Charlie Crowe, Festival of Media on Indian opportunities and global issues
Charlie Crowe, Founder, C Squared and Festival of Media shared his insights on the Indian market and some of the global trends with Adgully. Crowe, one of the speakers at GoaFest 2011, spoke extensively about how social media is fast becoming the nervous system for great advertising. Talking to Adgully, he elaborated more on his company, Festival of Media among other things.
Adgully: Tell us a bit about Festival of Media
Charlie Crowe: It is the first festival which brings together global leaders, not just from the media buying side of the business but also clients’ side of business and importantly the media owners themselves. It is the first time there has been a global opportunity to debate the amazing changes that are happening in technology, media, and business models of advertising. It has been very successful since 2007.
Ag: What success it has seen internationally?
CC: Delegates come to business not in the way that it is most important success metric of any event. Your delegation trades with each other and comes up with new ideas and new opportunities, that’s one major thing. We also have had some amazing success in terms of speakers. We have had founder of Twitter, Wikipedia, MySpace talking about the powers of changes going on in the market, there have been some great CMOs. Another success is 2000 entries into the Festival of Media from 51 countries and that sort of means that it is a big event.
Ag: Do you see an opportunity in India for an initiative like this?
CC: I think that guys run who GoaFest will take a decision on whether to bring a bit more of the media flavor of the Festival of Media into India. We would very interested in talking to them.
Ag: What are some of the key issues discussed internationally discussed on a platform like Festival of Media?
CC: Some of the key issues discussed internationally would be the rise of the online video and what advertisers should do to value it. Another issue discussed would be the value of engagement in social media. What is a 'fan' or a 'like' worth in social environment? Measurability is very important for advertisers because they want to know equivalents. The need their research partners to try and come up with comparable metrics. They don't have that at the moment. Festival of Media is an opportunity for people to come together and discuss that. I guess some other aspects demand side platforms now radical development in advertising. Buying audiences much in the same way that the foreign exchange leaders buy currencies, real time exchanging will have a real change in the way it is done.
Ag: What are your thoughts on the rise of online video streaming?
CC: There has been a huge explosion. If you watch every single video that has been uploaded on YouTube I think it will take something like 3 or 4 generations. Right now 40 million people around the world are on Farm Ville, which is a social network. It is an amazing phenomenon. It is changing the way people are communicating and doing businesses.
Ag: If a Festival of Media was happening in India, what according to you would be the agenda?
CC: India is very good in terms of audience measurement but now it need to lead the way in terms of insights and understanding. I think there is real opportunity in looking at research talent. It would one interesting topic. I think the dominance of certain indigenous media companies, lot of advertisers want to see more choices in the market. And the value of the contribution of media agencies, custom development here in India, are media agencies just the supply or are they value business partners? I think it is changing for the latter.
Ag: What advice for the Indian market?
CC: Be proud what you have achieved as an industry. You are going to be very strong.