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Cannes Lions 2022: Check out Insider's liveblog from the French Riviera, where the advertising world converges for the first time since 2019

Wed, 06/22/2022 - 2:36pm
  • The Cannes Lions International Festival of Creativity convenes in person from June 20-24 after a two-year hiatus. 
  • It features the prestigious Cannes Lions awards, conference, and other events in yachts, cabanas, and hotels. 
  • The Insider at Cannes liveblog will chronicle the week's panels, parties, and brand activations.
Speculation mounts around Netflix's ad business

Speculation is mounting among ad industry executives that Netflix is leaning toward Google to help launch its highly anticipated ad business. Netflix shared a request for proposals with potential adtech partners documenting a desire to extract premium advertising CPMs from the US and around the world to get a big ad bounce at launch, sources said.

Google is the only company that could meet these ambitions, said a senior ad executive who is familiar with the RFP process. "They have CPM guarantees that are super high and are designed so that only Google can meet them. It includes 150-200 countries. You'd have to have a sales force in every market." A premium CPM could mean anything above $50, this person said.

Netflix already uses Google to market its own brand and its original and acquired programming. The two have built capabilities that draw on Netflix's viewing data to improve the ads it serves through Google.

For Google's part, it already owns video ads giant YouTube, and adding Netflix to its inventory would significantly increase its market power. 

Tal Chalozin, co-founder of Innovid, a digital ad company, told Insider, "An ad server is maybe the most important solution to start with when building an ad-supported streaming service. There are two players that have global streaming features and many capabilities, and that's Comcast's Freewheel and Google Ad Manager." 

CNBC reported that Netflix is holding talks with Freewheel as well as Google. It's unclear which companies have responded to the RFP. Netflix and Google were not immediately available for comment. Netflix's ad product is expected to launch at the end of the year.

Zoe Lister-Jones talks "Slip" in the Roku space

Zoe Lister-Jones takes a break from writing, directing, and starring in Roku comedy "Slip" to attend Cannes Lions.

In a panel held Tuesday at the Roku cabana, Colin Davis, head of scripted originals for The Roku Channel, expressed his admiration for Zoe Lister-Jones. The actress created, wrote and directed an upcoming comedy for Roku called "Slip" in which she also stars alongside "Schitt's Creek" actress Emily Hampshire. 

"There are few people in the world that can create an amazing show, write a full season themselves, star in it, and direct every single episode," Davis said during the panel.

"Visiting the set and watching the dailies come in, we would see Zoe act in an incredibly funny yet emotional scene, she would then yell 'cut' give herself notes, give the actor in the scene notes, check in with the DP and then reset and do another take."

Davis continued, "Watching a singular vision be so well executed by this artist, of course impossible without a fantastic great crew, put us in awe. I'm still learning to walk and chew gum at the same time."

"Slip" hails from Dakota Johnson's TeaTime Pictures.

Mel Selcher, LinkedIn's chief marketing and communications officer, told Insider, 'Careers are a team sport' during our video interview at the PalaisRyan Reynolds loves making ads

How did actor Ryan Reynolds become an advertising exec?

The seed of his transformation came during his 10-year journey to make the movie "Deadpool," he told a packed house inside the Lumiere Theatre during Cannes Lions.

Reynolds used innovative marketing — including leaking test footage — just to get the movie made. On the final day of shooting, he found himself driving home wearing Deadpool's suit so he could use the costume to promote the film ahead of its release.

When the film was a hit, he used some of the money he made to buy stakes in Aviation Gin and Mint Mobile. "Suddenly we were a marketing firm and we were having the time of our lives," he said.

Reynolds sold his company, Maximum Effort, to adtech company MNTN last year. As chief creative officer of the business, he plays a hands-on role and was in Cannes for meetings with brands and partners.

His advertising philosophy is to move fast and enjoy the work: "Ads should be fun! They're ads!"

Dua Lipa performed at Spotify Beach ... and was beamed to people's kids around the world

Dua Lipa performed at Spotify Beach on Tuesday night at Cannes Lions and drew a predictably huge crowd.

