The big story of Advertising since 2010 isn't that things went online, it's that Advertising became democratized. In 2005 - you needed a media buyer, a media planner, a creative shop and there were perhaps 100,000 advertisers, spending an average of $1m. The more you spent, the better the rates. In 2020- there are perhaps 12 million advertisers, spending an average of $40,000. To advertise you need a credit card and the prices are the same for everyone. The advertising ecosystem still exists because the top 100,000 spenders still behave like the used to, and the 12,900,000 new Advertisers were incremental. The big questions will be: What happens when the 5,000th biggest advertiser acquires a brand that's tripled in size in a year, spent the same on media as them, and employs 1/50th of the people in Marketing. What happens a $100m advertiser's CFO hears at a conference that a $5bn brand has no agencies. The best question remains "what would your company look like if you set it up today" & the scary question is you'd create nothing like any large agency. You'd have 100 times fewer but better people, generalists and specialists, no more than 5 offices in the world, you'd bring commerce and content and advertising and customer experience together. It would be easy. …see more