> newspapers, and magazines somehow survived selling "dumb" advertising
I think it's pretty clear that at least these (including their online versions) cannot survive in masse. We can argue around the reasons for this, but that's what happening.
I was supervising a MS student on a project trying to mess with the moderately-targeted ads of the day. We watched this happen in real time as it wrecked our hopes of ever writing our paper. All of the ads we were studying got replaced overnight with much cheaper generic ads for cars or airlines or big-brand liquor. And then websites started going out of business.