Today’s broken media business is brought to you by a revolution in advertising. Starting about two decades ago, Google and Facebook figured out how to siphon off most of the ad revenues that had historically gone to support independent journalism. The duopoly is now the target of numerous antitrust actions by regulators around the globe. But the massive damage done to the news industry cannot be reversed. And now the problem is about to get worse.
A new revolution in advertising could have even wider implications for journalism, democracy, and our privacy. Not even Google and Facebook are safe. And though insiders are investing hundreds of billions in this next new big thing, hardly anyone in the wider world has yet to take notice.