The 2024 Cannes Lions Festival of Creativity has come and gone, leaving behind a whirlwind of discussions and insights that continue to reverberate through the advertising industry.
This year's festival was dominated by conversations about AI, technical innovation, CTV, retail media, data privacy, and cookie deprecation. Despite the prominence of these topics, sustainability and the summer of sport did not garner as much attention as expected. Here, we summarize the key takeaways from the festival, as shared by industry experts.
AI and Innovation Take Centre Stage
AI was undoubtedly the standout theme at Cannes Lions 2024. Philip Acton, Managing Director UK at Adform, noted that AI was the "name of the game," with many clients eager to understand its short-term opportunities. Andrea Ching, Global Head of Integrated Marketing at Bloomberg Media, emphasized AI's role in achieving more with fewer resources, aligning with Bloomberg's theme of "good Business" and driving positive global impacts.
Mike Khouri, CEO of Tactical, highlighted a shift towards media platforms and AI, potentially at the expense of traditional creative storytelling. He expressed a need for deeper exploration of AI's potential to enhance creative excellence. This sentiment was echoed by Jason Warner, Director UK and EMEA at SBS, who observed serious discussions about using AI tools to enhance programmatic trading capabilities.
The Rise of Commerce Media
Commerce media emerged as a dominant topic at this year's festival. Paul Wright, Head of International for Uber Advertising, noted that commerce networks and media were prominent across various verticals, offering distinct advantages over traditional retail media. Commerce media effectively steers consumers along their purchase paths, amplifying brand messages across the funnel.
Embracing Change and Disruption
Disruption was a recurring theme, with many industry leaders acknowledging the need to adapt to technological advancements. Federico Salvitti, VP of Growth US at MINT, pointed out the apprehensions around generative AI's impact on creativity and jobs but stressed the importance of understanding and harnessing its benefits.
Alexander Igelsböck, CEO at Adverity, observed that discussions around AI were shifting from theoretical concepts to practical value. Businesses are actively exploring where advanced models can streamline time-consuming jobs, allowing for more focus on higher-value strategic tasks.
CTV and Retail Media Gain Traction
CTV and retail media were significant topics at Cannes Lions 2024. Acton highlighted the presence of TV OEMs like LG Ads Solutions and Samsung Ads, as well as platforms like Roku, Disney+, and SambaTV, emphasizing budgets, activations, and strategies. Stacy Bohrer, VP of Buyer Development, NA at OpenX, noted that curation, transparency, and the elimination of made-for-advertising (MFA) sites were central themes.
Data Privacy and Cookie Deprecation
Data privacy and cookie deprecation were also key discussion points. Mateusz Ruminski, VP of Product at PrimeAudience, mentioned audience curation as a promising way to buy qualitative audiences without compromising user privacy. Marko Johns, UK Managing Director & International Head of Agency at Seedtag, observed that cookie deprecation had become an accepted inevitability rather than a hot topic, highlighting the industry's shift towards new methods of reaching consumers.
Sustainability and Ethical Advertising
While sustainability did not dominate conversations as much as expected, it still played a significant role. David Shaw, Co-founder and CEO of Cedara, noted the importance of the GARM and Ad Net Zero frameworks in pushing sustainability to the forefront. Emma Newman, CRO EMEA at PubMatic, emphasized the growing emphasis on reducing carbon footprints and supporting minority-owned media.
Christine Cook, Global Chief Revenue Officer at Bloomberg Media, highlighted the industry's desire to continue learning and staying ahead amid constant changes in the digital landscape. Educational activations and workshops provided valuable insights into sustainable practices and responsible media buying.
The Future of Creative Excellence
Despite the focus on AI and technological advancements, the festival underscored the enduring importance of creative excellence. Mike Khouri expressed a longing for deeper dives into how AI can enable creative storytelling. Lena Arbery, Associate Director of Sales at Tripadvisor, stressed the importance of consistently innovating while staying true to a brand's core values and putting consumers at the centre of all efforts.
Final Thoughts
Cannes Lions 2024 showcased a dynamic and evolving industry, with AI and technological innovation at its core. The rise of commerce media, the growing significance of CTV, and the ongoing discussions about data privacy and sustainability highlight the industry's commitment to adapting and thriving in a rapidly changing landscape.
As we look to the immediate future, the key lesson is clear: embracing change, fostering innovation, and staying true to core values will be essential for success in the ever-evolving world of advertising.
