Every year, the Cannes Lions brings the advertising industry together to celebrate the best and most innovative creative in the world. Over the last couple of years, data and technology have been added to the mix – giving the industry hope that we can add more impact to advertising by bringing all three elements together.
The Cadent team was at the festival this year (you might’ve seen our banner in front of the Carlton Hotel, visible from the Croisette). Cadent Network President Jim Tricarico spoke on an advanced TV panel at the CMO ClubHouse, and CEO Nick Troiano and CMO Paul Alfieri talked to Cynopsis about why Cannes is such a valuable event for our industry.
The Lions are, of course, a great way to take the pulse of the industry and hear diverse perspectives about where the industry is headed.
Here are a few takeaways we heard:
- The current television ad model needs to be reinvented. The industry should come together and push for more unified standards, including the definition of an impression, in order to evolve and not lose out to the social giants and walled gardens of the world. New challenges like increased ratings pressure, inflationary pricing and audience fragmentation call for evolved methods of targeting and measurement. Change won’t happen overnight, but the industry is moving in this direction.
- OTT and ACR are the future of TV. Linear models need to be reconsidered to remain relevant. Automatic content recognition or ACR data will revolutionize the industry. In the past five years, the number of over-the-top (OTT) only households has tripled to 14 million. TV is going through a major transformation, and it’s up to the industry to decide how and when that transformation progresses.
- Data, Data & More Data. Brands and agencies are stressing the importance of strategically building plans against audiences and garnering deeper post-campaign analytics and insights. Currently, the industry lacks the expertise to really drive the marketplace forward, and a different, more data-driven skillset may be needed. At Cannes, we heard that data is influencing the creative and campaign design processes and driving a more “test, iterate, evolve” approach to campaigns. Modern marketing requires an analytical mindset and a drive all aspects of campaign, from TV performance to messaging. The industry needs to continue automating processes so we can be more flexible in an iterative world constantly looking to improve.