It&#x27;s not a bubble, the advertising industry has always followed this cycle:<p>The post war television boom in America begat many new Madison Avenue ad agencies in the 50s who reached a high point in the 60s and the 70s, but then by the 80s and 90s were consolidated via mergers and acquisitions.<p>Even the great Ogilvy &amp; Mather was swallowed by up WPP in 1989. In fact one of the David Ogilvy&#x27;s greatest regrets was taking the company public which allowed the take over years later.