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At this point I’d consider it major news if an in person conference is not canceled.
Google announced earlier this month that they would cancel the physical event and make it an online-only experience. Now they've decided to scrap that also.
That’s exactly what Google does best.
Care for the health of their speakers?
Not surprised. Google I/O keynotes for the last 10 years have been showcases of half-baked hacks that won't launch until a year later if at all. With everyone working from home, they can't even get convincing hacks ready.
Hey man don't forget about Google Stadia! It was a fully featured and complete product when it released last year!
the entire year 2020 is cancelled in general
I'm surprised they had to cancel, given that they had already announced the move to an online-only conference. Perhaps they didn't have enough time to get the remote sessions prepared in time.

That said, I'm looking forward to Apple's online WWDC, and hope that it doesn't meet a similar fate!

https://developer.apple.com/wwdc20/

Makes sense. Their employees are also working from home. If they do the conference online then it will require the employees to coordinate and meet, which is not desired. Cancelling is the right thing to do.
It's a giant commercial, who cares if it's cancelled?