Yahoo! is (almost) dead. Long live Yahoo!

The Atlantic reports that many media companies could suffer the same slow death Yahoo! is going through right now.

Jason Kint, the CEO of Digital Content Next, estimates that Facebook and Google accounted for about 99 percent of all advertising growth in the third quarter of 2016—54 percent of the pie for Google, 45 percent of it for Facebook, 1 percent for everybody else. (That’s based on numbers from the each company’s public financial records and data from the Interactive Advertising Bureau, a trade group for advertisers.)

For everyone other than Facebook and Google, Kint tweeted in December, it’s a “zero-sum game.”

Many investors have reached this conclusion, too. “The ad-tech market will go the way of search, social, and mobile as investors and entrepreneurs concede that Google and Facebook have won and everyone else has lost,” the venture capitalist and blogger Fred Wilson wrote in January. “It will be nearly impossible to raise money for an online advertising business in 2017.”

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