The global advertising business is facing a new wave of challenges and concerns, including the climate challenge and the rise of artificial intelligence, Stephan Loerke, CEO of World Federation of Advertisers, says in a statement launching an update of WFA’s Global Media Charter.
The charter says there are five key themes where focus is needed to unlock concerns and grow the global advertising ecosystem: Competition and Plurality, Measurement and Accountability, Responsibility and Society, Sustainability and Planet, People and Partners.
The revised Global Media Charter encourages media leaders to reflect on their role, business decisions, and their upstream and downstream impacts.
“The updated Charter we are launching today, updates the recommendations of global advertisers in light of the areas where we are facing the most pressing challenges– competition, accountability, responsibility, sustainability, and people’, says Gerry D’Angelo, VP Global Media, P&G.
From the WFA statement:
Plurality as the basis of innovation: The Charter reflects on market structures and the importance of a competitive market for innovation and growth in digital search, display, video and commerce. The document encourages advertisers to support a plurality of competitors in the pursuit of customer-focused innovation. This includes bringing media into wider supplier diversity initiatives and targets.
Climate and Sustainability: When it comes to sustainability, advertisers are looking for the whole ecosystem to work together to create efficiencies, by way of a global approach for carbon calculation models. This will allow brands to better balance their respective media planning and buying choices with a view to reducing CO2 emissions for the benefit of the climate and a green economy.
Foundational issues need prioritization, with People a critical enabler: Ad fraud remains a considerable threat as do transparency issues with programmatic supply-chains. The growing talent crisis in media makes it harder for the industry to have a talent pipeline that is wide enough to address the growing complexity of media, whether at an agency or at an advertiser.
The new Charter has been developed by the WFA’s Media Board, which features global media leaders and association leaders from companies including ABInBev, ANA (US), BeamSuntory, Danone, Diageo, Goldman Sachs, Haleon, ISBA (UK), Jacobs Douwe Egberts, L’Oreal, Lipton Teas & Infusions, LVMH, Nestle, P&G, PepsiCo, Reckitt and Unilever.