Dublin Tech Summit 2024 : AI Now and Next a Fireside Chat with Sir Martin Sorrell
Summary
TLDRIn this insightful discussion, Sir Martin Sorrell addresses the transformative impact of AI on the advertising and marketing industry, comparing it to the significance of the internet and smartphones. He highlights the immediate effects on copywriting and visualization, the rise of hyper-personalization, and the potential bubble in AI market cap valuations. Sir Martin emphasizes the importance of agility, controlling first-party data, and taking back marketing functions to adapt to these rapid changes. He also touches on the strategic positioning needed for Ireland to thrive amidst global disruptions.
Takeaways
- 📈 Sir Martin Sorrell sees AI as a significant force, comparable to the Internet and smartphones, in terms of its revolutionary impact on industries.
- 💡 AI's influence on the advertising and marketing services industry is particularly notable, with the potential to transform how marketing is conducted and personalized.
- 🚀 There is a rapid increase in hyper-personalization, driven by the use of first-party data, which is reshaping marketing strategies and consumer experiences.
- ⏱️ AI is streamlining processes such as copywriting and visualization, reducing the time to market for advertising campaigns.
- 📉 The reduction in time to create ads could lead to a decrease in the workforce needed for these tasks, impacting the creative departments.
- 💼 Media planning and buying will undergo a significant transformation, with AI likely to reduce the number of people employed in these roles.
- 📊 Market capitalization increases in AI-related stocks and investments by major companies suggest a potential bubble in the AI market, as the revenue generated by AI so far does not align with these figures.
- 🌐 The advertising industry is shifting towards using first-party data for more effective and personalized marketing, necessitating a reevaluation of how marketing functions are managed.
- 🔄 There is a call for CEOs and CMOs to focus on agility, taking back control of marketing functions, and prioritizing first-party data in their strategies.
- 🇮🇪 For small open economies like Ireland, positioning as a neutral hub with advantageous tax and investment laws can attract FDI and major businesses, maintaining its relevance in the global market.
- 🔑 Agility, control over marketing functions, and the importance of first-party data are highlighted as critical areas for businesses to focus on in response to rapid changes brought by AI and digital transformation.
Q & A
What does Sir Martin consider as the two main influences in the business world?
-Sir Martin identifies geography, particularly globalization starting in the early 80s, and technology as the two main influences, with AI ranking alongside the internet and smartphones in terms of revolutionary impact.
What is the current trend in market cap increases for AI-related stocks according to the discussion with Scott Galloway?
-Scott Galloway pointed out that there is a significant increase in market cap for AI-related stocks, with Nvidia being a notable example, trending towards a three trillion market cap. However, he also mentioned a disconnect between this increase and the actual revenue generated by AI, suggesting a potential bubble.
How has AI impacted the advertising and marketing services industry?
-AI has had a significant impact on the advertising and marketing services industry, particularly in the areas of copywriting and visualization, where tasks that took weeks can now be done in hours, and in hyper-personalization, where first-party data drives personalization at an unprecedented scale.
What is the term used to describe the current rapid growth in personalized marketing?
-The term used is 'hyper-personalization', which leverages first-party data to create highly targeted marketing messages.
What is the potential issue with the compression of time in ad creation due to AI?
-The issue is that the reduced time to create ads could lead to a decrease in the number of people needed for copywriting and visualization, which could be painful for those in the creative departments.
What is the advice given by Sir Martin for CEOs or CMOs in response to rapid changes brought by AI?
-Sir Martin advises CEOs and CMOs to focus on agility, take back control of marketing functions, and emphasize the importance of first-party data.
How does Sir Martin describe the importance of first-party data in the new marketing landscape?
-First-party data is crucial as it allows for seamless personalization and building relationships with customers, which is key in industries being revolutionized by AI.
What is the potential future for media planning and buying agencies due to AI?
-Media planning and buying is expected to be revolutionized by AI, with a significant reduction in the number of people employed in these roles as AI takes over many of the tasks.
What is the significance of the deprecation of third-party cookies for marketing strategies?
-The deprecation of third-party cookies means that first-party data becomes even more important, as it will be the primary source for personalization and marketing strategies.
What position should a small open economy like Ireland take to stay ahead in the face of rapid technological change?
-Ireland should take a position of neutrality, attracting inward investment, and maintaining advantageous tax and investment laws while fostering strong tech and creative talent.
What are Sir Martin's thoughts on Tony O'Reilly as a leader in the business world?
