So what is your experience in the business? I do not have any personal experience but I know plenty of people who work or have worked in adtech (e.g. ad words o

So what is your experience in the business? I do not have any personal experience but I know plenty of people who work or have worked in adtech (e.g. ad words optimization consultants, ad agencies, affiliates who buy adwords) and from their stories I would say you overestimate the ad industry. I also know of several (3 that I can think of on top of my head) companies who went bankrupt from buying inefficient ads.