The company I work for spends very substantial amounts( for its size) on Google Ads. It does the trick but it's like putting yourself on crack.You become dependant and somehow convince yourself that you are being very smart by doing so.
That's always been the case with ads. The problem nowadays just is that it's very concentrated on a few very big players. Companies just can't afford to not be present on Google, Youtube or Facebook (depending on the brand). The power has shifted, from the companies paying to the platforms. But marketing in itself was crucial for many companies to succeed already decades ago.