-Sir Martin views Tony O'Reilly as a larger-than-life figure with a flare for branding, marketing, and creative areas, who had an intuitive feel for big ideas and was willing to take risks, making him a beloved figure in the advertising industry.
Outlines
🌐 Impact of AI on Advertising and Marketing
The speaker discusses the revolutionary impact of AI, comparing it to the fifth Industrial Revolution and its significant influence on the advertising and marketing industry. AI's transformative effect is highlighted in the context of globalization and technology. The speaker mentions the rapid increase in market cap of AI-related stocks, particularly Nvidia, and the substantial investment by major tech companies in AI. However, there's a noted disconnect between the market cap increase and the revenue generated by AI, suggesting a potential bubble. The advertising and marketing industry is identified as one of the most impacted by AI, with implications that are both immediate and long-term, including changes in visualization, copyrighting, and the compression of time to market for ads.
🔍 Hyper-Personalization and First-Party Data
This paragraph delves into the concept of hyper-personalization driven by AI, using Netflix as an example of how first-party data is leveraged to tailor content to individual tastes. The speaker notes a significant shift in marketing strategies, with a focus on upper-funnel campaigns that funnel down to personalized content based on consumer behavior and data signals from platforms. The importance of first-party data is underscored in light of the deprecation of third-party cookies, and the speaker predicts a major shift in how organizations approach marketing, emphasizing the scale and potential of AI in this domain.
📈 Media Planning and Buying in the AI Era
The speaker forecasts a revolution in media planning and buying due to AI, suggesting that the industry will not require its current workforce size in the coming years. The reliance on traditional media planners and buyers will diminish as AI provides better and more efficient insights. The speaker provides an overview of the media industry's financial landscape, highlighting the dominance of digital platforms like Google, Meta, and others, and predicts continued growth and influence of these platforms unless regulators intervene effectively.
🏢 Strategic Advice for CEOs and CMOs in the AI-driven Market
Offering strategic advice for CEOs and CMOs, the speaker emphasizes the importance of agility in organizational structures, using Nvidia as an example of a flatter organization with a focus on setting priorities and tracking progress. The advice includes taking back control of marketing functions, especially in the context of first-party data, and stresses the importance of integrating this data into a seamless data lake. The speaker also discusses the potential for insourcing certain marketing functions and the value of having a direct relationship with consumers through first-party data.
🇮🇪 Ireland's Positioning Amidst Global Tech Expansion
The speaker discusses Ireland's potential role as a neutral hub for tech expansion, drawing parallels with countries like Switzerland and Uruguay that have advantageous conditions for tech development. The importance of maintaining neutrality, attracting foreign direct investment, and fostering an environment conducive to tech growth is highlighted. The speaker also touches on the challenges of balancing immigration policy and the cost of living with the need to attract and retain global businesses.
💐 Remembering Tony O'Reilly: A Marketing Visionary
In this paragraph, the speaker reminisces about Tony O'Reilly, a larger-than-life figure known for his intuitive understanding of branding and marketing. O'Reilly's willingness to take risks and his ability to connect with people made him a beloved figure in the advertising industry. The speaker laments the lack of such charismatic leaders in the current political landscape and reflects on O'Reilly's potential impact had he entered politics. The discussion concludes with thoughts on the importance of cost-effectiveness in global business hubs and the challenges posed by inflation and interest rates.
Mindmap
Keywords
💡AI (Artificial Intelligence)
💡Market Cap
💡Globalization
💡Personalization
💡First-Party Data
💡Third-Party Cookies
💡Agility
💡In-housing
💡Media Planning and Buying
💡Visualization
💡Procurement
Highlights
AI is considered a significant force, potentially marking the fifth Industrial Revolution.
AI's impact ranks alongside the internet and smartphones in terms of revolutionary change.
There is a potential bubble in AI investments, with market cap increases outpacing revenue generation.
Advertising and marketing services are among the industries most impacted by AI.
AI enables rapid visualization and copywriting, reducing time to market for ads.
The demand for copywriting and visualization may decrease due to AI efficiency.
AI is driving hyper-personalization in marketing at an unprecedented scale.
First-party data is crucial for personalization and is replacing reliance on third-party cookies.
Media planning and buying will be revolutionized by AI, reducing the workforce in these areas.
Large tech platforms dominate the media industry, with Google, Meta, and others leading ad revenues.
Agility is key for businesses to adapt to rapid changes brought by AI and tech advancements.
