Morning Brew - Thinking ahead

Marketers make sense of the metaverse.
Morning Brew June 27, 2022

Marketing Brew

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Welcome to Monday. In response to Friday’s Roe v. Wade decision, some period-tracking apps are working to anonymize user data. “The goal is to make it so no one—not even us at Natural Cycles—can identify the user,” one app’s co-founder and co-CEO told the WSJ.

In today’s edition:

—Ryan Barwick, Phoebe Bain, Josh Sternberg

TECHNOLOGY

At Cannes, the metaverse was everywhere

At Cannes, the metaverse was everywhere Credit: Dianna “Mick” McDougall, Francis Scialabba, Photo: Getty Images/Radu Bercan/EyeEm

You’re in the south of France. The sun is sparkling off of the Mediterranean like a disco ball, and there’s enough shrimp and rosé to give whoever’s approving expense reports an aneurysm.

And yet, among the topics du jour of Cannes Lions is a supposedly democratized experience that can be enjoyed by anyone, anywhere—of course, I’m talking about the metaverse.

Talking point: Over the course of the festival, Paris Hilton and Gary Vaynerchuk hawked NFTs (to a nearly sold-out theater, we might add), execs from R/GA, Christie’s, and Accenture Song discussed “sustainability in the metaverse,” and Meta, naturally, explored “the future of avatars.” Even cybersecurity firm Human held a panel called “Hacking the Metaverse.”

Zoom out: The industry knows the metaverse is something and, maybe more importantly, something to talk about. Throughout the festival, Marketing Brew chatted with industry folks about where the metaverse stands today. Though there’s excitement, it was—like many Web3 conversations—mostly ethereal ad speak, light on examples and figures. And all set to the backdrop of a cratering crypto market.

  • Regardless, there’s expected to be real money there: metaverse spending will surpass $5 trillion by 2030, according to a prediction from McKinsey.

So…uh…where are we?

Well, to hear it from Meta directly—who’s just one player alongside platforms like Roblox, Decentraland, and Fortnite—the ad industry is still in the experimentation and education phase, explained Alvin Bowles, VP, business ecosystem partnerships at Meta.

Learning curve: Despite metaverse applications being the fastest growing investment in terms of production and engineering resources, it’s hard to scale educating brands and buyers on the different ways to create a unique experience there, he said.

“It’s all educational. [The metaverse] is a concept; we don’t own the metaverse. There are going to be a lot of different iterations of how this comes to life and it’s going to mean different things to different people,” he told Marketing Brew from the Meta beach at Cannes.

Continue reading here.—RB

        

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SOCIAL MEDIA

On YouTube, influencer CPMs are

YouTube gif Francis Scialabba

It’s official. We’re quitting our jobs and becoming email-newsletter influencers on YouTube instead.

According to a new report that influencer marketing agency The Outloud Group shared exclusively with Marketing Brew, influencer CPMs went up across major verticals on YouTube—from beauty and fashion to education—in 2021.

  • What’s more, when the agency pulled its data for 2022 thus far, CPMs continued to increase for 15 out of the 16 verticals studied (with the exception of military influencers).

For instance, in 2021, the median CPM for gaming influencers on YouTube was $54.68. In the first half of 2022, it’s $66.48. For this report, The Outland Group looked at actual CPMs from historic campaigns rather than forecasted CPMs. The agency pulled the data from 12,454 “unique YouTube influencer activations” across 237 brands in the time period between January 2018 and May 2022.

$$$: Outside of CPMs, The Outloud Group’s VP of client strategy Nycole Kelly told us that influencers are charging more for their services “across the board” and on YouTube in general, with rates continuing to increase at a stable pace.

Big picture: According to eMarketer, in 2021, 40.8% of US marketers used YouTube as an influencer marketing channel. That figure is predicted to grow to 42.5% this year.

The Outland Group’s report attributes the rise in CPMs to two things: increased interest in influencer marketing due to the pandemic and iOS 14 privacy changes. While only time can tell how CPMs will evolve from here, the report notes that the agency “wouldn’t be surprised” to see them continue “an upward climb.”—PB

        

MEDIA

A media buyer on what happens in upfront negotiations

A media buyer on what happens in upfront negotiations

Ever wonder what upfront negotiations are like? Us, too.

Fortunately for all of us, Initiative’s chief partnerships officer, Maureen Bosetti, spilled the beans, walking us through not only all the changes in upfront negotiations since she started in the biz in 1994, but also the kinds of conversations that happen in the negotiating room.

(And it most certainly ain’t the dog and pony show of the upfront presentations.)

For starters, she used to have “direct managers, people leading the accounts…10–12 people in the room to hear the conversation,” she said. These days, to keep “a level of confidentiality,” there’s only one or two execs seated at the table.

When you oversee $8 billion of annual spend, with 30%–40% earmarked for the upfronts, it’s not surprising that media companies and agencies want to keep negotiations tight-lipped.

Bosetti also explained some of the finer points that are expected during negotiations: value, price, flexibility, audience guarantees.

“We have to make sure we are getting the best value that we can for that specific property,” she said. “And if we think it’s over-valued, maybe we won’t recommend it.”

Bosetti told us about what she calls “the complexion of the dollars.” Check out the whole video on our YouTube page to learn what really happens during upfront negotiations.—JS

        

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FRENCH PRESS

French press Francis Scialabba

There are a lot of bad marketing tips out there. These aren’t those.

Roe: Here’s how the Supreme Court’s decision could change advertising at a high level.

TikTok: Check out the top trends to experiment with on the app this week.

Travel: The next time your flight to a marketing conference is delayed, read this—it explains why air travel has been so messed up recently.

JOB BOARD

Is it Monday already? Be sure to check out the Marketing Brew Job Board to find your next marketing role!

Today’s featured openings:

See more jobs or post your job opportunities here.

WHAT ELSE IS BREWING

  • Meta warned employees against talking about the Roe v. Wade decision on “wide-reaching communication channels inside the company,” sources told the New York Times.
  • The Martin Agency, McCann Worldgroup, and more agencies have come out against the Supreme Court’s decision to overturn Roe v. Wade.
  • “Fractional” CMOs are becoming more of a thing, as interim work becomes more common due to the pandemic and other factors.
  • EBay is acquiring NFT marketplace KnownOrigin.

AD ANTIQUES

​​Westinghouse Electric Corporation's 1942 ad that’s since become a symbol of women in the workforceVintage Ad Browser

​​Westinghouse Electric Corporation’s 1942 ad that’s since become a symbol of women in the workforce

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Written by Ryan Barwick, Phoebe Bain, and Josh Sternberg

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