Agency Business is a podcast about ad agencies, from media industry analysts Brian Wieser and Olivia Morley. In our interviews with agency CEOs and industry experts, we explain the week's agency news and provide the context you need to navigate the business. Check it out on Spotify, Apple or wherever you get your podcasts.
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Madison and Wall's Brian Wieser digs nto how the advertising business really works. Subscribe for analysis, insight and more about advertising, media and technology trends. Access more M&W research summaries and analysis by subscribing to our complimentary Saturday newsletter at https://madisonandwall.substack.com/. To learn about becoming a paid subscriber or advertising with us, reach out to Brian at [email protected].
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#24: Jill Kelly on the Evolution of Media and Her Vision for Assembly
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33:33Jill Kelly, North America CEO of Assembly, joins co-hosts Olivia Morley and Brian Wieser to discuss her first few months leading the Stagwell media agency—and how she’s thinking about pricing models, technology, and talent in an increasingly complex media ecosystem. Jill shares her unconventional path to executive leadership, which spans media buyi…
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Ep. 37: Digital Ad Taxes, CPG Trends + What Caused 1Q25's Strength?
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12:28In this week's episode of the Madison and Wall podcast we review new economic news, discuss the impact of taxes on digital advertising, look at CPG industry growth rates and explore factors impacting the most recent quarter's ad market strength.By Madison and Wall
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#23: Scaling Exverus Media Without Shortcuts, With Talia Arnold
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30:47Talia Arnold, managing director and co-founder of Exverus Media, joins co-hosts Olivia Morley and Brian Wieser to discuss how the Los Angeles-based agency has scaled without shortcuts—maintaining a lean team, independent ethos, and focus on solving complex marketing problems with creativity and tech-enabled insight. Talia shares her nontraditional …
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Ep. 36: Big, Beautiful Business Deterrents, New Pay TV and Video Data, Publicis Buys Influencer Agency and More
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10:13On this week's M&W Podcast we review our take on the potential consequences for foreign capital investment that may follow from tax policy changes in the US, go over new TV data we published on pay TV subscriptions, video ad loads and video spending and assess the news of Publicis' acquisition of a new influencer agency.…
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#22: Sean Corcoran on Leading BarkelyOKRP's MissionOne Media
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35:34Sean Corcoran, president of MissionOne Media and longtime agency leader, joins co-hosts Olivia Morley and Brian Wieser to discuss the launch of MissionOne within the growing “big indie” platform BarkleyOKRP—and what it takes to build a media brand inside a full-service agency structure. Sean walks through his career path, from political work and af…
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Ep. 35: TV Upfronts, Retail Sales, Netflix Data, Dentsu + Globant and More
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9:40On this week's M&W Podcast review the latest retail sales data and its read-throughs for the economy, Walmart’s advertising business, our take on the Upfronts, Netflix’s latest data point on ad-supported subscribers, the latest results from Dentsu and Globant and more.By Madison and Wall
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#21: Red Door Interactive CEO Reid Carr on Building an Integrated Agency Business
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32:00Reid Carr, CEO and executive creative director of Red Door Interactive joins this week's episode of Agency Business. In a wide-ranging interview, Reid shares the history of his agency, its focus on integrated services and the choices he has made as the business has grown. Plus, Brian and Reid discuss: S4 Capital and Stagwell's diverging Q1 2025 res…
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Ep. 34. Google's Search Durability, Tariffs and Advertising, More 1Q25 Results + Ads101 on Programmatic Advertising With Dentsu's Zac Selby
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23:18On this week's M&W Podcast, we provide our regular take on new economic data, advertising industry earnings results and more. We also summarize our original research of the week. Plus, our Advertising 101 series continues with a focus on digital advertising – and programmatic advertising in particular – with Dentsu Media’s global addressable lead, …
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#20: Acadia CEO Jared Belsky on Growth, Ethics, and the Mid-Market