Businesses should take back control of marketing functions, especially in the context of data management.
First-party data is essential for building customer relationships and personalization.
Ireland should position itself as a neutral hub with advantageous tax and investment laws to attract FDI.
The importance of cost-effectiveness in global business hubs, including immigration policy considerations.
Tony O'Reilly's impact on marketing and branding, and his intuitive feel for creative ideas.
The potential political impact of business leaders like Tony O'Reilly and Michael Bloomberg.
The balance between domestic policies and international attractiveness for a small open economy like Ireland.
Transcripts
[Music]
good morning uh sir Martin and welcome
to Dublin just to to to kick off just to
give a little bit of context to where we
are right now I mean you've been at the
top since you first invested in wpp back
in 1985 maybe even before s is in 75
even even even 10 years before that so
you you've seen a lot of disrupt
you've seen a lot of change uh where do
you see AI relative to what's gone
before well it's very fashionable to
talk about it as you know a fifth
Industrial Revolution whatever number
you wish to put but look it is
significant in the context of the two
things that I think we think about most
there are two things that influence one
is geography so globalization that
started say in the early 80s with Ted
lit's article in the har a business
review consumers consuming everything in
the world in the same way that's a bit
of a broken or reversing model at the
moment that's one bucket and the second
bucket is technology so whether you're
talking about the internet the
smartphone AI ranks at that level in
terms of revolutionary impact having
said that yeah we had a session at
Goldman Sachs actually in London around
Scott Galloway and um actually it was a
session about anti-Semitism um but it
was a session where he he was talking a
little bit about the impact of AI and
one of the things he said to me that if
you look at the increases in market cap
and Nvidia of course is now the third
most valuable maybe trending towards
being the second most valuable company
on the planet trending towards three
trillion in market cap if you look at
the increase in market cap of air
related stocks and the investment that
the the big the mag mag 7 or maybe the
mag 4
are making in capital expenditure around
AI which this year probably is about 200
billion for the mag 4 and you compare it
to the amount of Revenue that is
generated by AI so far there's a
disconnect which in his view says
there's a bubble being created we'll see
how that plays out but look it is a very
significant it will impact we'll go
through in the next few minutes how it
impacts our industry and I'm doing some
work with the a business school they
have a conference uh called D3 or a a
body called an Institute called D3 we
had a conference uh at at Boston in
Boston about two or three weeks ago
apart from the healthc care industry the
advertising and marketing Services
industry has been the most impacted by
Ai and its implications we'll go into
how it specifically it does it because
there's a lot of clap trap around it
there's a lot of difficult language to
understand and I think we should try and
simplify in plain language as to what is
impact is having on industry so it's big
it may be being overhyped as Scott
Galloway rather like the metaverse which
I think is now underhyped because there
are some big changes taking place in
medicine training Sports entertainment
music that are very significant so big
but you have to watch carefully what's
happening and Sir Martin just going back
to that plain language can you talk a
little bit about what are those big
changes that you're seeing right now
okay so we we see five things happening
specific things happening in our
industry the first two I'm going to talk
about are probably immediate the the the
next three are probably more over time
and time in this context is probably the
next two or three years so we are
talking about short time frames but the
two things that have happened the first
I'm going to talk about is visualization
and copyrighting so what took us say
weeks to do we can now literally do in
hours that that's copywriting
visualization pictures moving uh still
pictures we can create ads time to
Market is very short now that's not
necessarily good news I think in the
audience we have people from the
advertising
industry either listening or or
physically here and it is going to be
quite painful in that are in those areas
because the number of people that you
will need for copywriting and
visualization will be reduced the other
big problem for the industry is we sell
time we don't sell outputs so come on to
that in a minute and the number of hours
that it takes to create an ad is being
compressed and the procurement
department at client clients will quite
rightly say to us the time is less the
hours are less we want a share of that
so I would say in that area which is
being impacted already and we're seeing
significant impact there's compression
and that's what people are worried about
in creative departments the second area
which is the complete reverse and is
super super important and I think you
know going back to your original
question about how big these things are
we've seen literally in the last two to
three months a huge growth in hyper what
we call
hyper-personalization so if you think
about Netflix I'm sure people in the
audience on Netflix subscribers or
indeed Amazon Prime or Disney plus you
will know particularly in the case of
