{"id":642474,"date":"2023-04-28T10:06:30","date_gmt":"2023-04-28T15:06:30","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/28\/why-stagwells-mark-penn-sees-ar-and-ai-as-the-biggest-disruptors-to-the-industry\/"},"modified":"2023-04-28T10:06:30","modified_gmt":"2023-04-28T15:06:30","slug":"why-stagwells-mark-penn-sees-ar-and-ai-as-the-biggest-disruptors-to-the-industry","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/28\/why-stagwells-mark-penn-sees-ar-and-ai-as-the-biggest-disruptors-to-the-industry\/","title":{"rendered":"Why Stagwell\u2019s Mark Penn sees AR and AI as the biggest disruptors to the industry"},"content":{"rendered":"
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April 28, 2023\u00a0\u00a0\u2022\u00a0\u00a04 min read<\/span> \u00a0\u2022\u00a0 By Antoinette Siu<\/a><\/p>\n<\/div>\n

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Stagwell\u2019s Mark Penn believes every company today is a digital marketing company. His holding company\u2019s aim is to elevate technology with an agency-driven approach into areas like artificial intelligence and augmented reality.<\/p>\n

Penn, chairman and CEO of Stagwell, worked across politics, public relations and strategy at Microsoft before founding Stagwell in 2015. He has managed to grow the holding company to $2.7 billion in revenue in seven years, and in 2021 it merged with agency network MDC Partners to expand its roster of shops and assemble an array of digital services and marketing.<\/p>\n

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Penn contends that digital advertising is still in its infancy, especially with the shift to more online advertising and emerging formats like AR.<\/p>\n

\u201cAs I always say, the best TV ads have already been done, and the best digital ads are a long way from being done,\u201d Penn told Digiday. \u201cSo my question really is, how can we make advertising experiences more relevant, and yet also less cluttering to a consumer experience?\u201d<\/p>\n

In exploring more digital opportunities, Stagwell is also searching internally for the latest tech innovations and entrepreneurs. Now in its fifth year, Stagwell Marketing Cloud runs an annual innovation competition<\/a> \u2014 like an internal \u201cShark Tank\u201d \u2014 that awards winners $1 million to build a product to solve a marketing and technology problem. Some of the winners have created AR solutions<\/a> for live events and sports, and generative and predictive AI tools for content.<\/p>\n

\u201cInside every marketing company today are people who are bursting with ideas, potential innovations, and they are on the front lines of the market,\u201d Penn said. \u201cSo the \u2018Shark Tank\u2019 [competition] was a way to tap into that.\u201d<\/p>\n

In this interview, Penn discusses the future of AR and AI applications, how Stagwell approaches full-service to self-service in the marketplace and which tech developments he doesn\u2019t feel live up to the hype.<\/p>\n

This interview has been edited for clarity.<\/em><\/p>\n

Where are emerging platforms like AR and AI going?<\/strong><\/h2>\n

For a number of years, automated reality was under-emphasized in terms of potential long-term impact. I was at Microsoft when HoloLens was being developed. I see that there\u2019s still a lot to do in terms of miniaturization, and I think it can be something that is as pervasive as a phone, as pervasive as a watch. That will be a critical part of people\u2019s everyday lives. I think Apple has concluded that augmented reality and being able to put on a pair of glasses and get additional information is likely to be a strong marketplace. We will shift from the phone to glasses, but we want to be there in advance.<\/p>\n

What is your long-term vision for tech and marketing innovation?<\/strong><\/h2>\n

The overall vision and standards is that in the marketplace we can do everything from global full-service, down to small business self-service. There\u2019s a large bit of B2B and corporate self-service, as well. I realized that there\u2019s a synergy in being able to do all of the above, and when you\u2019re doing full-service, they want to know you have a great tech stack. And when you\u2019re doing self-service, they want to know you have easy, new software. I believe that trying to do those under one house and, in fact, both sides of the house, will support each other to provide better, more innovative technology that can be utilized system-wide.<\/p>\n

How will AI transform agencies on the inside?<\/strong><\/h2>\n

We think today AI is going to play a big role in shortening analysis time. Right now, people have to go through thousands of numbers, and we think AI can really do at least the first scan, pulling out the most significant aspects and tables at a time. For people who work in marketing, the two things that we target are highly-educated, highly-valuable people doing repetitive tasks. Then the second is: how can complex multi-step processes be automated and simplified so that almost all the things that we do or look at fall into one or both of those buckets.<\/p>\n

How has Stagwell\u2019s internal innovation competition evolved?<\/strong><\/h2>\n

This went from a program where people kind of started scratching their heads to a real [successful] program that actually has produced incredible products. I was chief strategy officer at Microsoft, so it\u2019s not like they take a raw idea and then they don\u2019t just run with that. They take an idea, and work on it and refine it. In many ways, \u2018Shark Tank\u2019 has created an incubator of these tech ideas, each of which has an entrepreneur who gets a significant share and upside. We look at ARound<\/a> that came up with some exceptional technology that is scaling ahead and augmented reality. And with AI, we started those projects years ago. We\u2019re sitting here because we had the foresight to run this \u2018Shark Tank\u2019 process.<\/p>\n

What tech innovations are less exciting to you?<\/strong><\/h2>\n

I\u2019m always less excited about driverless cars. Also, language translation is something where we\u2019re getting closer and closer, then we aren\u2019t getting closer. There are so many idioms across the languages and so much context \u2014 but I will say it\u2019s getting better. It still takes a knowledgeable eye to really put the final touches right on this translation. My general message is that it\u2019s the right mix of people and the right technology that really produces the most effective outcomes.<\/p>\n<\/div>\n

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https:\/\/digiday.com\/?p=501670<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Read More<\/a>
\n Antoinette Siu<\/p>\n","protected":false},"excerpt":{"rendered":"

April 28, 2023\u00a0\u00a0\u2022\u00a0\u00a04 min read \u00a0\u2022\u00a0 By Antoinette Siu Stagwell\u2019s Mark Penn believes every company today is a digital marketing company. His holding company\u2019s aim is to elevate technology with an agency-driven approach into areas like artificial intelligence and augmented reality. Penn, chairman and CEO of Stagwell, worked across politics, public relations and strategy at<\/p>\n","protected":false},"author":1,"featured_media":642475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[171,104648,46],"tags":[],"class_list":{"0":"post-642474","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-biggest","8":"category-stagwells","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/642474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=642474"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/642474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/642475"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=642474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=642474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=642474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}