November 17, 2017
Jon Steinberg was over at the WPP Stream USA event hosted by Martin Sorrell, CEO of WPP. Top CEOs and CMOs congregated in Ojai, California to discuss the future of creativity and business. Jon sat down with Lou Paskalis, a media executive from Bank of America, to discuss the tectonic shifts taking place in the media industry. It has been a tough year for media companies. Paskalis says the massive shift in the media landscape is taking place because the consumer is in more control than ever before. Brands need to invest in relationships when competing for attention, says Paskalis. A flurry of consolidation is sweeping the media industry. Time Warner and AT&T are battling to push a merger through, and a handful of companies are bidding to acquire assets from 21st Century Fox. Paskalis says he is concerned about over-concentration. Ideally, he thinks there needs to be an ecosystem of 7 or 8 power players in the space.