From the WPP Stream in Ojai, California Cheddar's CEO Jon Steinberg speaks with WPP CEO Sir Martin Sorrell about the future of advertising.
The ad exec says clients want platforms like Snap and Pinterest to succeed. With the duopoly of Google and Facebook dominating the industry, with 75 percent of digital advertising and 30 percent of the entire ad market, his clients want control to be more distributed.
While Sorrell has seen Google as a "frenemy" in the past, he says he now sees the technology giant as a "flexible friend," because it's become more responsive to concerns. One of the reasons for Google's shift, Sorrell says, is the rise of companies like Amazon which provide an existential threat to the search and advertising model.
There's also been a lot of talk about how the rise of artificial intelligence may impact the American workforce. Sorrell says technology could be a net destroyer of jobs, and he expects that to become an increasingly critical political issue.
Last month, WPP cut its growth forecast for the third time this year. In the latest quarterly, revenue grew 0.8 percent to $4.78 billion. Sorrell says, "It's been very tough," and he's looking to see how things pan out next year. On the future of advertising, Sorrell says investment in innovation and branding is critically important.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
Europeans upset with Elon Musk still aren’t buying his electric cars, adding to a long losing streak for his company.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
