Google and Meta have brought more advertisers to the doorsteps of news outfits than they could possibly have imagined, but it has also allowed advertisers to direct their spending to outlets that are actually effective. Google and Meta also absorb all of the costs to host and serve the advertisements, acquire the inventory, and operate the marketplace. Newspapers get everything for free now and they are still whining about it.

Before Craigslist, local newspapers in the USA got the majority of their ad revenues from ripping off the public for classified ads. It used to cost $50 to list your used car, or advertise your garage sale. If you are a fan of the "disruption" that Silicon Valley people are always yakking about, this is the gold standard.

Meh. If a ton of competitors rushed in and drove ad price down to marginal cost, they’d still be screwed. They got all their money from classifieds and eBay and Craigslist are to blame for the death of that business model.