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I realize the first of my two refinements above slightly changes the question, to wit:

It’s plausible that there’s a sort of “you have to yell in a noisy room” effect here. Maybe there’s a cap to how much advertising can do, to how much any given person can be influenced, but the arms race of advertising means that achieving the same results now requires far more effort.

IOW, it’s possible that individually targeted advertising works better than context-targeted advertising •today•, but no better than context-targeted ads •used to•. How would one determine that, I wonder?!