He doesn't quite say it by name, but most advertising is a classic arms race. Especially given how the internet now makes information easily available, a great deal of advertising is about manipulating consumers to pick company A's products over those from competitors B, C, and D. This forces those other companies to spend to get and keep customers. It's pure waste. For example, everybody on the planet is now familia…
How do you define "Something useful" though? The advertisement money eventually makes it to Google, broadcasters, sites, TV-channels, sports events and people running those organization in term gets more money to spend on [Potentially useful stuff]. It's not like the money magically vanishes to never be seen again, and business to business transaction like this make the money flow faster instead of slower. Economy is…
If I go around smashing windows, I will make money move faster. The people who install replacement windows will have more money to spend. It's not like the money magically vanishes! But it's still a terrible idea, because all this economic activity is based on systemic waste. It's the same for most advertising.