"they can still make money, albeit less, serving non-targeted ads."
- would they be able to make as much as they do now? I think it would be significantly less.
From Meta's official Financial Report for 2025 [0]:
Total Revenue: $200,966 Million
-Advertising: $196,175 million (97.6%)
-Other rev: $ 4,791 Million ( 2.4%)
[0] https://investor.atmeta.com/investor-news/press-release-deta...
Presumably significantly less. But GP's point is that reducing advertising revenue doesn't remove the incentive to maximize engagement.