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39:05Jared Belsky, CEO and co-founder of Acadia, joins co-hosts Olivia Morley and Brian Wieser to talk about building a mid-market agency at scale and why he’s become one of the industry’s most vocal critics of principal-based media buying. Jared shares what led him to co-found Acadia after leading 360i, and why the firm has centered its business model …
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Ep. 33. 1Q25 Ad Results Flurry, A Critique of Mark Zuckerberg’s Take on AI Advertising and GDP + Ads101 on Digital Advertising With Butler/Till's Scott Ensign
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23:28
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23:28On this week’s M&W Podcast we summarize our take on the latest GDP data, a critique of Mark Zuckerberg’s take on how AI-driven advertising will impact GDP, second quarter ad results and much more. Plus, on this week's podcast, our Advertising 101 series continues with a focus on digital advertising with Scott Ensign, chief strategy officer of indep…
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#19: José Villa of Sensis on Building a Cross-Cultural Agency
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29:18José Villa, founder and president of Sensis, joins co-hosts Olivia Morley and Brian Wieser to talk about what it takes to build and scale an independent cross-cultural agency, and what the future of multicultural marketing looks like in today's shifting business and political climate. José shares the origin story behind Sensis, how the agency evolv…
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Ep. 32: Large Marketer Ad Market Commentary, Global Agency Growth Trends for 1Q25 + Comcast and Google Results, Too
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9:00On this week’s M&W Podcast, no Ads 101 - back soon! - we review the meaning of the latest consumer sentiment data for the advertising industry and summarize the work we did this week which included the following pieces: Large Marketer CEO and CFO Commentary for Week Ending April 25, 2025: Capital One, Colgate, Keurig Dr. Pepper, P&G + Unilever IPG'…
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#18: Mediahub’s Place in IPG’s Media Model, With Nicole Estebanell
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36:28Nicole Estebanell, U.S. CEO of Mediahub, joins co-hosts Olivia Morley and Brian Wieser to talk about what it means to lead a challenger agency inside one of the world’s largest media networks. Nicole walks through her career journey, beginning with her early media roles at Digitas and Neo to later leading the Nike account at Mindshare, serving as g…
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Ep. 31. Meta and Alphabet Divesitures, Publicis and Omnicom Results, Greg McLelland (M&W's GM of Canada and CRO Advisory Lead)+Ads101 On Digital Advertising With Martin Galvin
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25:39On this week’s M&W Podcast we summarize our take on what happens if Meta and Alphabet are forced by courts to sell parts of their businesses, the latest earnings results from Publicis and Omnicom and hear from Greg McLelland, Madison and Wall's new General Manager of Canada / CRO Advisory Practice Lead. Plus, on this week's podcast, our Advertising…
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#17: Blending Creative and Tech at Scale, With VML's Jon Cook
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35:10Jon Cook, CEO of VML, joins co-hosts Olivia Morley and Brian Wieser to talk about the agency’s evolution and what it means to lead a business that spans both world-class creative and deep enterprise technology. Jon walks through how VML was formed through a series of mergers — including Wunderman, J. Walter Thompson, and Y&R — and how the newly uni…
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Ep. 30: Scenario Planning, New Digital Taxes, Pharma Tariffs and Havas' Results. + Ads101 with Keith "Kappy" Kaplan on Outdoor Advertising
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25:41On this week’s M&W Podcast we summarize our analysis of near-term scenarios for the economy and advertising industry, explore what an EU tax on digital advertising would do, what a tarrif on pharmaceutical advertising would do, Havas' latest results and much more. Plus, on this week's podcast, our Advertising 101 series continues with a focus on ou…
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#16: Building a Brand-First Business, With Simon Hill of FutureBrand
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30:52Simon Hill, U.S. president of FutureBrand, joins co-hosts Olivia Morley and Brian Wieser to talk about what it takes to build a consultancy built around brand, inside one of the world’s largest holding companies. Simon shares how FutureBrand operates as a brand-led strategy and design company within IPG, and how the firm balances its project-based …
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Episode 29: “Liberation Day” For Some, Advertising Tax Day For Others Supports Stagflationary Ad Forecast. Plus Stagwell's Investor Day, Independent Agencies + Ads101 on Local TV/Radio Advertising With ...
