I think that's a misunderstanding of what the market is in the first place. If there ever was an ad budget, it'll go elsewhere (native advertising, direct sponsoring, whatever).
It might be that big media, everything-and-the-kitchen-sink portals with a large target audience get a cut back, to the benefit of small, focused sites and maybe also paywalled content.
I'd say that could be another welcome collateral effect of GDPR, and give us back the federated Web we lost, though I'm not sure it'll be world-wide any longer given different incentives in US and EU markets, let alone the Chinese and regional (such as Russian and Turkish) markets.
It might be that big media, everything-and-the-kitchen-sink portals with a large target audience get a cut back, to the benefit of small, focused sites and maybe also paywalled content.
I'd say that could be another welcome collateral effect of GDPR, and give us back the federated Web we lost, though I'm not sure it'll be world-wide any longer given different incentives in US and EU markets, let alone the Chinese and regional (such as Russian and Turkish) markets.