In the early days of the Internet, the excitement was palpable. The digital world promised boundless communication, reconnecting with old friends, voicing frustrations about customer service, and even achieving viral fame. Information that once felt unreachable was now accessible with a few clicks, and best of all, it was free. It was a utopia of ideas and connection. Fast forward to today, and that early magic has all but evaporated. Algorithms, AI-generated content, and an insatiable thirst for advertising revenue have replaced it.

A recent study by Amazon Web Services captures the evolving Internet, emphasising the rise of low-cost AI tools. The study reveals that 57% of online content has been translated into multiple languages through machine learning. While this should promote global communication, the reality is troubling. Especially in regions such as Africa and the Global South, poor translations often distort valuable information into misleading clickbait, driven by the desire for ad revenue.

Countries with fewer linguistic data points for training AI are disproportionately affected. Users in these regions frequently encounter inaccurate or deceptive content. What was meant to democratise information is now a distorted reflection of reality, skewed by commercial motives.

In response to these shifts, the ‘dead Internet’ theory has emerged. This concept posits that most online interactions today are between AI-powered bots rather than actual people. These bots generate everything from fake social media profiles to politically charged narratives. At its most extreme, the theory suggests that governments exploit these bots to control public discourse.

While this might sound like conspiracy theory, the underlying issue is real: bad actors are gaming the Internet for profit or influence. Back in 2013, YouTube uncovered that users were artificially inflating likes and views, tricking the algorithm into interpreting bot activity as genuine human engagement. This practice persists across major platforms today.

Instagram is a prime example. Nearly 60% of profiles in India have fake followers. For advertisers, this presents a troubling dilemma. Are their ads reaching real people, or are they simply being viewed by bots? Such falsified engagement is part of a broader problem plaguing digital platforms.

Who is the viewer?

The Internet’s ad-driven model has spurred a surge in ad fraud. Advertisers were duped into thinking their ads were being shown on premium websites, when in reality, they were not reaching real users at all. Facebook had faced legal challenges as early as 2016 for misreporting user metrics.

In 2018, ad fraud increased by 21%, amounting to a staggering $42 billion globally. As digital advertising grows more valuable, its effectiveness is simultaneously declining. For example, Google’s display ads saw their clickthrough rate plummet to 0.46% in 2018, highlighting the inefficacy of this system.

This broken digital advertising ecosystem has had far-reaching consequences, particularly for media companies. Giants in the industry, such as Vice, once valued at $6 billion, have filed for bankruptcy. BuzzFeed News, once a pioneer of viral journalism, has shut down. The changing algorithms of platforms such as Facebook and Google have decimated the audiences of these media companies.

Cory Doctorow, science fiction author and privacy advocate, coined the term “enshittification” to capture the progressive decline of online platforms. As Doctorow puts it, “We’re all living through a great enshittening, in which the services that matter to us, that we rely on, are turning into giant piles of shit.”

It’s not just the companies that are affected. Younger audiences, who once eagerly consumed edgy, free content, are now unwilling to pay for it. Advertisers, meanwhile, are growing sceptical of the returns they get from digital ads, further destabilising the digital economy.

As ad-supported models weaken, trust in the Internet itself is deteriorating. Bots, fake content, and the growing scarcity of reliable information are forcing users to seek out more niche, trustworthy communities. Platforms such as Reddit provide some refuge, where human interaction feels more genuine, but even here, authenticity is not always guaranteed. Much of the Internet’s most valuable content is now hidden behind paywalls, with platforms shifting to subscription models to sustain themselves.

Internet as a public utility

Advertisers are also re-evaluating their strategies. Some are turning to omni-channel marketing, which blends digital and real-world experiences to maintain engagement. Others are abandoning ad-supported platforms altogether, favouring subscription-based models or platforms that promise genuine user engagement. The European Union has made strides in this direction with the Digital Services Act, which mandates greater transparency in online advertising. However, tech giants are resisting these regulations, reluctant to relinquish their control over ad revenues and user data.

Amid these concerns, some experts are proposing that the Internet should be treated as a public utility, similar to water or electricity. A Consumer Reports study found that 80% of respondents already view broadband as essential as electricity.

Looking forward, the Internet may not adhere to a single model. Instead, it could evolve into a hybrid of paid services, government regulation, and trust-based, community-driven platforms. The era of a chaotic, unregulated Internet appears to be drawing to a close, making way for a more curated and accountable online experience.

In some ways, this shift represents a return to the Internet’s original vision. As we move towards a more controlled and trustworthy digital experience, the web may once again prioritise real human connections over clicks and bot-driven engagement. The Internet, at its best, was always about nurturing genuine interactions, communities, and trust. Perhaps in the future, we’ll find ourselves back at that starting point, where what truly matters is not who clicks, but who cares.

McGrath is professor at Columbia Business School and founder of Valize, and Muneer is a Fortune-500 advisor, start-up investor and co-founder of the non-profit, Medici Institute for Innovation.