For sure, some of those attending might have preferred to be in bed after a long day at Cannes. But why pass up an opportunity to show your kid how cool you are?

One dad told Insider he was attending primarily to beam the show by phone to his child at home. 

That little Lego figurine she's holding? It's her business card.

It's true!

Julia Goldin, CMO of Lego, joined Insider at the Palais for a video interview and spoke about how critical creativity and imagination are for tackling today's global issues. 

From Insider's Most Innovative CMOs list: Carla Hassan, JPMorgan ChaseHassan joined JPMorgan in October 2021 from Citigroup, where she was the bank's first global CMO.Google shares news about inclusion

Google's chief marketing officer, Lorraine Twohill, was asked what her biggest industry challenges are and responded, "We've had a decade of digital transformation in two years. What does that mean for all of us?" 

Twohill was hosting a press breakfast on Tuesday centered on Google's inclusion efforts, which involve addressing diverse viewpoints from in front of and behind the camera. 

Twohill responded with a litany of gnarly topics that are keeping the marketing community up at night. 

When asked about current challenges, Twohill said, "DEI writ large is one of our biggest challenges. It's a big topic at Cannes this year to get this right. Sustainability is another one, we have to help agencies and not pass the burden on. Creative in a post-pandemic world, in a world of uncertainty and the war in Ukraine, to potentially a global recession … the changing face of media, and really where do you find today's consumer?"

Google unveiled a new resource for media and advertising executives to help improve representation. The website is www.google.com/all-in. Twohill was joined by KR Liu, head of brand accessibility at Google (on screen), a live transcription screen, and a sign language interpreter. Google this year is Cannes Lions' first-ever accessibility partner. 

AB InBev CMO Marcel Marcondes joined Insider on the terrace at the Palais press centerSpotted at Google Beach: Doni Aldine, founder and editor-in-chief of Culturs Magazine, and her colleague, Andrea Bazoin

Culturs, which launched seven years ago, is a global multicultural magazine focusing on an audience of "third culture kids" and nomads — individuals who do not call one place "home". 

Paris Hilton, Naomi Campbell, Mark Ronson, and more flock to the Croisette for events from Spotify, Snapchat.

After a two-year hiatus, Cannes Lions proves once again that it can be a draw for A-list stars. 

Before the festival even formally kicked off, Paris Hilton, Naomi Campbell, and Jared Leto were spotted at a private dinner hosted by Snap CEO Evan Spiegel and British Vogue editor-in-chief Edward Enninful. 

The event was a celebration of the companies' Cannes exhibit, "Redefining the Body," where high-end brands including Gucci and Balenciaga turned their goods into looks that attendees could try on virtually using Snapchat's AR technology. Hilton was among those to check out the exhibit during the private preview event.  

Attendees at a Monday night event in the Snap and Vogue space danced to a DJ set from Mark Ronson. 

Spotify is also expected to draw a star-studded crowd with its three-night beach concert series. Night one featured performances by DJ Pee.Wee (aka Anderson .Paak) and Kendrick Lamar — with Campbell, Michaela Coel, Winston Duke, and Conor McGregor among the attendees. Dua Lipa, Post Malone, and The Black Keys will perform over the next two nights. 

Spotify also hosted a more intimate event on Monday evening that featured a performance from Marcus Mumford and drew the likes of Elizabeth Olsen, Maisie Williams, and Jemele Hill. 

Also expected to appear this week are Ryan Reynolds and Issa Rae, both speaking as part of the official Cannes Lions festival program. 

Tuesday morning at the Palais press center. First video interview of the day is Jonathan Adeshek, chief communications officer and SVP of marketing and communications at IBM.Cannes Lions opened officially on Monday with serious business – the war in Ukraine.Garry Kasparov at Cannes Lions 2022

Chess legend and democracy campaigner Garry Kasparov delivered a plea to advertising industry delegates not to let Putin win, to help keep public pressure alive, and to push politicians act to fight Russian aggression.

