"Advertising has always been woefully inefficient. Improving targeting and making advertising accountable by counting click-throughs does not solve the problem that advertising has always been an exercise in guesswork. At some point the guessing ends — not by absolute improvements in targeting, but by the creation of new methods by which demand finds supply. These methods will be anchored in better tools for customers, and better means for sellers and intermediaries to satisfy demand by connecting to better-equipped customers.
The Net revolution has always been about radically improving the connections between demand and supply, and about equipping profusions on both sides of the relationship — while reducing intermediary costs and frictions in the direction of zero.
As a term for describing this development, “commoditization” is a misleading failure. Roles are changing far more than “content” — a term which itself misleads by reducing the informing of people to deliverable commodities. People still need to inform other people. More ways to do that will emerge. There will be business models there. Supply and demand will find each other. We need to figure out how to make new and better money with new and better roles. Advertising will still be part of that picture, but it won’t fund the whole thing."