While these sources don't answer your question directly, they do measure some impact of GDPR: >The tracking landscape post GDPR, adverse effects on competition

While these sources don't answer your question directly, they do measure some impact of GDPR: >The tracking landscape post GDPR, adverse effects on competition and a market for compliance technologies https://whotracks.me/blog/gdpr-what-happened.html https://whotracks.me/blog/gdpr-what-happened.html By September, stats showed that Google and Facebook managed to stay relatively the same in the EU, while all the other ad companies lost reach. >The Short-Run Effects of GDPR on Technology Venture Investment https://www.nber.org/papers/w25248 https://www.nber.org/papers/w25248 (there's a link to the pdf) A paper by NBER finds that, in the short term, EU ventures relative to US ventures, raised less money, did fewer deals, and the deals raised less money. I think it'll take a lot more time to get an answer to your question directly though. It's also possible that any answers we do get are politically motivated (both for and against).