Kasparov drew parallels between chess and the politics involved in Ukraine.

"I wish it would be a game of chess, because that is played by rules. Here it's not opposite powers and opposite values. We have freedom, life, and love versus killing, death, and hatred — and this is not chess because unlike chess there is no draw or conquest. The outcome of this war is very simple: You either win or lose. So let us fight and so, we must win. Glory to Ukraine."

Kasparov, a longtime critic of the Russian president and the founder of Renew Democracy Initiative, said Putin is hoping the public will grow tired of high gas prices. Kasparov urged attendees to keep up the pressure.

He also said that allies have been slow to move weapons to the Ukraine, which is outgunned by Russia, 10 to one. "We have to respond," he said.

When asked in France about whether getting too involved in the Ukrainian war risked provoking cyber attacks, Kasparov responded that citizens would still wake up to their croissants.

Underscoring the devastation, Kasparov displayed a powerful  photo of a young girl in a red evening dress standing against the backdrop of her former school, now a heap of stones.

Kasparov's packed session included a video message from the Ukrainian Foreign Minister, Dmytro Kuleba. "This is what the world needs now — effective and creative ways to describe the problems we are facing and the entire world is facing," Kuleba said. "Russian propaganda is strong but I firmly believe that your creativity is much stronger."

The keynote was introduced by PR CEO Richard Edelman, who described some of the efforts the marketing industry is already making — such as moving to staff to safe locations. Edelman also made a call for the industry to unite. "Regain the Ukraine is just a dream so far, but it has to come true. All of us in the marketing community need to come forward with ideas and passion."

Edelman, an influential executive and frequent speaker at the World Economic Forum, said his PR agency would work with the Ukrainian government to coordinate ideas. He suggested initiatives such as supporting a fact-based media industry and helping to train women left at home.

Another idea was to invest in a production hub in Kyiv called the "Freedom Center" and to provide cause-related marketing funds to support the cultural industries.

Highlighting one ray of hope, Edelman mentioned that the Odessa Opera House had opened for the first time since the Russian invasion for a production.

Flight delays and lost luggage made for a tough start to Cannes for many delegates

Airline chaos and raging hot temperatures in Cannes threatened to put a crimp on the first day of proceedings at Cannes Lions. 

Many attendees flying in from Europe, the States and other points around the world have been snarled in the chaos at London's Heathrow airport. Scores of flights have been cancelled and bags separated from attendees, leaving Cannes participants liberated from the high fashion stakes typical of Cannes. Bloomberg reported Monday that Heathrow had asked airlines to cut flights in response to a malfunction that delayed baggage. 

Amazon planned a media preview of its huge new set-up at the Cannes port, but just a trickle of reporters were on hand on Sunday night to hear Amazon's VP global ad sales, Alan Moss, talk up the location's outdoor air conditioner and sprinkler system to cool guests. The temperature registered 29 centigrade or 84 fahrenheit, leaving many battling the heat on the streets. 

Spotify's CEO Daniel Ek cancelled his conversation on Monday, for unknown reasons, while others such as a T-Mobile marketing manager took to Twitter posting a photo of a clicker to keep track of all the canceled flights derailing Cannes Lions attendees.

Javiera Wuth from Chile is part of the Cannes Lions "See It Be It" track of women who are breaking barriers. Wuth is helping to rewrite the constitution of her country to include equality for women.

Insider ran into Wuth at the Majestic Hotel where she was dining with 20 women who were selected out of 800 entries to join the program, which highlights women's work in the field. 

"Currently I'm working as a freelancer. We are changing the constitution in my country, so I'm working on this campaign," Wuth said. "We had a dictatorship back in the '80s, so we are changing it. It will be the first constitution for equality that guarantees equality for men, women but it is written for both equally."

