The money comes out of the pockets of publishers. Collectively, they are making less than they should be for a pageview or a click. The advertisers have a budge

The money comes out of the pockets of publishers. Collectively, they are making less than they should be for a pageview or a click. The advertisers have a budget for ads, and they will only pay that. At some point, when the ad is not effective and profitable, they will redirect that same ad money somewhere else. It's the Internet publishers that are losing.