 Good afternoon everyone Sam. Thanks for having me great spend time with you and Lara Vikram Vishal and the team and our many many clients I I'm actually slightly younger than Sam and shantanu, but not by much but so I will also add a bit of historical perspective and I've found that When times are really changing it's important to go back to fundamentals and never leave side to them And when I think about media planning and buying which is the center of Madison's business It can most easily be described as the process of budget allocation between channels The optimization of investment within channels and the process of attributing effectiveness across those channels That's what we do and it's a function that's remained unaltered in its purpose for as long as I can remember in my 30-something years in the business and of course It's important because it represents the stewardship of one of the biggest cost-line items in the near universal market of pursuit of predictable profitable growth because predictable growth is after all the perennial source of stockholder return Management incentives and in many of our cases continuity of employment So it's unaltered in principle, but not in education in execution If you take the long view of advertising and brand marketing you can observe three distinct epochs The time before television the broadcast age and the on-demand era and for easing of framing in the u.s Context these eras lasted until 1950 in the u.s When TV reached 50% penetration and the broadcast age from 1950 to 2010 in which TV dominated all forms of communication and Culture and now since 2010 the on-demand area at which point broadband past 50% in the United States And who knows how long that will last perhaps the decade of the metaverse will always be a decade away All the decade of artificial intelligence has arrived with a bang The passing of each of these epochs represents tectonic change for marketers and the inevitable disruption in sector after sector from a time of dominance of local brands in history and Businesses to the proliferation of national and international brands aided by an abundance of reach and attention to the current atomization of both audiences and attention and the intended removal in many categories in media and elsewhere to barriers of entry It's likely that media companies Marketers and their agencies were at their happiest in the broadcast age It was a time if you like a well-organized Oligopolies just the right number of channels the right number of retailers the right number of manufacturers in every category Planning was simple and outcomes were largely predictable So as long as you were in the club It was a very good club to be in indeed what the broadcast age allowed us to do was build models of efficiency and effectiveness and Determine media truths in every category we worked with we knew how to open a movie We knew how to maximize store traffic how to launch a new line how to optimize reach curves How to deliver exact frequency and by and large solve the famous want to make a problem of which half of my Advertising worked it was a period of great certainty and specifically certainty in the relationship between the buyers and sellers of advertising or at least a shared acceptance of an allowance for its faults and failings We knew how many people watched to show we aimed off a bit for wonky samples and bathroom visits We knew how many people bought received or read a magazine and we had no affair of the atrocious Adjacency as a structural risk to brand reputation. We lived in a world in which we are comfortable with being approximately Right most of the time we were comfortable in a world We're spending five million dollars on a Super Bowl ad only needed four people The buyer the seller and the two caddies to carry the golf clubs In an old-fashioned construction everyone knew where they stood or at least they thought they did and that perception was everything But the broadband area changed everything It's boosters of which I was absolutely one claimed that the old ways were wasteful and unaccountable that the new ways were precise in terms of audience delivery in terms of Efficient in the elimination of waste and effective in deriving in performance when it mattered we Not you dealt in a world of facts not faith best of all we dealt in perfect attribution tying the advertising input To the business effect search marketing took that certainty to a whole new level You didn't even have to pay until someone clicked on your ad Advertising have finally found its place on the costs of good line on the PNL And not just some variable general and admin cost one chili quarter away from the cut from from a cut That wasn't the end of the accounting metaphors of the on-demand era as one advertiser after another Committed resources to the Facebook friends arm race They did so in the conviction that they were creating a balance sheet asset that allowed them to create a permanently addressable cohort of customers and prospects for maximum lifetime value and Minimum lifetime costs and as many of you will know if you participated in that that did not end well yet Search and social swallowed advertising almost completely in the on-demand age consumer attention significance Shifted significantly and advertiser dollars shifted seismically Business models that advertisers relied upon for several generations were undermined Cords were cut or more accurately boxes were discarded Magazine and newspaper sales collapsed as the media that they represented became unbundled What was less obvious during that time and not even a talking point to? 2015 was the advertisers and agencies had begun trading in a commodity that in truth they barely understood This lack of transparency was manifested in four areas the area of brand safety Social safety more important still Transparency and measurement and this compromised the media planning and buying process because with such uncertainty How do I use inventory if I don't understand it? It's an allocation problem How do I optimize in formats and for outcomes that are different and hard to quantify and his last click attribution? To an ad that may not even been seen an