Wuth added, "I am here in Cannes with 'See It Be It,' for females in creativity to change the historic gap. There's not many women in the industry. Where I came from, I am the only woman in all the groups in McCann, Ogilvy, and DDB — so Cannes Lions is trying to do something about that, inviting all of us from all over the world. We are 21 women in 2020, and in 2022 six people joined us."

Wuth is currently based in Chicago. Here's a link to her work.

Reddit dives into the hot debate over whether hot dogs are sandwiches

Reddit is inviting Cannes attendees to embark on an adventure. 

The social platform has built a clubhouse, dubbed the Reddit Explorers Club, where it is encouraging festival goers to be transported into some of its most popular online communities. 

Visitors view artwork from r/AccidentalRenaissance, which showcases modern photos composed in the historical style, appear in their own "This is Fine" meme, and play an arcade game that rewards knowledge of Reddit acronyms. 

The two-story space also features a rooftop lounge where Reddit will be hosting events throughout the week. 

The Reddit Explorers Club is hard to miss along the Croisette. It announces itself with a large screen beaming a hot take for passersby to upvote or downvote. The takes rotate every hour and were sourced from some of the most hotly debated topics on the platform, said Will Cady, the head of Reddit's KarmaLab, who toured journalists through the space on Monday morning. 

During the tour, the screen read, "Waffles are just grilled pancakes." Other topics likely to be covered include whether hot dogs are really just sandwiches and the Cannes-appropriate question of whether good creative is essential to good performance.

Visitors to the space should, however, be somewhat cautious as they explore all the subtle Reddit references. If they're not careful, they just might get Rick Rolled. The surprise is something the event marketing team worked closely with Rick Astley's team to make happen. 

A sustainable green feature

When we interviewed Randi Stipes, CMO of The Weather Channel, she pointed out that the wall behind her was not only made of real plants, but that they were locally sourced — and designed to be distributed for re-use after the festival. 

During our interview, Artsy CMO Everette Taylor revealed how Insider changed his life.

In May 2019, Insider published an article about a cool startup called ArtX, founded by entrepreneur Everette Taylor.

That article caught the eye of the then-CEO of Artsy, an online art marketplace that connects buyers to artists around the world. Some seven months later, Taylor started his job as the company's new chief marketing officer.

This post has been updated to add a more precises descriptor of the company.

It's out — Insider's 2022 Most Innovative CMOs list is here.Our first CMO interview of Cannes Lions was with Everette Taylor, CMO of Artsy, the online art marketplace.Group Black, Dentsu Media, and Adweek panel discuss investing in diversity in opening session at the Equality LoungeAdweek's Ann Marinovich, Group Black's Travis Montague, and Dentsu Media's Doug Rosen

The Female Quotient's Equality Lounge venue was host to an opening night Cannes conversation on investing in diversity, featuring Group Black co-founder Travis Montague and Doug Rosen, CEO of Dentsu Media. The panel was moderated by Adweek's new chief content officer, Ann Marinovich. 

The panel discussed the founding of Group Black and its partnership with Dentsu, and its mission of investing in Black-owned media and creators, including Essence and Black Girls Eat.

Montague talked about the investment priorities for Black-owned media, explaining that it's about building out systems for companies to produce and distribute content at scale.

"Generally speaking they needed the same things — one, scaled content production,  two, media and entertainment distribution, and lastly technology and things like measurement and infrastructure," he said. "It's not just the money."

3 top insights:

  • Investment takes many forms. Companies should consider more favorable payment terms — like payment of invoices in 30 days. Those structures can really help diverse businesses be more competitive.
  • Media metrics need to evolve to encompass the impact of Black-owned media and creators. Traditional metrics of success are not necessarily capturing the total value.  
  • Content from Black creators reaches everyone, not only the Black community. 
The view from the balcony at the Female Quotient's Equality Lounge at the Hotel Martinez. The Female Quotient activates at global events like Cannes Lions, as well as the World Economic Forum, CES, and more. Its mission is to convene thought leadership on topics related to gender, racial, and social equity.Here's a rundown of the latest Cannes Lions Awards shortlists

During the past week, armies of Cannes Lions jurors have been holed up in conference rooms around the Palais, judging the awards that give us the raison d'etre for being here in the first place. 

