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Nearly zero companies believe advertising is not working. That is purely an HN regurgitated opinion which is not reflected in the real world.

• Nextgrid 5y ago
  I’m not saying it’s not working at all. But there’s only so much advertising you can put in front of people and people have only so much disposable income to spend on the advertised products. Infinite growth is not possible and I believe we’re way past the peak and are now seeing a readjustment of the market.
• rossdavidh 5y ago
  There are plenty of companies who believe they do not need to increase their advertising, because they have reached a point of diminishing returns. The available time market for advertising is probably already reached; attempts to get people to watch more ads in a day have gotten higher levels of pushback (adblock etc.), and thus limited success. This means, in order to achieve growth, advertisers have to either charge more, or increase market share. Up until now, it's been Google and Facebook taking market share from traditional media, which has more or less imploded, so there's not much more room for growth in that way. They can only charge more for advertising if they are currently charging significantly less than it's worth, which is probably not true. So, even if advertising works at current prices (I am skeptical it always does), that doesn't mean that the revenue from it can keep growing at the rate of growth that Google and Facebook are used to.