to "paid subscriptions across both YouTube services and Google One".
    Moat Explorer calculation from Alphabet's filed revenue and segment figures (Forms 10-K FY2019, FY2021, FY2022, FY2023, FY2025; Q1 and Q2 2026 releases) — growth rates, shares of revenue, compound annual growth, segment operating margins and loss-per-revenue-dollar ratios — FY2017–Q2 2026 · publ. Computed September 2026 · source ↗
  3. ReportedIt brought in $48,030 million in 2025, up 19.1%, and the filing credits the growth mainly to "paid subscriptions across both YouTube services and Google One".
    Alphabet Form 10-K, FY2025 — Item 7 MD&A, revenue discussion: Search & other +$26.4 billion; YouTube ads +$4.2 billion, driven by direct response then brand advertising; Google Network −$567 million on lower AdSense, partly offset by AdMob; paid clicks +6%, cost-per-click +7%, Network impressions −7%, cost-per-impression +7%; subscriptions, platforms, and devices +$7.7 billion on paid subscriptions across YouTube services and Google One; Google Cloud +$15.5 billion on Google Cloud Platform infrastructure and platform services; Other Bets operating loss +$3.1 billion on a valuation-based compensation charge related to Waymo; cost of revenues up on TAC, content acquisition costs and depreciation — FY2025 against FY2024 · publ. February 5, 2026 · source ↗
  4. ReportedConsumer subscriptions include YouTube TV, YouTube Music and Premium and NFL Sunday Ticket, as well as "Google One, which offers access to our most capable Gemini models"; platforms are mainly Google Play sales of apps and in-app purchases; devices are mainly the Pixel family; and there is a residual for other products and services.
    Alphabet Form 10-K, FY2025 — Item 7, how each revenue type is generated (Search & other incl. distribution-partner traffic, Gmail, Maps and Play; Network = AdMob, AdSense and Google Ad Manager; subscriptions = YouTube TV, Music and Premium, NFL Sunday Ticket, Google One; platforms = Google Play; devices = Pixel; Cloud = GCP consumption fees and subscriptions, Workspace; Other Bets = autonomous transportation and internet services), TAC paid to distribution and Google Network partners, content acquisition costs primarily related to YouTube, and Note 15's description of Other Bets — FY2025 · publ. February 5, 2026 · source ↗
  5. ReportedThrough the annual report for 2022 the whole line was called simply Google other; it has carried its present name since the report for 2023.
    Alphabet Form 10-K, FY2022 — revenues by type for 2021 and 2022: YouTube ads $28,845m and $29,243m; Google Network $31,701m and $32,780m; Google other $28,032m and $29,055m; Search & other $148,951m and $162,450m — FY2021–FY2022 · publ. February 3, 2023 · source ↗
  6. ReportedThrough the annual report for 2022 the whole line was called simply Google other; it has carried its present name since the report for 2023.
    Alphabet Form 10-K, FY2023 — revenues by type for 2022 (Search & other $162,450m, YouTube ads $29,243m, Google Network $32,780m, Google subscriptions, platforms, and devices $29,055m, Google Cloud $26,280m, Other Bets $1,068m) and recast segment operating income for 2022 (Google Cloud $(1,922)m, Other Bets $(4,636)m); Google DeepMind reported within Alphabet-level activities from the second quarter of 2023 — FY2022–FY2023 · publ. January 31, 2024 · source ↗
  7. ReportedThe store came first: in March 2012 Google folded Android Market, Google Music and the Google eBookstore into a single service called Google Play.
    Official Google Blog, 'Introducing Google Play: All your entertainment, anywhere you go' (March 6, 2012) — Android Market, Google Music and the Google eBookstore became part of Google Play — March 2012 · publ. March 6, 2012 · source ↗
  8. ReportedGoogle One, the storage-and-extras subscription, dates back to May 2018 and had 150 million subscribers by May 2025, 50% more than in February 2024; its AI Premium tier costs $19.99 a month in the United States YouTube's paid tiers reached 125 million Music and Premium subscribers globally, including trials, by March 2025, which YouTube called "an incredible milestone that many laughed off as impossible".
    9to5Google, 'Google One now has 150 million subscribers, millions with AI Premium' (May 15, 2025) — a 50% increase from February 2024; the offering dates back to May 2018; the AI Premium tier costs $19.99 a month in the US — May 2025 · publ. May 15, 2025 · source ↗
  9. ReportedGoogle One, the storage-and-extras subscription, dates back to May 2018 and had 150 million subscribers by May 2025, 50% more than in February 2024; its AI Premium tier costs $19.99 a month in the United States YouTube's paid tiers reached 125 million Music and Premium subscribers globally, including trials, by March 2025, which YouTube called "an incredible milestone that many laughed off as impossible".
    YouTube Official Blog, '20 years & 125 million subscribers later' (Lyor Cohen, March 2025) — 125 million YouTube Music and Premium subscribers globally, including trials; Premium Lite pilot expanded to US users — March 2025 · publ. March 2025 · source ↗
  10. ReportedIn December 2022 YouTube won the NFL's Sunday Ticket in a seven-year deal of about $2 billion a year.
    CNBC, 'NFL Sunday Ticket goes to YouTube in seven-year, $2 billion annual deal' (December 22, 2022) — available from the 2023-24 season as a YouTube TV add-on and a stand-alone option on YouTube Primetime Channels — December 2022 · publ. December 22, 2022 · source ↗
  11. ReportedOn the hardware side, Google completed its acquisition of Fitbit in January 2021, adding wearables to the Pixel phones.