Some of the shortlists were announced this morning, and here are links to the full details: 

  • Outdoor — jury president, Eugene Cheong, chief creative officer, DDB Asia
  • Print and publishing — jury president, Natalie Lam, chief creative officer, Publicis Groupe APAC & MEA
  • Radio and audio — jury president, Mariana O'Kelly, global executive creative director, Ogilvy
  • Innovation — jury president, Cleve Gibbon, CTO, Wunderman Thompson
  • Glass: the Lion for Change — jury president, Colleen DeCourcy, former president, Weiden + Kennedy
  • Health & wellness — jury president, Patricia Corsi, global chief marketing and digital officer, Bayer Consumer Health
  • Pharma — jury president, Brett O'Connor, executive creative director, VCCP Health
  • Titanium — jury president, Rob Reilly, global chief creative officer, WPP

 

Where is the Amazon Port? It's at the actual port.

As Insider reported earlier this month, Amazon is going big at Cannes Lions this year, taking over the port with a huge activation that will include everything from morning workouts to game nights and concerts. 

"They are embracing not only the C-suite, which lots of companies do, but they are smart enough to understand the day-to-day decisions are made by the younger set — the media buyer, the brand manager, the planners," Advertising Week Global CEO Matt Scheckner told Insider in a previous interview. "They recognize the importance of connecting and building their brand and their business by engaging with younger people."

With set-up still underway, though, I had a hard time finding anyone who knew where it was going to be. "I know I'm going there," said one guy, with a Cannes Official badge. 

 

Registration is open, 8 a.m., Sunday, June 19. No lines ... yet.Palais de Festivals still a work in progress as it prepares for day 1 on Monday, June 20Reddit promises a 'surreal, custom-built clubhouse for all festival goers'Reddit clubhouse at Cannes Lions 2022

Even as festival preparations are still being completed, Reddit's brand is already visible all along the Promenade de la Croisette.

The platform's three Explorers Club base camps will feature hangouts, speakers, and product demos to show advertisers how to connect with its audiences. 

Putting final touches on Twitter beach on Saturday, June 18Putting final touches on Twitter BeachCarlton closed for renovations

No breakfasts on the InterContinental Carlton terrace this year, as the landmark hotel is closed for renovations until 2023.

Carlton Beach Club remains open, however. 

Read the original article on Business Insider

Companies are passing higher costs to shoppers at the fastest pace since the 1950s, study finds

Wed, 06/22/2022 - 2:32pm
A shopper walks by a sign displaying $1.25 price, posted on the shelves of a Dollar Tree store in Alhambra, California, December 10, 2021.
  • Corporate markups and profits hit record highs in 2021, researchers at the Roosevelt Institute found.
  • Companies on average charged about 72% more than their input costs.
  • Reversing that surge is one way policymakers can help cool US inflation, the researchers said.

Several factors, from Russia's invasion of Ukraine to supply chain snags, are fueling today's sky-high inflation. Yet new research from the Roosevelt Institute finds that the buck stops at US companies, and that firms are charging Americans the most they ever have.

Inflation is closely tied to companies raising their prices, starting with an uptick in the costs that go into companies' operations, ranging from pricier materials for manufacturers to higher rents for retailers. Affected businesses then raise consumer prices to make up for those costlier inputs. Differences between prices and costs are known as markups, and in the pandemic-era economy, those gaps are wider than ever.

Both markups and profits among 3,698 US-operating firms soared last year to the highest levels since the 1950s, the Roosevelt Institute's Mike Konczal and Niko Lusiani said in a June brief. The average markup reached 1.72 in 2021, meaning the typical price companies offered to their customers was 72% higher than companies' costs. That's up from an average of 1.56 through the 2010s, or 56% above marginal cost.

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Last year also touted the largest annual increase in markups since at least the 1950s, the period for which the duo ran their analysis. The uptick was more than 2.5 times larger than the next largest annual increases seen prior.

