Essentially the GDPR makes such a business model almost unsustainable. IMO rightfully so.
Personally, I value my privacy. I don't tend to use services like Facebook, mostly because I don't want to encourage that sort of perpetual surveillance or volunteer that much data about myself (or encourage my friends/family/colleagues to do so for me) to be used for purposes I don't fully understand.
On the other hand, apparently there are literally billions of people in the world who disagree with me. Most people I know demonstrably are willing to give up some privacy in return for the convenience that Facebook provides to them.
Requiring such a business to allow users more control over how data about them is being processed is one thing, and there are pros and cons that reasonable people can debate in that area. But I'm not sure the EU has any moral/ethical right to dictate that business models that have supported highly successful businesses with literally unprecedented levels of popular support should no longer be viable, and the conditions we're talking about here look awfully close to allowing that.
I would say that being popular does not correlate with being good and moral. Being successful does not correlate with being good and moral either.
>Most people I know demonstrably are willing to give up some privacy in return for the convenience that Facebook provides to them.
The patient is not always right. A lot of people would give up privacy for facebook because in the faustian bargain, the short-term benefit outweighs the long-term consequences.