Netflix that you are continually sent
messages which are derived from First
partyy Data that's client consented data
that Netflix has about you and I as
subscribers plus the signals from the
platforms they use it could be Google it
could be meta or or Facebook or whatever
or Instagram it could be Amazon it could
be in a Chinese Contex an Alibaba at
10cent or in a more Global content a bik
dance or a Tik Tok so that first party
data is driving personalization at a
scale that we have never seen before and
the really interesting thing that's
happening is that CMOS and marketing
organizations even of companies that are
doing spectacularly well apart from
those that are challenged by disruption
are looking at breaking their marketing
into two two levels a sort of upper
funnel strategic big idea
creative campaign big idea that then
funnels down to a Content platform on
which are stored assets that can be sent
distributed to you or me depending on
our tastes depending on what the first
party data says a and what the signals
from the platform is our Behavior so on
Netflix you know we might do a campaign
around Rebel moon or around narcos we
know that Tom likes sport for example
that he watches Manchester United or
whatever so we'll create a piece of
content that appeals to you from that
point of you this is a huge development
and the scale that we're talking about
is phenomenal before the development the
more recent development of AI because AI
has been there since Google really
started with Deep Mind in 19 in
2014 um what we're seeing we used to
produce maybe 1 and a half million in
theory different assets for a Netflix
campaign we can now do that on steroids
so I call this Netflix on steroids and
that is huge and in my view you are
going to see major organizations shift
the way they do their marketing to
Encompass that so that's around first
party data and also deprecation of third
party cookies because Google now they've
postponed the date again from the end of
this year but in the coming that's going
to be the deprecation of those cookies
so that's the second area the the other
three are more longterm media planning
and buying is going to be revolutionized
I know there are people in the audience
that are from media planning and buying
agencies the average Network in the
holding companies probably employs about
10 to 15,000 people there is no way that
they're going to be employing 10 to
15,000 people in 3 years time the
industry for medium planning and buying
is probably 250,000 people again there
is no way there will be 250,000 people
our clients will not rely on a 25
yearold media planner or media buyer for
their inputs the interesting thing is
whoever is left to evaluate the
information and there will be a large
number of people still left will have
better information and just to put it in
perspective so everybody understands the
numbers the media industry last year was
about 950 billion doar 300 billion of
that was traditional linear media Disney
ABC NBC whatever it happens to be CBS
ITV whatever the other
650 billion
was digital of that Google ad revenues
were about 225 billion meta were 125 and
abison were 50 we don't got the data on
Alibaba and 10cent but Tik Tok just to
put it in probably last year was about
20 billion outside China and about this
year will be about 35 billion so it
gives you an idea of orders of magnitude
snap was 6 A5 billion Walmart with its
ad platform 3 billion Microsoft probably
last year around 15 billion with all its
its expansion now into open Ai and Mell
and whatever and Activision Blizzard and
then Apple probably about 8 or9 billion
so the big beasts if I can put it that
way are the big three Western platforms
and the big three Eastern platforms they
Dominate and they will continue to
dominate unless The Regulators take a
radically different approach I mean
they're trying to restrict but there's
no way the regulator is going to keep up
with the platforms I mean you got to
remember I said Nvidia is approaching 3
trillion Apple's 3 trillion that is as
big as the if you equate market cap to
GDP Apple's a country Apple's as big as
the
UK you know uh Nvidia will be as big as
the
UK so these are very big companies which
will continue to expand The Regulators
prevented them from expanding by
acquisition but what does Microsoft do
satch Aela takes a stake in open Ai and
in return for that a Microsoft
Technology
dominates same with mistal g42 in the
Middle East I mean what n satcha has
done is he's pivoted Microsoft very very
quickly not by acquiring but by taking
stakes and supplying the technology a
very very strong and creating one
Microsoft actually very interesting
difference between the way he's running
Microsoft and where Steve Balmer ran it
when he ran it in separ divisions so the
these companies dominate the space and
apart from musk and obviously Microsoft
Apple Invidia probably Oracle Salesforce
and Adobe apart from those companies
those big platforms are going to
continue to grow so for example Ireland
where Google has a massive presence I
would expect that presence to grow and
expand very significantly in the future
and Sir Martin we we room for the tech
leaders uh is any advice that you'd give
CEOs or CMOS in terms of what they
should do to respond to this rapid
change well I think there are three sort
of
areas that that you have to think about
the first is and this is sounds like
apple you know motherhood and apple pie
but I think it's really important is
agility um Nvidia is a really
interesting company in terms of the way
it's run if you talk to
people in Nvidia they they the the the
normal reporting span inside uh inside a
