It snowed again in Cannes, France! Snowflake was back last week for another never-fails-to-disappoint Cannes Lions Festival of Creativity, the premier media and entertainment industry event of the year that brings together legends, luminaries and innovators from around the globe. It’s where people and organizations convene to showcase what’s new and push the boundaries of what’s next for the industry.
Our industry experts took time out from the Cannes festivities to share the latest news, trends and what was top of mind at this dynamic four-day event. We’re highlighting four insights here, but download the Top 6 Takeaways from Cannes Lions 2024 ebook for the full story.
1. Disruption and the need for faster data-driven insights
It was no secret at Cannes that the industry is undergoing widespread disruption. Whether you’re a CEO or an ad account manager, everyone across the media and advertising landscape is feeling the impacts of the current changes, whether it’s technology advancements like AI or the need for greater and greater transparency. To come out on the other side of this turbulence stronger, leaders emphasized the essential need for near real-time data-driven insights, allowing companies to more easily adapt to challenges and seize business opportunities more quickly.
A robust data strategy also emerged as a critical cornerstone for success in today’s landscape, with technology leaders highlighting the importance of leveraging modern data cloud platforms. These platforms provide a centralized, secure and scalable infrastructure that enables organizations to collect, analyze and obtain actionable insights from vast types and amounts of data. With a strong data foundation in place, companies can harness the power of AI.
2. The word on le Croisette
Ryan Green from Data Cloud Now sat down with Snowflake partners, customers and experts to get the latest industry insights and trends. Here’s just a taste of what they said:
- “Companies are trying to protect their intellectual property and lean into AI’s advantages. For example, gen AI and ML can monitor digital platforms and channels to detect instances of unauthorized use of IP rights in near real time.” —Bill Stratton, Global Head of Media, Entertainment and Advertising, Snowflake
- “We’re increasingly seeing our publishers building on their first-party data recommendations because it allows them to activate their advertisers’ first-party data to deliver greater insights.” —David Dworin, CPO, FreeWheel
- “Marketing has always been all about, how do I continue to optimize and how can I do more with less? AI will be big for these use cases.” —Denise Persson, Chief Marketing Officer, Snowflake
- “Identity is really center stage when we’re thinking about how we tie customer data — whether it’s CRM, ad exposure, campaign data or experience data — all together to create a complete view of consumers? To do that, you need a trusted partner that can help guide you through the complexity.” —Dorean Kass, EVP Diversified Markets, TransUnion
3. Gen AI for competitive advantages
There was a lot of talk about gen AI (no surprise!) — all the things it can do, how it can change the media and advertising business models, and how a company’s tech stack will need to adapt to maximize its benefits safely and securely. Below are just a few of the high-priority use cases discussed around la Croisette that can power much-needed competitive advantages.
- Content creation and personalization: Gen AI can automate content creation processes, from generating articles and videos to designing personalized advertisements tailored to individual preferences, enabling brands to deliver engaging, relevant content at scale.
- Enhanced user experience: Gen AI powers chatbots and interactive experiences that can enhance user engagement and satisfaction. From personalized recommendations to immersive storytelling, AI-driven experiences are reshaping how audiences interact with content.
- Predictive analytics for audience insights: By analyzing vast amounts of data, gen AI can provide predictive analytics that uncover deep insights into audience behavior, preferences and trends. This enables companies to anticipate market shifts and tailor their strategies accordingly.
4. The rise of composable data clean rooms
Many industry leaders at Cannes use data clean rooms (DCRs). For years, DCRs have been a tech staple for advertising, media and entertainment companies because of their ability to power the privacy-preserving data collaboration and analysis required for better-informed, faster decision-making. They also help companies maintain transparency in how they’re using data and enable them to comply with data privacy regulations — a “must” for the industry.
Recently, the tech got an upgrade, called composable data clean rooms, and the industry is taking notice. Composable DCRs are a leading-edge approach to traditional data clean rooms. “Composable data clean rooms are a modular solution, offering companies incredible flexibility, control, data privacy and customization,” says Kamakshi Sivaramakrishnan, Senior Director Product Management and Engineering at Snowflake.
Benefits of composable DCRs:
- Flexibility
- Greater control
- Highly customizable
- Enables business agility
Want to get the full scoop from Cannes? Download the Top 6 Takeaways from Cannes Lions 2024 ebook to learn more.
