Dan Niles on how big internet companies will not be able to avoid recession

If you look at '08-'09, advertising revenues went down 20%.  The internet, though, was only about 12% of total advertising dollars in '08-'09.  Now it's 66%, or two-thirds of the market.  So big ad-supported internet companies are not going to be able to avoid a recession.  They're going to see their businesses get hit pretty hard.

~ Dan Niles, CNBC interview, 3:00 mark, September 13, 2022