Martin Sorrell, the publicist who built WPP to be the largest agency on the planet, left the company in 2018 after 33 years to later found S4 Capital.
Since joining WPP in 1986, he has left an indelible mark on the global advertising industry and, for many, was one of the people who revolutionized the industry.
Under Sorrell’s leadership, WPP grew from a small London advertising agency to a global conglomerate with more than 200,000 employees in 110 countries. His business acumen and vision have enabled WPP to become an industry leader and one of the key players in the global market for marketing, advertising and media services.
Sorrell was also instrumental in developing WPP’s digital capabilities, developments that allowed the company to stay ahead of the competition in an ever-changing landscape.
How he sees 2023 Martin Sorrell
That’s why it’s important to hear what Sorrell has to say about trends in advertising and marketing. His perspective is key for many when making decisions.
The advertising mogul, speaking at the World Economic Forum 2023 in Davos, said on Thursday, January 19, that sees Meta rallying “very strong” this year and Amazon ad revenue exploding.
Sorrel’s words came as a surprise because she spoke them as technology companies collectively laid off more than 60,000 employees in the last year impacted by slowing economic growth, high interest rates and increased competition that squeezed margins. of earnings.
“I think Meta will return with great force in 2023, with the reels and the business messenger to fight competition from TikTok and other short form video competitors.” Sorrell said to CNBC after his lecture in Davos.
It must be remembered that Meta laid off 13 percent of its staff at the end of 2022, which represented more than 11,000 employees.
It also gave a dismal forecast for its fiscal fourth quarter, sending Facebook shares to their lowest level since 2016.
What Sorrell said is also surprising because Mark Zuckerberg’s company took a hit in terms of revenue and profit because it’s not doing well with building an augmented reality world known as the metaverse.
For Sorrell, the reopening of China will be key for Meta and the rest of the technology companies.
“Google had a strong year in 2022 and I think it will be this year as well. Amazon increased its advertising revenue from $31 billion to $41 billion, and I think it will reach 100 billion in a short time, despite what you see in terms of jobs and hiring,” Sorrell said.
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Martin Sorrell surprises with his forecast on digital advertising in 2023