It does, particularly for small businesses. I own a small ecommerce company, and there's just no way I could profitably advertise in the way you're describing. Current digital advertising is far superior on multiple levels: - Scale: I started with a few bucks a day and can run very small tests. Neither possible with the kind of ads you're describing. - Targeting: The current digital advertising is simply much better at targeting, which means my returns are much higher because a much higher percent of people who click on it convert. As a point of comparison, I've done newsletters (and very targeted ones - I run a dog treat company, so there are some good magazines/newsletters for my audience) and they're much worse than Meta ads. - Feedback: At this point, I just won't do anything if I can't track the results. If you're investing in TV/radio/magazines, you're just guessing what works and burning a bunch of money on the stuff that doesn't.