[Marketing Week] Bob Koigi: Marketing talent crisis slams the brakes on growth
In what is creating jitters in the marketing industry, close to half (48%) of all advertisers, agencies, ad tech companies and media owners think the industry is facing its “worst-ever crisis” when it comes to talent, topping off at 54% among agencies. This is according to new research from World Fderation of Advertisers and global media advisors MediaSense.
Sixty-eight percent globally say that talk of a “crisis” is not overstating the matter, a figure that rises to 74% in the US. In addition, 77% of respondents admitted that there is “some” or “high” scarcity of talent in their organisation, peaking at 85% among the agency and ad tech sectors, and at 81% in the US and 93% in APAC.
In the advertising space, Aleph Group, Inc, a global enabler of digital advertising in emerging countries, has announced a global sales partnership with Reddit to ensure the success of advertising partners throughout Europe and Central Asia as the platform continues to scale internationally.
The partnership will grant advertisers of all sizes and across all industries in select markets in Europe and Central Asia access to Reddit's global advertising opportunities, enabling advertisers to reach Reddit users in their local markets and beyond.
At the same time, OneScreen.ai, the marketplace provider for buying and selling out-of-home (OOH) advertising, has launched the most comprehensive public directory of OOH advertising inventory with more than 3,200 OOH providers, including media companies, vendors and agencies, and more than 864,000 media listings across various categories, including billboards, street furniture, transit, and more in 340 different formats.
This comes as a report by Research and Markets indicated that the global advertising agencies market reached a value of nearly $346,122.5 million in 2021, having increased at a compound annual growth rate (CAGR) of 3.6% since 2016, and is expected to grow at a CAGR of 9.8% to nearly $553,106.5 million by 2026.
Growth in the historic period resulted from strong economic growth in emerging markets, rise of globalization, rising penetration of e-commerce, rising advertisement expenditure and rapid development in technology. Factors that negatively affected growth in the historic period were coronavirus pandemic, skilled workforce shortages, increased use of ad-blockers, volatile costs, security challenges and government regulations.
In partnerships this week, Logitech G and Tencent Games have announced a partnership to bring a cloud gaming handheld to market later this year that will combine Logitech G’s expertise in hardware with Tencent Games’ expertise in software services.
The new device will support multiple cloud gaming services, and both companies are working with the Xbox Cloud Gaming and NVIDIA GeForce NOW teams, so gamers can play AAA games when they are away from their console or PC.
Powered by MagentaTV data and emetriq’s multi-ID graph, the solution provides strong targeting use cases within the CTV landscape, offering a privacy-safe option. This solution is exclusively available across the Xandr platform.
For Kantar’s TGI clients, this means new opportunities to understand the dynamics of the Chinese media landscape as well as product and brand choices made by Chinese consumers.
As companies seek to bolster their talent and skills, Entravision, a global advertising solutions, media and technology company, has announced the promotion of Karina Cerda to Executive Vice President of Global Marketing. In this newly created position, Ms. Cerda will spearhead a company-wide effort to bring Entravision’s collective global marketing strategies together under a single unified umbrella.
At the same time, S4Capital plc, the digital advertising and marketing services company, has announced the appointment of a new Chair of the Audit and Risk Committee, as part of its previously indicated plans to invest in and tighten its financial control, risk and governance processes.
In addition, Christopher S. Martin has been appointed Chief Operating Officer, to scale the Company’s organisational structure and processes.