For the past decade there were two more or less universally acknowledged truths about digital advertising. First, the rapidly growing industry was largely impervious to the business cycle. Second, it was dominated by the duopoly of Google (in search ads) and Meta (in social media), which one jealous rival has compared to John Rockefeller’s hold on oil in the 19th century.
Both of these verities are now being challenged simultaneously.
Having giants like Google and Facebook checked and balanced by competition is always a plus, but one has to wonder if this is just going to accelerate the race to the bottom in the online ad business.