Two Currencies: Why Links Matter More in the AI Search Era, Not Less

Two Currencies: Why Links Matter More in the AI Search Era, Not Less

If you run a publication and you’ve watched your search traffic slide off a table over the last year, you are not imagining it, and you are not doing it wrong. Ahrefs studied 300,000 keywords and found that when an AI Overview shows up, click-through rates to the top-ranking page fall by roughly 58%. That is nearly double the drop they measured just a year earlier.

Chartbeat, which tracks more than 2,500 news sites, saw Google referrals fall by about a third throughout 2025. Publishers aren’t the only ones behind on this. Page One Power, a link-building service company, created its own research and found that most marketers aren’t even tracking whether their brand shows up in AI-generated answers, let alone doing anything about it.

DMG Media, which runs MailOnline and Metro, told regulators some searches were down almost 90%. Penske Media, the company behind Rolling Stone, Variety, and Billboard, is suing Google over it.

So no, you’re not being dramatic. The click economy that funded digital publishing for two decades is genuinely coming apart, and Google’s own “we’ll send you more traffic, we promise” updates read like a landlord slipping a fruit basket under the door after doubling the rent.

Here is where I’m going to lose some of you. The conclusion almost everyone drew from this, that SEO is dead and earning links is a waste of money in 2026, is exactly backward. Links did not stop mattering. They started paying in a second currency, and most publishers decided to stop collecting right as the second check began to clear.

The fear, stated fairly

The argument for giving up goes like this. AI answers the question on the results page. The user never clicks. Therefore, the whole machine underneath ranking, the backlinks, the authority, and the earned coverage, is dead weight. Why invest in getting cited or ranked for a click that will never come?

It’s a clean argument. It has a fatal flaw: the word “therefore.”

Yes, the click is under threat. But the reason your content got surfaced in the first place, in a blue link or an AI answer, was never the click. It was the trust. Google and every AI engine downstream of it are trying to answer one question before they answer the user’s: whose work do we trust enough to put our name next to? Losing clicks does not make that question go away. It makes it the only question that matters. Because in an AI answer there is no page two to slide down to. Vinod Pahwa put it well: you are either surfaced or you are omitted. This stopped being a visibility problem and became a market-access problem.

And market access still runs on authority. It always did.

What AI engines actually weigh

Here’s the part the doom narrative skips. When you look at what these systems actually reach for, it is not some alien new signal you’ve never heard of. It is the same authority you’ve spent years building, wearing a new outfit.

Muck Rack ran the largest study we have on this, tracking more than 25 million links cited across ChatGPT, Claude, and Gemini. Earned media, meaning third-party editorial coverage published somewhere with a name and a reputation, accounts for roughly 84% of all AI citations.

Not brand-owned pages. Not press releases, which barely register. Not paid placements, which come in at about a third of one percent. Trusted, independent, editorial sources. And that number has held between 82% and 89% across three separate editions dating back to mid-2025, which suggests it is not a glitch from one model update. It is how these systems have decided to source reality.

There’s a wrinkle worth naming, because I’d rather you hear it from me than a skeptic in the comments. When Ahrefs studied 75,000 brands, unlinked brand mentions correlated more strongly with AI visibility than backlinks did. If you’re a link cynic, that sounds like proof.

It isn’t, and here’s why it should reassure you instead. You do not earn a mention through one motion and a link through another. They come out of the same act. When another publication references your original reporting, cites your data, or links to your original study, you get the link and the mention and the authority bump in one shot.

Nobody writes a real piece about your work and then carefully refuses to name you. The link was never the prize. It was the receipt. Proof that someone credible found your work worth pointing at, which is the exact signal an AI engine is scanning for when it decides whose name goes in the answer.

So the engines did not invent a new trust system. They inherited yours.

How to assess your own citation readiness

Abstract enough. Here is a self-audit you can run this week to see whether you’re built to be cited or built to be skipped.

Worth naming why most publishers haven’t run this audit yet: they don’t know they’re supposed to. That research found that only 27% of marketers consistently check whether their brand shows up in AI-generated answers, and roughly one in eight didn’t even realize that was something you could measure. You are not behind some sophisticated competitor. You are behind almost nobody, which is exactly why this audit is worth five minutes right now.

Do credible outsiders point at your work?

Open your backlink profile and ignore the raw number. Ask instead: are trusted, relevant publications linking to and citing your original pieces, or is it a pile of directories and syndication nobody reads? Earned links from real outlets are the single clearest signal you’re citation-ready. A thousand junk links are noise, and the engines are good at telling the difference.

Do you make things worth citing, or do you rehash page one?

AI Overviews exist to summarize consensus. If your content restates what’s already on the first page of Google, the overview replaces you and thanks you for the training data. Original research, real reporting, proprietary data, expert opinion, first-hand experience. That is what an engine cannot generate on its own and therefore has to cite. If everything you publish could be written by an intern with a browser open, you are feeding the machine that’s replacing you.

Is your brand searched by name?

Branded search volume turns out to be one of the strongest predictors of whether AI engines cite you. If people look for your reporting specifically, the engines notice. If you’re purely a destination for unbranded “how to” traffic, you are the most exposed content type there is.

Are you referenced in more than one trusted place?

Multi-platform presence, being covered, quoted, and linked across several reputable surfaces, correlates strongly with citation. One outpost is fragile. A reputation spread across the outlets your peers respect is durable.

Can a machine cleanly lift your point?

Clear structure, named statistics, straight definitions, a stated position. Not for gaming anything. Because muddy, throat-clearing content is hard to quote, and citation is quotation.

Score yourself honestly. If you flunked most of these, that is not a death sentence. That is a to-do list, and it happens to be the same to-do list good publishers have always had.

The one moat that pays in both currencies

Now, the part that should change how you feel walking into your next budget meeting.

Getting cited will not magically hand back the clicks you lost. I won’t insult you by pretending it does. You can be cited in an AI answer, and still watch most users never leave the results page. That’s real.

But cited is not the same as invisible, and the gap between them is enormous. Digital Applied’s data shows that branded queries that trigger an AI Overview actually see click-through rates rise by about 18%, not fall. Seer Interactive found that brands cited inside AI Overviews earn roughly 35% higher organic click-through than uncited brands competing for the same query, while everyone who isn’t cited eats the full decline. The AI layer is not suppressing clicks evenly across the board. It is redistributing them toward the names it trusts and starving everyone else. Authority is the sorting mechanism.

Which means earned authority is doing something no other investment can do right now. It is paying you in two currencies at once. It still earns your traditional rankings, for whatever clicks remain there. And it earns your citations, which decide whether you exist inside the AI answer or get erased from your own category. One engine. Two payouts. Rankings and citations, both fed by the same reputation you build the same way you always have: by producing work good enough that credible people point at it.

So here is the contrarian take, plainly. AI search did not kill the value of links. It raised it. Rankings were the only thing links used to buy. Now the same earned authority also buys your seat in the answer that your audience reads before they read anything else.

The publishers who understand this are quietly claiming that seat while everyone else holds a funeral for a business that isn’t dead. It just started paying double.

Zach Ball is co-founder and CEO of Page One Power, an editorial link building agency working with publishers and brands from small businesses to the Fortune 100. He writes about earned authority and search at Linkarati.


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