As Day Three of the Cannes Lions International Festival of Creativity winds down, we’re going to take a moment to dis Day One and Day Two, which in retrospect seemed rather sleepy (beyond some announcements of some high-profile Lions wins).
But Day Three!—Day Three was $$$$. Mainly because it kicked off with Quibi cofounder Jeffrey Katzenberg and CEO Meg Whitman taking the stage at the Palais Wednesday morning to announce that their short-video service has already booked $100 million in advertising leading up its planned launch next April.
Joining them on stage in their victory lap was one of their most powerful patrons: Marc Pritchard, chief brand officer of Procter & Gamble—and it turns out Quibi has also secured ad commitments from Anheuser-Busch InBev, Google, PepsiCo, Progressive and Walmart. Jeanine Poggi reports that the combined $100 million haul from those brands puts Quibi two-thirds of the way toward its $150 million first-year ad goal.