'A joint effort': How Wells Fargo sets expectations for how it works with influencers

The retail media network space is booming to say the least. An there is a seemingly endless supply of retailers making everything an ad network, all competing for the same ad budgets. To sell its retail media network to advertisers, Walmart Connect placed its bet on Rich Lehrfeld, svp and general manager of Walmart Connect. He’s got a background in media buying, switching to selling media after a 25-year-run and giving him experience on both sides of the aisle. Lehrfeld joined Walmart as svp of brand marketing, creative and media back in 2019 before moving to Walmart Connect in October 2020, according to LinkedIn. “How do I work within a big retail company? And I feel very lucky because the leadership got it and understood if we do it the right way, we do it in a customer-centric way, it can really add value,” Lehfeld said, explaining how his background helps Walmart’s sales strategy.

“Community” is one of those words that has been co-opted by businesses and euthanized into a euphemism for “audiences,” “subscribers,” “customers,” etc. But Oprah Daily has created an actual community. Seriously, it’s called The Oprah Insider Community. The platform – which costs $55 a year to access – mixes aspects of YouTube, Facebook, Slack and Reddit. Oprah Daily posts videos of live audience recordings featuring Oprah Winfrey discussing topics like the teen mental health crisis, longevity and menopause with experts. And people can comment on the videos, pose their own questions in threads for other members to respond to and send private messages to one another. “Everything that you can do on the internet, we can embed in this platform,” said Oprah Daily editorial director Pilar Guzmán in the latest episode of the Digiday Podcast. Of course, there’s plenty of things people can do on the internet that the Hearst-owned publication or its tens of thousands of paying subscribers may not want embedded in the platform. Having only officially launched The Oprah Insider Community in September after testing it over the summer, Oprah Daily is still sorting out its content moderation strategy. At the moment, the publication’s staffers are taking shifts – including working weekends – monitoring the platform. But Guzmán acknowledged that eventually the platform will need a more formal oversight operation. “Check in with me in six months, and I’ll tell you. But it’s definitely something that’s on the horizon and that we’ve been earmarking in terms of our org,” she said.

After a string of somewhat monumental upfront cycles since 2020, this year’s annual haggle between TV and streaming ad buyers and sellers was hard-pressed to prove its significance. And yet it did. “The biggest shift or change this year is it was really a reset year from a digital video standpoint in terms of pricing,” UM Worldwide’s chief investment officer Marcy Greenberger said on the latest Digiday Podcast. Disney and Netflix were among the more notable sellers to drop their streaming ad rates in this year’s upfront cycle. But they weren’t alone. In fact, given the ramp-up in streaming ad inventory this year with Amazon Prime Video’s entry into the market, seemingly all sellers were more focused on overall spending commitments than specific pricing thresholds. “There’s just so much more supply that finally convinced the suppliers or the publishers to rethink what the pricing is there often in exchange for volume, but really saw a reset that benefitted advertisers tremendously,” Greenberger said. And that reset is likely to have a legacy that could outlast these latest upfront deals. In some cases, streaming ad sellers dropped their rates by 30% to 40%, according to Greenberger. “I don’t know that I see another massive reset [in streaming ad pricing in the future] like we saw this year,” she said.

CMOs are once again grappling with the age old question of their role in the C-suite. The job has gotten more difficult in today’s business landscape as marketers face increasing pressure to tie marketing to business results (all while being asked to do more with less money). In some cases over the last few months, companies like Hyundai and Starbucks, have eliminated the CMO role entirely. The role with all of its changes can be challenging, but Jackie Jantos, CMO of Hinge dating app, says it’s a challenge she welcomes, pushing back on short-term metrics in favor of long-term brand building. “But ultimately, if your goal as a CMO is to build a sustainable long-term business, then you need to be shooting the arrow sort of 10 years out,” Jantos said on a recent episode of the Digiday Podcast, “and better understanding how your product will navigate that and how your brand will stay relevant along that way.”

The Walt Disney Company plans to automate 75% of its advertising business by 2027. And the company took a further step toward that end in this year’s annual TV and streaming advertising upfront market. “Of the streaming dollars that came in, of those billions of dollars, more than half of them are transacted programmatically,” Disney’s svp of addressable sales Jamie Power said on stage during the Digiday Publishing Summit in a session that served as a live recording for the Digiday Podcast. A catalyst to the growth of Disney’s automation efforts this year was the parity that the company has created in making the breadth of its streaming inventory available for purchase programmatically. That includes, more recently, its interactive ad formats. “Once we finally were able to enable them, within six weeks the spend was eight times the spend than the year before,” Power said.

