In July, Search Themes were spotted in the Performance Max campaigns. Today, they are rolling out in beta.
The limit used to be 10, now it has been increased to 25 search themes per asset group.
They are optional now but in 2024 Google will automatically update custom segments based on search activity to search terms. Custom segments based on interests will still be available in Performance Max.
This news was shared by Ginny Marvin and Thomas Eccel. Google published an official announcement with some tips here: Unlock new relevant traffic on Performance Max with search themes.
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