Where has the NZ ad media money gone?

Accenture have done a research note on the economics of news in NZ. Their summary is:

This is significant because Stuff and others all go on about how Google and Facebook have “stolen” their advertising revenue. But in fact they have lost that revenue to other NZ companies who have provided a better advertising service.

If NZ media really thought they were losing revenue through Google Search then they can simply set their news stories not to appear in Google.