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29:32On this week’s M&W Podcast we summarize our analysis of high ad-intensity categories of imports, the specific impact of announced tariff policies on Amazon, Meta and the broader industry, review Stagwell’s investor day and look at new data we published around independent agencies. Plus, on this week's podcast, our Advertising 101 series continues w…
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#15: Running an Indie Creative Powerhouse, With Joan’s Lisa Clunie
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41:52Lisa Clunie, co-founder and CEO of JOAN joins co-hosts Olivia Morley and Brian Wieser to talk about what it takes to build and lead a modern independent agency. From JOAN's origins in New York to its expansion into Berlin and London, Lisa shares how the company has evolved into a multi-faceted creative firm—with an advertising agency, production st…
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Episode 28: Risks/Opportunities to Agencies From Tariffs + Ads101 on National/CTV With Todd Gordon
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33:59Each week on the M&W Podcast, we discuss new risks and opportunities for global agencies that follow from US government policies – especially in a world where tariffs on services may become more commonplace – as well as the latest results from S4, M&C Saatchi and more. Plus, on this week's podcast, our Advertising 101 series continues with a focus …
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#14: Navigating Media’s Pricing Dilemmas With Kate O’Brien
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30:39Kate O’Brien, founder of Powers of Reasoning and former executive at Omnicom Media Group agencies such as Hearts & Science and Resolution Agency, joins co-hosts Olivia Morley and Brian Wieser to discuss evolving compensation models, balancing senior talent with efficiency, and the future of media agency leadership. Drawing from her extensive exper…
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Episode 27: New Ad Forecast! Auto Ad Spend Trends, Accenture Read-Throughs on Agencies + Ads 101 on Media Research With Stacey Schulman
27:33
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27:33Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. On this week's podcast we review our newest advertising forecast, our recent research on the recent history of automotive advertising and provide read-throughs for the agency and advertising industries from …
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Episode 27: New Ad Forecast! Auto Ad Spend Trends, Accenture Read-Throughs on Agencies + Ads 101 on Media Research With Stacey Schulman
27:33
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27:33Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. On this week's podcast we review our newest advertising forecast, our recent research on the recent history of automotive advertising and provide read-throughs for the agency and advertising industries from …
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#13: Growth in Uncertain Times: Jane Crisan on Leading Rain the Growth Agency
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31:07Jane Crisan, CEO of Rain the Growth Agency, joins co-hosts Olivia Morley and Brian Wieser to discuss how independent agencies are navigating market uncertainty, balancing media and creative, and leveraging technology to drive client growth. Jane shares her journey from leading digital practices at holding company agencies to taking the helm at Rain…
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Episode 26: Consumer Sentiment Down, Muted Political Ad Spend and New Video Services Trends + Ads 101 on Planning With Scott Wensman
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24:11Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. On this week's podcast we look at the latest data on consumer sentiment, 2024's muted political advertising spending, our latest analysis on video services spending and cord cutting as well as Kantar's pendi…
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#12: Why Some Agencies Are Thriving While Others Struggle—Known CEO Kern Schireson Weighs In
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41:21Kern Schireson, chairman & CEO of Known, joins co-hosts Olivia Morley and Brian Wieser to break down what’s wrong with today’s agency model and how data, AI, and a new approach to transparency could fix it. Kern shares his journey from building a data science consultancy to leading Viacom’s advanced TV efforts and ultimately launching Known, an age…
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Episode 25: Auto Tariff Impact on Advertising, MNTN's S1 and the (lack of) SMB-CTV Opportunity, Top 20 Sellers' Ad Trends +Ads 101 on Media Agencies Prof. Janna Greenberg
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26:47Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. This week that new work includes analyses of the impact of tariffs (whether fully enacted or not) on auto industry advertising, the new IPO filing from MNTN and what is says about the opportunity (or lack th…
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#11: Bob Lord on Horizon Media’s Tech Strategy and the Future of Agencies
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43:52Bob Lord, President of Horizon Media Holdings, joins co-hosts Olivia Morley and Brian Wieser to discuss how Horizon is challenging the traditional agency model with AI, transparency, and performance-based pricing. Bob explains why he believes the media industry is in a “Great Marketing Emergency”—lagging behind other sectors in adopting technology …
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Episode 24: WPP, Stagwell and Paramount Results + Ads 101 on Agency Account Leaders
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29:21
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29:21Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. This week that new work includes analyses of earnings results from Paramount, WPP, Stagwell and the broader agency industry (including our calculation of the industry's record levels of profitability!) In ad…
