Do Marketing Agencies Make a Good Searchfund Target in 2025?

I'd like to hear from people with experience working for, having acquired, or in the process of acquiring marketing agencies. Do they still make a good investment in 2025, given how AI will impact this space? Specifically, * SEO, more users utilize LLMs to find products and services as opposed to Google's 10 blue links * SEM, companies are adopting Performance Max as opposed to manually-curating search ad campaigns * Social Media Marketing, Meta is heavily investing in AI which could lead to an easy-to-use interface to manage all aspects of social media management * Web Development, as traffic to websites is declining and no-code platforms are likely to emerge in the next few years