The subsequent effect is media ranging from Wired to my local newspapers continue to lose ad dollars that are funneled to Google/FB. Just as an example, Buzzfeed smartly made an incredible Facebook video brand in order to help increase their reach, value to advertisers (via sponsored content) which helps fund real journalism (akin to the role of comics/crosswords for newspapers decades ago). Month after month, excellent journalists who used to work for national newspapers leave or are let go because of decreasing revenue, whereby they end up moving to Buzzfeed News.
It really irks me that Facebook and Google has so much clout over the advertising industry.
I don't think that is something bad. For example clickbait would slowly disappear - without ads there is no need to trick users into more page views.