This piece was originally published in Forbes.
Each year, the Cannes Lions International Festival of Creativity–a week-long event of programming, awards, activations, and networking–attracts tens of thousands of the world’s top marketing executives from across the globe. With 500 CMOs registered this year, a 20% increase from 2023, the festival was undeniably a hub for the industry’s best to reflect on what’s working and what’s not, as well as prepare for the future.
From an unexpected appearance by Elon Musk to an influx of creators joining through the inaugural LIONS Creators program, the festival's top headlines have been hard to miss. Here’s what marketers need to know about them.
Musk Needs More Than One Meeting
X (formerly Twitter) has dealt with a bevy of issues since Musk purchased the platform for $44 billion in 2022. Among them, Musk posted antisemitic content on X, leading to more than 100 brands, including major players such as Disney, Warner Bros. Discovery, and Apple, to halt ads on the platform. Reports estimated a loss of up to $75 million in revenue for X.
After loudly and brashly dismissing these advertisers less than a year ago, Musk showed up at Cannes, seemingly in an effort to make amends. While he may have earned some time with executives, X shouldn’t expect an influx of ad dollars any time soon. Brand safety on the platform remains an ongoing issue.
Despite attempts to address this, just two months ago, a sponsored post from Hyundai was seen next to antisemitic content on the platform, leading the automotive company to join the list of brands who paused advertising. One agency executive shared with Digiday, “I’m sure it’s a lot safer now and there’s a lot of advertiser controls for where your content goes. But just plainly on a risk vs. reward analysis, I haven’t seen it become this thriving e-commerce opportunity for a lot of advertisers.
”Brands and their agencies want to put their media dollars where it makes most sense, but they also want to work with platforms that align with their values. Ultimately, it will take more than one visit to one festival to get the confidence of advertisers back.
Creators Were Rightfully Elevated
While entry to Cannes has long been reserved for top marketing executives, this year’s inaugural LIONS Creators program, offering tailored content and more accessible ticket prices, drove a palpable shift.
According to Thea Skelton, VP of events at Cannes Lions, the program was developed to create a space for platforms, brands, creators, and agencies to all come together and have conversations about working together. The influx of creators this resulted in was notable, but is more reflective of the industry embracing their value than a new shift in content marketing overall.
eMarketer predicts U.S. marketers will spend $8.14 billion on influencer marketing on social media alone this year. Goldman Sachs estimated the creator economy was already a $250 billion dollar industry in 2023, and projected to nearly double by 2027.
Smart brands are already using creators and influencers to expand their brand narrative. It’s an existing trend that is well underway, now encouraged to pick up speed at Cannes.
With influencers like Alix Earle (6.9M TikTok followers), Jackie Aina (3M TikTok followers), and more filming “get ready with me” videos to attend the lavish events for which Cannes is well known, the festival itself likely reached a new audience, too.
To Win in Brand Means To Be Uncomfortable
The industry’s embrace of influencers and creators speaks to a broader shift. After years of marketers over-prioritizing performance marketing, the industry has made it to the other side. Brand marketing is being reprioritized and appreciated for its contribution to driving business growth.
Those who want to win in brand must get comfortable with being uncomfortable.
Speaking at the Forbes World’s Most Influential CMO luncheon at Cannes, one CMO shared that their team leaves 50% of their media budget unplanned in order to have the flexibility to jump on unpredicted moments, engage in emerging trends, or double down on campaigns that are working.
For marketers, leaving a media budget unplanned to prioritize flexibility can feel uncomfortable. Trusting creators and influencers with the brand story can feel uncomfortable, too. But both are necessary to succeed in modern marketing.
