Could Google's Heineken Deal Threaten Agencies?

Is Google setting itself up to become an advertising agency?  News that the search engine giant has finalised a multimillion-dollar deal with drinks company Heineken has set the industry buzzing with the suggestion.  

The arrangement apparently began earlier this year, and allows the brewer to advertise across Google advertising platforms (including YouTube) in return for consulting services, such as audience targeting and joint research projects.  Heineken said in a statement that the deal will bring "together their marketing professionals to exchange ideas and share knowledge", with the goal being for Heineken "to use their (Google's) know-how on analytics in measuring effectiveness on consumer insights".

Heineken apparently spends around 4% of its global marketing budget on internet marketing, which is actually rather low; major consumer goods manufacturers such as Proctor & Gamble and Unilever have been in the double figures for a while now.  So this does suggest a leap for the brewer, which is present in almost 180 countries, and a coup for Google?  

The deal would appear to be part of a much bigger strategy on Google's part; traditionally simply the technology facilitator for online marketing, a recent $100 million deal to fund "safer content" to appeal to major advertisers would suggest, along with this latest news, that Google is keen to broaden its remit.  

Heineken has already stated that this will not change its relationships with ad agencies.  However, those without hardcore web analytics arms should probably start sharpening up; this would appear to be one chink in their armour Google is not afraid to attack.