That transfer of higher costs has helped boost inflation to levels not seen in four decades. The Consumer Price Index — a closely watched measure of nationwide inflation — soared 8.6% in the year through May, surpassing economist forecasts and marking the fastest pace of price growth since 1981.

The measure was largely boosted by surging gas prices, but the report also showed inflationary pressures persisting in nearly all corners of the economy. With global supply chains still far from healed and gas prices swinging higher still in June, hopes for a cooldown are largely dashed.

The researchers' findings might be specific to the inflation seen throughout last year, but the lack of any slowdown in 2022 suggests there's an opportunity for relief, the team wrote.

"Markups being unusually and suddenly high means there is room for them to reverse with little economic harm and with likely societal benefit," Konczal and Lusiani said in the brief.

Konczal told Insider that inflation in 2022 looks different than last year, calling it "broader and it's a little bit more persistent than it was in 2021."

"That said, the large margins these corporations have are still there and they need to come down, or at least if they came down, if these profit margins shrink, that would help take pressure away from inflationary pressures," he added.

The Federal Reserve is the main body tasked with slowing inflation, but the researchers highlighted several options Congress could pursue if lawmakers wanted to fight price hikes at the corporate level. Antitrust "remedies" can better match supply and demand in more "targeted and nuanced ways," Konczal told Insider, naming prescription drug costs as an example. 

Additionally, "higher markups do not necessarily have to translate to higher profits" like they did last year, the authors wrote. They suggested an excess profit tax could be a solution for "distributing runaway economic gains" while "eroding" pressure on companies to boost markups.

The situation may seem "grim" to policymakers, Konczal told Insider, but targeting industry concentration can counter soaring markups.

"How the corporate sector evolves in the next year or two — whether or not prices come down, especially for many goods — will determine a lot of the trajectory of the economy," Konczal said. 

"If [policymakers] end up just hoping that the Federal Reserve solves this, it will likely lead to a bad outcome or a worse outcome than if other options were also put in play."

Read the original article on Business Insider

Over a million more moms would work full time if the US had better childcare support, a new study shows

Wed, 06/22/2022 - 2:30pm
  • Just under half of moms of young children currently work full time, and nearly 30% are not employed.
  • Childcare policies under the Build Back Better plan could lead to full-time jobs for over a million moms.
  • Although the move could help address the labor shortage, it stands little chance of becoming law.

Mothers of young children often face a difficult choice in those early years, one that often ends with them sacrificing their careers to look after their kids.

In the US, that means nearly 30% of moms are not employed, and another 22% are working part time, leaving just under half of moms employed full time.

The impact is, of course, more acute for lower-income families, who may not be able to afford the rising cost of private childcare.

That could change under the early care and education provisions of President Joe Biden's all-but-dead Build Back Better plan, a working paper from the National Bureau of Economic Research shows.

Under Biden's plan, most families would see their childcare costs capped at 7% of their income, compared with what they're spending now, which is nearly 18% of their income. The plan also requires anyone receiving benefits to actively seek a job or an education.

If the subsidies and work requirements of the plan were implemented, the researchers estimate the percentage of moms working full time would climb by nearly 10 percentage points.

That's over a million women moving from either non-employment or part-time work into full-time jobs.

There's no question that the US is facing a childcare crisis, as well as a labor shortage, and the analysis shows the Build Back Better plan would help with both.

Regardless of this evidence, Biden's plan has almost zero chance of passing the Senate, where 50 Republicans and Joe Manchin have made clear their opposition to using the bill for spending on children and families.

The NBER's numbers are consistent with — and more conservative than — earlier findings from The Century Foundation that estimate if mothers of children under 6 were employed at the same rate as those with children between 6 and 12, there would be about 1.6 million more women employed.

That analysis found the Biden plan would bring 1.1 million parents into the labor force, and have 2 million others increase their working hours, for a net economic boost of $48 billion per year.

Read the original article on Business Insider


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