adequate way to Stuart budgets And of course, they're all symptoms of a wider malaise in simpler times the advertiser knew where he stood if he bought a back cover of Vogue every Copy on every newsstand would have that ad if they bought time on television They could tune in and see it the speed was with those simple principles Broke down in the on-demand age was breathtaking and advertisers suddenly went from trading in the known to the unknown I Would recommend all of you to follow an Oxford University professor whose name is Rachel Botsman She has built the first course on trust in the digital world at the Said business school at Oxford University She's more than worth your time. I encountered the first time about four years ago An event that was run by sky now part of Comcast in which she defined trust as having a confident Relationship with the unknown. I thought that was very powerful and I've carried that thought with me ever since the implication is that We're unlikely to trust what we do not know unless something or someone gives us the confidence to do so a Loss of trust is by extension a loss of confidence So trust in things can be built by a confidence in people and our loss of trust in things can lose us to lose trust in people It's a relative concept rather than the absolute one most often trust and confidence relate to the size of the consequences or the reward in question So this has a lot of consequences if you have no confidence you tend to make suboptimal decisions You're often invest or coalesce around measures that seem to make sense But often just create false incentives and often create rules that have unintended Conferences all of clicks last click attribution Viewability and brand safety have created issues that have diverted the industry's time and attention from making advertising a positive force in business which I define as a productive Three-sided contract between consumers creators and advertisers 2024 is firmly in gear and you might be forgiven for thinking that we're approaching peak distrust There's distrust in politics. There's distrust in institutions in Enterprises in the media and in many cases distrust in each other and the rise of AI and with it more Sophisticated botnets and deepfakes won't do much to help trust So herein lies the value of businesses like Madison Madison is part of both the trust and innovation Ecosystems it works with an ever-changing rotor of suppliers and partners that allow its clients to test new opportunities and Transact with a degree of confidence in commodities that lack the intrinsic Transparency and tangibility of television and print Madison and its peers and I think about this from a community point of view and an industry point of view have an important function We have to protect advertisers from fraud and appalling context But we also have to protect publishers and more broadly Creators from demonetization and consumers from disinformation And we have to use the tools that are now available to us as Scalples and not blunt instruments the effect on the news industry of brand safety tools in the digital world has been almost tragic To shantanu's point never has it been more important to choose your purpose and to choose your partners with care There are minimum standards in business today that are important And that standard is that the business works constantly to reduce the environmental and social cost of your operations It's a totally different idea from the notion of do no evil because it's impossible to operate a business without any Consequence at all, but my own view is that the idea of always progressing always being better always taking more Responsibility always building trust is a very effective way to run a business It allows you to think about doing good and being good as a journey It allows you to create scorecards around diversity around inclusion around sustainability and purpose and to organize Improving those scorecards over time What these scores card should do is touch every aspects of the operations of the business and that includes Media and advertising so when we deploy AI to develop creative assets We should do them to reflect the cultural mosaic and values of our audiences When we allocate budgets We should do it in ways that consider the ownership of media and the implications that those media have for the world We should be willing to hold our media partners accountable for the content. They produce or Enable and we should consider media and data choices through the prism of Sustainability and privacy It's easy to think about all of this as more work, but I think it's a responsibility We've got an opportunity to respond to changes in society and be great Participants there is increased awareness of social impact and we because we affect culture need to be a leader rather than the follower We've got a collective responsibility to do more for less and to consider value-received relative to both economic and social costs so for Madison Future success means addressing the issues of the day in partnership with our clients in Partnerships with our seller community in partnership with our competitor and in partnership with the media Businesses that cover our industry and I think what we need to think about collectively to make our business better And for the third time today these accurate cross-reaching media and frequency tools a meaningful way to understand add impact equivalents across media commerce and communication platforms and Ways of assessing customer journeys in a world where influence is widely distributed and those journeys are never linear We need to find identity and contextual solutions in a post-cookie world that thread the needle between consumer privacy and Advertiser utility and we need to collect and deploy first-party data Including that data volunteered by the consumer and data known and exclusive to advertisers Persuading the CFOs that have great influence over the investment and advertising is a very difficult thing to do But it's easier to persuade them that investment if we capture the opportunity by being proactive on working to attribute effect manage risk and Re-establish trust in all that we do. Thank you