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Well yes, if you're hosting low traffic static websites, you obviously don't need nor want an actual server. Shared hosting has been a thing for ages too, though with pay-per-usage the cloud is definitely the cheapest option at the very bottom of the range.
I host a pile of such static sites, but also things that need a real server, so the cost for me to host those static sites on the same box is 0. I.e. once you have *anything* that needs more than that, you're still better off putting static things on the same instance/box.