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#10: The HoldCos: Collections of Agencies or Marketing Services Firms? With Macquarie Group's Tim Nollen
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37:06Tim Nollen, a longtime ad industry sell-side analyst at Macquarie Group Ltd. and previously at J.P. Morgan and Bear Stearns, joins co-hosts Olivia Morley and Brian Wieser to discuss the state of agency holding companies, their challenges, and the sustainability of their business models. Tim explains how financial pressures, shifting client demands,…
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Episode 23: Globant, Packaged Goods Ad Trends + Ads101 on Agencies
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37:13
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37:13Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. This week that new work includes analyses of earnings results from Globant and of important trends in marketing and media spending from many of the world's largest packaged goods companies, largely tied to p…
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#9: The Creative AI Revolution & What It Means for Agencies—With mktg.ai CEO Kevin Wassong
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43:10Kevin Wassong, founder & CEO of marketing analytics startup mktg.ai, joins co-hosts Olivia Morley and Brian Wieser to discuss how artificial intelligence is reshaping creative and media, and why most marketers are struggling to keep up. Kevin explains why creative and media have been siloed for decades, how AI is accelerating the velocity of conten…
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Episode 22: The Trade Desk, Roku, IPG and Dentsu + Ads 101 on Performance Marketing
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36:59
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36:59Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. This week that new work includes new analyses of earnings results from ad-supported companies including The Trade Desk, Roku, Interpublic, Dentsu and marketers including Coca-Cola, Ford and many more. In add…
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Episode 8: QRY CEO Samir Balwani on Brand Investment, Media Buying & Agency Growth
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33:20Samir Balwani, founder and CEO of media agency QRY, join co-hosts Olivia Morley and Brian Wieser to discuss the evolving role of media agencies, the challenges of brand awareness investments, and how independent agencies can compete with industry giants. Samir shares thoughts on why mid-sized brands struggle with top-of-funnel marketing and how his…
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Episode 21: Google, Amazon, Publicis, Omnicom, Bell Media Results and More. Plus, Advertising 101 on B2B Marketing With Ari Osur
30:29
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30:29Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. This week that new work includes new analyses of earnings results from ad-supported companies including Google and Amazon, Publicis and Omnicom, Canada's Bell Media and many, many more. In addition, our Adve…
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Episode 7: OMD’s Chrissie Hanson on Media Strategy, Data & Leadership
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28:54
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28:54Co-hosts Olivia Morley and Brian Wieser sit down with Chrissie Hanson, CEO of OMD USA, to discuss the evolving role of media agencies, balancing creativity with cost efficiency, and how brands can maximize the impact of their media investments. Chrissie shares her journey from strategist to CEO, highlighting how her background in media buying and p…
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Episode 20: Meta's $20bn Advantage(+), Comcast's Declines, Marketer CEO Comments and More. Plus: Ads 101 With Gordon Ho on Large, Medium and Small Marketer Differences
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26:46
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26:46Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. Each week we review new economic data and our work from the past week. This week that new work includes new analyses of earnings results from Meta and Comcast as well as the latest comments from marketer CEO…
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Episode 6: Ebiquity's Ruben Schreurs on Smarter Ad Spend
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23:45In this episode of Agency Business, co-hosts Olivia Morley and Brian Wieser interview Ruben Schreurs, CEO of Ebiquity, to explore the evolving landscape of media investment and the role of media audits in maximizing ad spend. Ruben shares insights into how brands can ensure their media dollars are working harder, the importance of transparency in a…
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Episode 19: Ads 101 With Deborah Wahl on Large Marketer Budgeting. PLUS Our Weekly Work on Netflix Ad Trends, P&G's Ad Spend, WPP's "Rebellion," and More.
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29:29Each week on the M&W Podcast, we discuss Madison & Wall’s latest research and explore how and why money flows through the advertising economy. Each week we review new economic data and our work from the past week. This week that new work includes a review of The FTC's action on PepsiCo (and implications for retail media), growth expectations for Om…
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Episode 5: The Independent Agency Model with Crossmedia USA’s Kamran Asghar
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27:11In this episode of Agency Business, Brian Wieser and Olivia Morley talk with Kamran Asghar, CEO and founder of Crossmedia USA, about the evolving landscape of independent media agencies. Asghar shares insights into Crossmedia’s journey, its commitment to transparency, and how independent agencies can provide an alternative to holding company networ…
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Episode 18: A Critique of Mark Zuckerberg Comments To Joe Rogan and The Financial Analysis-Based Case For Diversity in Corporate Environments. Plus, Advertising 101: Marketing Procurement with Francisco ...
