If you go with a legitimate press release and do it right its a fine thing to do... but I haven't seen many people doing it right frankly. It won't be cheap (or easy if you're going to try to do it yourself). They days of blasting out PRs for your web2.0 affiliate and seeing a good bounce are long long gone. People abused the PR and now its got to the point where it pretty much has to be legit to be worth your effort. I remember that back when wiki links were all the rage (maybe 2012 or 2013) people were spamming the living shit out of PRs. Same story as social bookmarks, and a lot of links. Spammers back in the day made life tough on all of us today.
Nothing is "dead" but you have to do it manual and VERY high quality.
As mentioned it has to be good quality and newsworthy. If done correctly and distributed through the right channels, it will provide exposure, backlinks and traffic.
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