a company if you went to McKenzie they
would say you should only have 12 people
a maximum of 12 people reporting to you
I think I'm right and saying Jensen Wang
has something like 50 people reporting
to he has very apparently very few
onetoone meetings he sets people
priorities let's three three or four or
five priorities and then progress chases
whether those priorities are being
implemented what you're having is a much
flatter organization it's really
interesting I was at a dinner last night
with the Crick Institute the the the
Medical Institute the Cancer Institute
that's been for been operating for seven
years and a Paul nurse who runs the
Institute runs it in a very different
way actually quite similar in many
respects to the way that Institute is
run and where Nvidia is run in terms of
the flattening of the organization and
Agility in both cases whether you're
talking about the crick or whether
you're talking about Nvidia agility is
the key so CEOs always you know when you
do your books about companies about Ryan
Air or whatever it happens to be I'm
sure they all say their organizations
are agile we say that about our own
organization the simple fact is they're
not agile enough so agility is one thing
the second thing is after the great
financial crisis there was a tendency
with zerob based budgeting to Outsource
to agencies like
ourselves um every activity I think in
this world where you've got deprecation
of third party cookies and first party
data is so much more important
integrating the first party data into
one sort of data Lake that flows
effortlessly between all the the
businesses is really critically
important so taking back control of many
of the marketing functions it might
sound odd coming from somebody in the
agency business we we have three models
we have the outsourc model we have the
embedded model where we put people into
clients like actually alphabet and
Google on the Google Plex or wherever it
happens to be in the world and then
thirdly is the insource model we were
the subject of a half a business school
case study on T-Mobile and Sprint where
we inhouse their media we're not
frightened to do ourselves out of a job
in a sense there's always a tech element
to what we do after sales of in housing
and also uh people Personnel because
there's rotation of people so supplying
Talent is always important so there's
always a continued connection so I would
say Take Back Control is the second
thing and the third thing that's really
important is first body data I can't
stress enough how important it is for
every client in this room and Beyond to
have seamless sources of first party
data because that is the key to building
the relationship for example the work
that we're doing in Europe with BMW is
really interesting because we've created
that content platform that I referred to
before for 27 markets around
Europe and the BMW for the first time
with mini is going direct so you you
don't necessarily have to buy a car from
a dealer you can buy it direct from the
factory for the first time BMW have
control of data hither to it was under
the control of the dealers so every
industry when we we've recently been
looking at the banking industry one
client we know has 80 million consumers
on its data base it has a personalizing
engine it's in the global banking
business has a travel company it knows
that Tom books a ticket to London from
New York or from Dublin to New York and
back again will'll send you they send
you the restaurants in New York that you
should go you should use their credit
card obviously for that so the
personalization of data is absolutely
key we see it in the insurance industry
we see it in the fast food industry we
see it in the consumer goods industry
all Industries are being revolutionized
so sum up agility Take Back Control and
first party data and Martin where where
do for a small open economy like Ireland
where do you think the Wii Fit in uh I
mean you were talking to the minister
backstage is it is like how do we how do
we stay in front of this of this rapid
change well it's there's an irin here
and sadly we came out of Europe I mean
it's interesting in the the UK campaign
the election campaign that just just
fired the starting gun a week or so ago
there's been little or no discussion as
to whether it was a mistake to come out
of Europe or not the positioning that
the pro brexiteers or the pro brexit
people took was what was called
Singapore on steroids or Singapore on
temps and that's the positioning I think
Ireland you know with a population of 5
million people has to take so it it has
to take a position of what I would call
neutrality so if you were likening it
Latin America Uruguay is really
interesting it sits between Brazil and
Argentina and probably historically the
ugui will kill me for saying this but
historically there's probably no reason
for it to exist but it's a Switzerland
if you like within a Latin American cont
it has advantageous tax and banking laws
it has free ports for software
development and Tech development very
good Tech labor very good people very
good managers actually I've spoken to a
lot of Latin American companies who find
Uruguayan managers really good and
sometimes much better than argentinians
or Brazilians but that's a good example
in Europe obviously Switzerland would be
an example of this
neutrality uh where you have strong
Talent strong Tech Talent strong
creative talent you have advantageous
tax laws you have advantageous
investment laws and then in in Asia it
will be Singapore so so that that
positioning but what's really important
in my view is for Ireland to maintain
