The source for this seems to be a Google Ad Manager "study" (a paragraph in the middle of https://www.blog.google/products/ads/next-steps-transparency...).
Was this an apples-to-apples comparison, i.e. did they serve relevant contextual ads when they turned off cookies?
Other studies disagree:
>We find that when a user’s cookie is available publisher’s revenue increases by only about 4%
-- Online Tracking and Publishers’ Revenues: An Empirical Analysis (https://weis2019.econinfosec.org/wp-content/uploads/sites/6/...)
Edit:
>After GDPR, The New York Times cut off ad exchanges in Europe — and kept growing ad revenue
-- https://digiday.com/media/gumgumtest-new-york-times-gdpr-cut...