WNBA's New York Liberty is having a moment. It just finished the regular season last Thursday with the best record in the league, defeating top teams like the Las Vegas Aces and the Connecticut Sun. Meanwhile, the team’s mascot Ellie the Elephant has become a celebrity in her own right, known for her dance moves and fashion. But it hasn’t always been that way. Five years ago, the team was struggling, playing in Westchester County Center, a smaller court far away from home. But then things started looking up. Joe Tsai, co-founder of Alibaba and owner of NBA's the Brooklyn Nets, purchased the Liberty and paved the path for the eventual move to the team's current home at the Barclays Center. Then in 2021, Shana Stephenson started as the team’s full-time chief brand officer. In this episode of the Digiday Podcast, Stephenson talks about what it was like building the team’s brand, how Liberty is tapping into the women’s sports hype and, of course, Ellie the Elephant’s viral videos.

In the age of disrupted digital audiences, media companies are incentivized to constantly be counting clicks, pageviews and engagement — all while optimizing for how those metrics can be best monetized. But Long Lead, a long-form journalism production company, wants to redefine the journalism business model to bring art back into the craft of journalism. Launched in 2020 by founding editor and longtime journalist John Patrick Pullen and hedge fund manager Bill Perkins, Long Lead’s mission is to give journalists the ability to tell their story in the most effective way possible — not the most efficient way possible. So rather than publishing stories as quickly as possible and monetizing them with advertising or paywalls, a freelance journalist can come to Long Lead with a pitch and work with the team to determine its best format: be it a documentary, a podcast, a book or a performance piece. Long Lead then provides the journalist with the technical resources, staffing, time and — most importantly — funding to create the project. Granted, that’s not a cheap feat. And while Long Lead has the luxury of being funded without having to fulfill a revenue goal just yet, Pullen explained that the expense of operating a business like this won’t detract from the journalists themselves. In fact, the journalists are all able to keep their own IP from the projects they create with Long Lead once it’s finished. On the latest episode of the Digiday Podcast, Pullen shares why Long Lead is focused on supporting the art of journalism and how his team determines the best format for different stories that come across his desk.

Marketers’ attention to the industry’s latest shiny object, generative AI, has yet to shift out of focus. Some agencies have moved to ink enterprise-level deals with major AI players, like OpenAI, Runway and soon, Perplexity. As these AI-powered tools continue to flood the marketplace, agencies and brands alike say they’re creating auditing policies to ensure data security, stability and fairness. It’s a similar story at Babylist, a baby registry company, according to Lee Anne Grant, chief growth officer of Babylist. “Even before AI, when we tried to build things in-house, our founder and CEO would always say, ‘I always want to see the recommendations of the machine against a human and just gut check it’,” Grant said. On this episode of the Digiday Podcast, Grant talks about how babylist is navigating the AI hype cycle and what the roadmap ahead looks like. Also on this episode, Digiday catches up with Grant about Babylist’s retail media network efforts and its value proposition to advertisers.

The retail media network space is shaping up to be a competitive one. With countless retailers vying for ad dollars, which retailer gets the bulk of said dollars depends on size and scale. With an expansive brick-and-mortar footprint in the U.S., size and scale are what Sam’s Club Member Access Platform (MAP), the company’s retail access and ad platform, is banking on to draw in advertisers. In this episode of the Digiday Podcast, Ryan Burns, head of strategy at Sam's Club Member Access Platform, talks about Sam’s Club’s pitch to advertisers, standing out in a crowded retail media landscape and plans to continue growth.

Even billionaire-backed media companies are not immune to the challenges facing the media and digital advertising industries.Last week, 22 staffers were laid off from Time — which is owned by Salesforce founder and CEO Marc Benioff and his wife and philanthropist Lynne Benioff — as part of a larger reduction of operational costs amid ad revenue declines. Cuts were made to the editorial, sales, marketing, technology and TIME Studios teams, according to a memo from CEO Jessica Sibley sent to Time staffers last week that was shared with Digiday. And more cost cutting measures are coming down the pike, including limiting contractors and downsizing its New York headquarters.At the center of these changes is focusing the company’s editorial and business strategy on its “most commercially successful work” and the “biggest opportunities for growth” at Time, which is its coverage of leadership – particularly in the categories of AI, climate and health — Sibley wrote. That, in part, has played a big role in the transition to the sales team’s B2B revenue strategy.On the latest episode of the Digiday Podcast (which was recorded on July 22, prior to the layoff announcement), Sibley discusses why she views Time’s B2B revenue strategy as the best path forward for growth, as well as other areas of revenue opportunity, including partnerships with AI technology companies like OpenAI and Perplexity.