&gt; I think the theory the article puts forward is that the cost of advertising has been bid up by venture-backed advertising companies.<p>I don&#x27;t think that&#x27;s the path the money takes. The path the money takes is that <i>maybe</i> some venture backed companies <i>buy</i> advertising to advertise their products. If that capital dries up then that particular segment will diminish but it will certainly not cause the industry to implode (though it definitely has challenges to deal with all its own).