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i don't think it's so black and white op. Media buys can't replace organic spam/chat traffic etc. What about owners of smaller brands that have valuable placements in the serps? Their traffic may be a lot better than the ad spots you speak of.
The internet is too flexible, there are too many ways to skin this cat. I think moving forward affiliates will become more non existent but the ones who are still in the game will be the top of the food chain.
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