Vass Bednar: Digital ads are a desperate gamble in a fantasy economy – Financial Post
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The recent implosion of the FTX exchange seems to have cemented cryptocurrency’s status as a shambolic investment scheme while further busting the internet myth of the brilliant billionaire. But bitcoin isn’t the only imagined digital economy that consistently manifests as a mirage. A more durable dreamscape exists that many more of us are buying into, and it’s frothy, largely unproven and similarly under-regulated, only it dictates the fortunes of the world’s largest technology companies. It’s the digital advertising industry — and it is about as useful as making medical decisions by shaking a Magic 8 Ball.
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Digital advertising brings in billions of dollars in revenue to Meta Platforms Inc.’s Facebook and Alphabet Inc.’s Google in Canada, with Amazon.com Inc. also emerging as a significant third player, according to recent research from Carleton University’s global media and internet concentration project. Advertising on Google’s search engine and…
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