This interview is edited for clarity and length.
What does it mean for the agencies that are now part of the media network? Will the agencies be changing or consolidating?
We won't be consolidating or changing cultures because we create groups, but we keep the culture separate. We'll be renaming the media group to something kind of broader, named to be revealed soon.
What it means is that they will be in a much better position to meet the emerging trend, particularly in online advertising, of coordinating media and creativity into a single contract and single account.
Unlike television media, which became doing the TV spot and handing it over to people for media, doing online media really requires understanding data and the funnel and a target audience, and then doing creativity that really fits those mediums [where the target audience is].
And because I think a lot of the companies haven't really adapted to that change, we're bringing back together media and creativity so that we can really hit those online trends and do even better, tighter online marketing, which also can open it up to more performance pricing because we're doing both the creative and the data work.
During today’s earning call you also mentioned Stagwell Media Studio. Can you explain exactly what that is and who will be involved?
That's an offering so that for those creative agencies that have their own networks like Anomaly, Alliance or Constellation, they will also have within them now a media capability that they will be able to staff and operate so that they can also bring media closer to creativity whenever that makes sense.
The individual networks will staff the technology suite and [have] access that they'll be given so that they can go ahead and buy media. So they will hire some planners and other folks to staff that individually and make that their brand media.
How do you think your competitors are doing? They have seemed to all increase their projections in terms of revenue.
Well, look, I think that we came out with kind of very bold projection of 18% to 22% growth. And I think that remains a bold projection. So I don't ever really see, you know, any need or appropriateness given the marketplace to change that. I think a lot of them had and still have projections that are just far lower than our 20% growth. So I think they're looking at mostly 6, 7 or 8% growth. And we're looking at 18% to 22% growth. So, they may be increasing that, but they're not coming anywhere close to our projections.