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Google just released a more details about the study showing *publisher revenue* falls 52% without a cookie. They run an experiment disabling cookies for a random sample of users on Google Ad Manager's top 500 publishers in terms of programmatic revenue. 1/
services.google.com/fh/files/misc/…
services.google.com/fh/files/misc/…
Now, we see that results vary by publisher (below). While the average publisher’s revenue falls by 52%, the median is 64%. Very few publishers see a loss less than 20% while a large number experience losses exceeding 70% (!). 2/ 
Despite precise aggregate estimates (95% CI <1%), the individual site estimates are statistically imprecise for smaller sites. Focusing on the top 200 sites reveals less dispersion. Now, only a 1 of 200 sites loses less than 10% of revenue. 3/
Google reviews studies on the value of a cookie, which I summarize below. Google’s aggregate estimates agree with studies that include many publishers. Study also shows results can be lower for some publishers, like in the Marotta et. al. study. 4/
What about the user? X-out rate data indicates that users like the non-personalized ads *less*. Users were more likely to report the non-personalized ads as uninteresting and repetitive. Great add to the study! 5/
