In it's current form, yes. However, I'm not so sure that everybody here would agree that "the web today" is fundamentally better than the web ten years ago, technological advances aside. Everybody smelling gold and starting a blog to mindlessly shill for products in hopes of getting a commission, super low quality texts written/generated/spinned entirely for SEO reasons to place ads between the paragraphs etc doesn't come to mind when I ask myself "what could be better on the web?" If those things disappear tomorrow, I don't think a lot of us would miss them. We'd notice them being gone because it might feel like being able to breath freely after a strong cold, but I don't think many would miss them.
> But it will take a while until we start paying for news again, for example.
Plenty of people pay for news. They won't pay for Gawker or Buzzfeed though. I don't think that's a problem for anybody not invested in or working for those companies.
"The more serious infringements go against the very principles of the right to privacy and the right to be forgotten that are at the heart of the GDPR. These types of infringements could result in a fine of up to €20 million, or 4% of the firm’s worldwide annual revenue from the preceding financial year, whichever amount is higher."
For Google that would be 4% of its worldwide annual revenue, I'd assume. Taking into account that it's not one infringement but multiple that could mean a pretty hefty fine.
57MM$ is nothing to Google. They've escaped even antitrust cases with minimal injury, it would be a truly shocking event if the EU actually managed to touch them.
I paid $2K for my first GDPR consulting session for a $7K MRR app and was quoted ~$25K for consulting while I would personally implement what needed to be done. $25K is nothing for a large company, but it's prohibitively expensive for a lot of small companies. This cost also doesn't include the (probably hundreds of) man hours required to implement and certify GDPR compliance, which are also disproportionately valued when it's being done by 1 person in a <5 person company versus N people in a >5K person company.
Hopefully these costs will fall as more people become lawfully knowledgable about what GDPR entails and the market of people available to help grows. Unfortunately there's no "feel free to wait if you can't afford it yet" clause in GDPR.
The whole penalty system is quite silly. The fines destroy small companies who are the ones struggling to comply, and do little more than offer extremely gentle pokes on the wrist for megacorps that have relatively unlimited resources available for complete compliance, if they actually wanted to comply.