37:34
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37:34Each week on the M&W Podcast, we discuss Madison & Wall’s latest research. This week we review new economic data and our work from the past week. This week that includes a critique of comments made by Meta CEO Mark Zuckerberg on the topic of diversity in corporate environments along with a financial analysis-driven view in support of it. In additio…
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Episode 4: Joanne Davis and Agency Search Consulting
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27:55In this episode of Agency Business, Brian and Olivia are joined by Joanne Davis, one of the industry's leading agency search consultants. Joanne founded Joanne Davis Consulting in 2000 and became a partner in SCAN International in 2006 and is currently Co-CEO. The firm specializes in agency models – internal and external, agency search/selection, a…
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Episode 17: Meta "Censors" 3P Fact-Checks, Hulu-Fubo Implications, Indie Agency Trends PLUS: new Advertising 101 Series With Gerry D'Angelo
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24:38As always, we review new economic data and our work from the past week. This week that includes our research on Meta's elimination of third-party fact-checking, growth rates for independent agencies, the impact on advertising from Disney's combination of Hulu Live with Fubo and our expectations for what advertisers will do if a "ban" on TikTok take…
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Episode 3: FerebeeLane Co-Founders Matt Ferebee and Josh Lane
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35:44In this episode of Agency Business, we're joined for a fascinating conversation with independent agency FerebeeLane's co-founders to talk about working with high-end brands, broadening service offerings, global expansion and how Matt and Josh manage their business more generally. We also discuss recent industry news including the appointment of Bob…
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Episode 16: TikTok Ban, Omnicom-IPG, Marketer CEO/CFO Comments and More From 2024's Most Popular Posts
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12:29Each week on the M&W Podcast, we review Madison & Wall’s research and analysis to help listeners understand how the advertising business works. We explore how the economy and major trends impact the ad industry, delve into relevant accounting and finance concepts, and touch on advertising history. This week we review Madison and Wall's most popular…
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Episode 15: The Certainty of More Uncertainty, Plus Sports Rights Up, Other Content Spend Down And More
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10:41Each week on the M&W Podcast, we review Madison & Wall’s research and analysis to help listeners understand how the advertising business works. We explore how the economy and major trends impact the ad industry, delve into relevant accounting and finance concepts, and touch on advertising history. This week we review news from the Federal Reserve (…
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Episode 2: Omnicom+IPG, A Discussion With Forrester's Jay Pattisall
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34:22In this episode of Agency Business, Brian Wieser and Olivia Morley are joined by Jay Pattisall, vice president and principal analyst at Forrester, to discuss the biggest agency news of the year (and probably the decade): Omnicom’s acquisition of IPG. Wieser, Morley, and Pattisall share their insights into the implications of this deal, including: W…
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Episode 14: New Streaming Video Strategies, IPG-Omnicom and More!
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21:10Each week on the M&W Podcast, we review Madison & Wall’s research and analysis to help listeners understand how the advertising business works. We explore how the economy and major trends impact the ad industry, delve into relevant accounting and finance concepts, and touch on advertising history. In this episode, Brian looks at a flurry of news re…
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Episode 1: Paul Woolmington, CEO of Canvas Worldwide
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39:38On our debut episode, Olivia and Brian interview Paul Woolmington, CEO of Canvas Worldwide to talk about his experiences as a leader in the agency industry. We discuss a significant amount of history given his foundational role establishing media agencies as stand-alone businesses (at Y&R and The Media Kitchen) and co-founding Naked, which pioneere…
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Episode 13: New Ad Forecast! 2025's Advertising Economy Previewed. Plus, a Review of P&G, Nestle and Unilever Investor Days
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20:33Each week on the M&W Podcast, we review Madison & Wall’s research and analysis to help listeners understand how the advertising business works. We explore how the economy and major trends impact the ad industry, delve into relevant accounting and finance concepts, and touch on advertising history. In this episode, Brian looks at Madison & Wall's la…
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