I must say, Google maps and Waze are incredible products that have improved lives around the globe. Just think of all the petrol saved because people have avoided getting lost or bypassed a traffic jam. Think of all the interviews, meetings and events that were reached on time because the commuter took the most direct route. It has also helped tourists navigate through new cities, countries and even continents. These maps have really made the world a more efficient place.
I am glad to see that they are starting to find ways to monetise this amazing product. Monetisation means the product will stay in service and most likely improve. This article from Bloomberg titled Google's Next Big Money Maker Could Be the Maps on Your Phone talks about how Google plans to monetise the product.
There are four areas where they see money making opportunities. The first is selling the product directly. There may be some sort of advert free, premium product that will cost you. Second is requests for things nearby, third is broader and more personalised recommendations, and fourth is searching close by business listings.
The last three are all related and will be mostly geared to advertising. If you search for a petrol station in your area, the station that pays Google the most will come up first. If you show an interest in dogs, the pet store that pays Google the highest fee will pop up on your maps when you drive past it. As always, they will have to steer through potential regulations, especially in Europe but the potential remains huge.