    Google blog, 'Google completes Fitbit acquisition' (Rick Osterloh, January 14, 2021) — January 2021 · publ. January 14, 2021 · source ↗
  12. ReportedStore commissions cost little to collect; phones carry manufacturing costs; and the sports and music inside YouTube's subscriptions carry content costs that Alphabet names as one of the drivers of its rising cost of revenues.
    Alphabet Form 10-K, FY2025 — Item 7 MD&A, revenue discussion: Search & other +$26.4 billion; YouTube ads +$4.2 billion, driven by direct response then brand advertising; Google Network −$567 million on lower AdSense, partly offset by AdMob; paid clicks +6%, cost-per-click +7%, Network impressions −7%, cost-per-impression +7%; subscriptions, platforms, and devices +$7.7 billion on paid subscriptions across YouTube services and Google One; Google Cloud +$15.5 billion on Google Cloud Platform infrastructure and platform services; Other Bets operating loss +$3.1 billion on a valuation-based compensation charge related to Waymo; cost of revenues up on TAC, content acquisition costs and depreciation — FY2025 against FY2024 · publ. February 5, 2026 · source ↗
  13. ReportedFrom $10,914 million in 2017 the line more than quadrupled, a compound rate of about 20%.
    Alphabet Form 10-K, FY2019 — revenues by type for 2017, 2018 and 2019: Search & other $69,811m / $85,296m / $98,115m; YouTube ads $8,150m / $11,155m / $15,149m; Google Network Members' properties $17,616m / $20,010m / $21,547m; Google Cloud $4,056m / $5,838m / $8,918m; Google other $10,914m / $14,063m / $17,014m; Other Bets $477m / $595m / $659m; total $110,855m / $136,819m / $161,857m — FY2017–FY2019 · publ. February 4, 2020 · source ↗
  14. Moat Explorer calcFrom $10,914 million in 2017 the line more than quadrupled, a compound rate of about 20%.
    Moat Explorer calculation from Alphabet's filed revenue and segment figures (Forms 10-K FY2019, FY2021, FY2022, FY2023, FY2025; Q1 and Q2 2026 releases) — growth rates, shares of revenue, compound annual growth, segment operating margins and loss-per-revenue-dollar ratios — FY2017–Q2 2026 · publ. Computed September 2026 · source ↗
  15. ReportedIt reached $21,711 million in 2020 and $28,032 million in 2021.
    Alphabet Form 10-K, FY2021 — revenues by type for 2020 and 2021 (Search & other $104,062m / $148,951m; YouTube ads $19,772m / $28,845m; Google Network $23,090m / $31,701m; Google other $21,711m / $28,032m; Google Cloud $13,059m / $19,206m; Other Bets $657m / $753m) and segment operating income as then reported (Google Cloud $(5,607)m / $(3,099)m; Other Bets $(4,476)m / $(5,281)m) — FY2020–FY2021 · publ. February 2, 2022 · source ↗
  16. Moat Explorer calcThe slowest year was 2022, when revenue rose only to $29,055 million, about 3.6%.
    Moat Explorer calculation from Alphabet's filed revenue and segment figures (Forms 10-K FY2019, FY2021, FY2022, FY2023, FY2025; Q1 and Q2 2026 releases) — growth rates, shares of revenue, compound annual growth, segment operating margins and loss-per-revenue-dollar ratios — FY2017–Q2 2026 · publ. Computed September 2026 · source ↗
  17. ReportedSince then growth has been 19%, 16% and 19%, and 2026 has kept the pace: the first quarter grew 19% and the second 15%, to $12,911 million.
    Alphabet Q2 2026 earnings release — quarter ended June 30, 2026 against 2025: Search & other $63,271m vs $54,190m; YouTube ads $11,055m vs $9,796m; Google Network $7,303m vs $7,354m; subscriptions, platforms, and devices $12,911m vs $11,203m; Google Cloud $24,768m vs $13,624m (+82%) with operating income $8,814m vs $2,826m; Google Services operating income $39,544m on $94,540m; Other Bets revenue $382m vs $373m and operating loss $(1,799)m vs $(1,246)m — Q2 2026 · publ. July 22, 2026 · source ↗
  18. ReportedGemini passed a billion monthly users in 2026, and Google's consumer Gemini plans are sold through Google One, whose revenue lands on this line, so the question is how many of those users pay.
    Press reporting of Alphabet's announcement — the Gemini app passed 1 billion monthly active users (Aug 2026), the fastest Google product ever to the mark; ~90M in Oct 2024, ~350M in Mar 2025, ~650M by Q3 2025 — Oct 2024 - Aug 2026 · publ. Aug 11, 2026 · source ↗
  19. ReportedUnder the injunction in Epic's case, Google said it would begin supporting alternative app stores on Android on July 22, 2026, and every app that moves its sales to a rival store or its own payment system removes commission from this line.
    MacRumors (July 15, 2026) — Google and Epic withdrew their motion to modify the injunction; Google is bound by the October 2024 permanent injunction requiring it to allow alternative app stores on Android and said it would begin supporting them on July 22, 2026 — July 2026 · publ. July 15, 2026 · source ↗
Sources
Generated September 16, 2026