Advertising guru Sir Martin Sorrell, who was at the helm of the WPP Group for 33 years, recently weighed in on the tech-led advertising markets dominating advertising.
Of course, there are leaders – Google and Meta. And then there are the Amazons, Bytedances, Alibabas, Twitters, and Snaps of the world.
Talking about Twitter’s latest efforts with advertisers, many of whom left the platform after Elon Musk’s hostile takeover, Sorrell said, “Maybe, he should have just stuck with a 10 percent shareholding and a board seat, and not gotten embroiled in this. Because the upside is very little for him.”
Sorel was in conversation with Rahul Kanwal, executive director of Business Today, at the World Economic Forum in Davos.
The advertiser added, Musk has Tesla and SpaceX, The Boring Company, and many other fish to fry. He has to focus on that. Twitter is an unnecessary diversion for him at this point in time.
But can Musk, who has lost $200 billion from his peak fortune, really turn around Twitter’s fortunes?
“Well, Elon Musk is incredible. One of his employees said in the BBC documentary that he’s even better than Einstein. Be sure not to count him out,” Sorrell said.
Sorrell, who is now the founder and executive chairman of S4 Capital (tech-based digital advertising and marketing services), painted a bleak picture for traditional media in 2023 and beyond.
“The future of traditional media will be under pressure. Customers now ask why they are spending huge amounts of money on classical TVs. And why don’t they move that money to digital which is easier to monitor and correct? Ultimately, everything will be digital in some way, shape, or form,” he explained.
Sorrell picked Microsoft and Netflix as two possible giants in the advertising market business in the future, along with Apple.
He also envisions a future where OpenAI’s ChatGPT (in which Microsoft has invested $10 billion) could eventually replace media buying and planning, “and it will be very effective”.
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Information Source: BusinessToday