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I think this is an interesting read from pbannist but I disagree over a few things. The first is that we can "leak", I mean share, contextual targeting data across publishers. The 2nd is it doesn't account for the desire of users to keep their data 1p. medium.com/@paul.bannister/publisher-data-leakage-is-there-an-acceptable-amount-a730b28ea998
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The other thing is that once data leaks, there's no controlling it. If it goes into the hands of people outside the publisher there is no scraping it back or preventing it from being used to the detriment of the entire publisher ecosystem; as waltmossberg noted in 2017.
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Generally what worries me a lot less is that advertisers will move more budget to closed gardens like social media. That's already happening and will continue to happen. What publishers can offer advertisers can re-adjust the status quo. Users who actually like us & premium ads.
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I think at the end of the day, our best solutions will come from putting our readers' interests first and for the most part they are increasingly interested in privacy and data control.
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Getting advertisers to come to terms with a new status quo is not impossible. After all they've been effectively doing that every few years since the first banner ad launched. Less data leakage will mean more work for them, but not a prohibitive amount.