that neutrality it has to be uh a nation
which is impartial doesn't take sides
and sits there uh and you know
immigration obviously is a hot issue in
the context of the elections uh here in
Ireland the local elections coming up in
a few weeks time um and and the housing
issues and cost of housing and in that
context I think it's quite difficult to
maintain the balance but I think the
government has to maintain a policy of
attracting inward investment FDI
locating major businesses I referenced
alphabet meta and others uh here in here
in Dublin and there has to be more of
that so I think that's the positioning
but but not getting you know you
probably have to to put it crudely play
both ends off against the middle it's a
neutral position where you you know
things the things that are happening in
the world the the the rise of populism
the rise of extremism not just in the UK
but in the US and elsewhere poses
interesting advantages you know for
example in the UK
nonon exiting private Equity will be
taxed I mean stama has and Rachel Reeves
have confirmed they will tax private
equity on their carriers that's going to
that's going to lead to fluidity so the
sort of things that you see happening in
Portugal you know around Lisbon uh the
sort of things you see happening in isra
in in Italy and indeed in Israel before
the war actually was similar examples of
what's been happen Greece would be
another example and just I I'm conscious
of your time sir Martin so just one last
question you're telling me politely to
shut
up just we we were discussing uh Tony
O'Reilly before we came on stage uh you
know creator of carry gold leader in
hindes so many successes yeah uh could
you just share a few of your thoughts
yeah well he's a lot larger than life
figure both literally or was literally
and figuratively um you know I knew him
well when he was um running
hindes um before he moved on to sadly
onto Waterford and obviously in the
independent um but he really understood
marketing he had flare I mean we loved
him because and love I I use
advisedly um firstly because he was a
wonderful rack onour I mean evening with
him or even 5 minutes with him was full
of full of laughter and joy but we we
loved him because he had an intuitive
feel for Branding marketing and the feel
the the creative area understood the
importance of big ideas and big thoughts
and is was willing to take gut moves I
mean people in the advertising industry
love that they love clients who know
you you've been up carousing late at
night like Don Draper in Mad Men you
come into the room and you sell the
client on a campaign in 30 seconds and
it sold inity he was that type of person
and in a and in the era D I say it when
political leadership is lacking you know
I take I take Tony Tony Blair back in a
heartbeat in relation to the candidates
that we have running in the UK um in an
era when when political flare is lacking
there is no Kennedy there is no Reagan
there is no Thatcher there is no
Blair you know there there are no the
characters you you look around the world
as to where the great leaders are
certainly in the non autocratic area
there are very few of quality he you
know he stands out I mean I think we
were saying it's rather sad I mean he
did flirt with political issues they are
fund and other things at various points
in time but if he'd gone into politics I
mean he would have been I think
outstanding and um I'm quite close to
Mayor Bloomberg and Bloomberg
philanthropies and Michael is another
example of something an outstanding
businessman who sadly didn't really
maybe Michael was different in terms of
personality but really didn't yeah hit
it hit the ball out of the park
politically and I think it's sad because
I think he he had an awful lot to give I
we were talking about Waterford and what
happened there and I think the the
analysis was he was unwilling to move
the manufacturing of Waterford away from
Ireland to Eastern Europe or Asia or
whatever and that was one of the reasons
for the demise of it because of the high
cost of manufacturing by the way that's
an really important point when we talk
about neutrality and Irish positioning
cost is an issue so the hubs that we're
developing for example the around the
world whether the Mexico City or botar
or S Paulo or San Carlos which is a
University Town in Brazil or indeed
Monte Vio or in Buenos arez or in quala
lumur or Eastern Europe certainly before
the Ukrainian War those hubs have to be
effective from a cost point of view so
the immigration policy plays into that
um I think the government here has to
think carefully about how they balance
it from a domestic and international
point view because it's all very well
having the Hub with the tax advantages
Etc and the FDI advantages but cost for
a global company particularly in a world
where inflation is likely to where
growth is going to be slower inflation
is going to be higher than we've been
used to and interest rates are going to
be higher than we've been used to cost
is a big issue but you going back to
Tony I think it's um it was a very sad
moment when I read about you know that
he passed away and I know you went to
the Celebration I unfortunately was not
able to get there but it sounded though
it was an it was a lunch that went on I
think till about 2 in the morning it was
a lunch that went certainly went on for
10 hours I think uh look sir Martin sell
thank you very much for sharing your
insights with us all here today um a
true advertising Legend thank you very
much thanks thanks very much
he
[Music]
[Applause]
[Music]
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