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They could still book global advertisers, in particular other foreign companies that also pulled out of the relevant jurisdictions.

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But they already do that. They have local presences because they need it to get local ad dollars and trade locally.

You don't need a total solution to have an influence: it's a saturated market where you're only as good as quarterly growth figures.

Yes, but the value of local presence is only the marginal value of the local advertisers over foreign ones. It's not all the revenue from the country, and it can be possible to be not worth having a local presence but still worth operating from offshore.

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