Online Advertising margins have been gutted year over year. Demand (people willing to pay for advertising) , today, has fallen to so few players (the largest br

Online Advertising margins have been gutted year over year. Demand (people willing to pay for advertising) , today, has fallen to so few players (the largest brands and programmatic) anymore. Users have become so ineffectual to interacting with ads (and effective at blocking them) that measurement has become a black art of approximation, at best. There is no bubble, as that time passed sometime before 2016.