“Why would performance bomb on a channel? Probably because a competitor came in and is outbidding you everywhere. If they're outbidding you on Facebook they're probably outbidding you on Google and Snap and TikTok. The risk is not per channel — it's structural.”

Structural channel declines are correlated — diversification rarely protects against the real risk

The popular rationale for diversifying across paid UA channels is risk mitigation: if one channel tanks, the others hold. Seufert points out this is mostly wrong. Any structural performance drop — competitor entry, macro sentiment shift, category saturation — will affect all channels simultaneously. The real risk is a business-level headwind that no channel mix fixes.