Q2 2023 An Update on Digital Innovation at Stagwell
Mark Penn, Chairman and CEO, Stagwell
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Marketing is undergoing a fundamental technology-based transformation, as I discussed with FINTECH.TV recently, and the organizations that build fast across new frontiers will be best positioned for growth in the new digital economy.
At Stagwell, we believe Augmented Reality (AR) and Artificial Intelligence (AI) will be the most impactful technologies for modern marketers over the next decade, and we’re working fast to scale our digital and technology offerings to unlock their power. Over the past quarter, we’ve expanded our shared AR product ARound into three professional sports leagues and led the conversation on generative AI with our new tool “Taylor” in the Stagwell Marketing Cloud. We have also set a goal for all agencies within our network to become AI leaders. Already, we’re seeing some of our digital product shops attract premier partners to aid in developing those solutions for clients.
I’m proud to share an update on digital innovation at Stagwell. If you have questions about any of the below, please reach out to me to discuss.
ARound Brings Shared Augmented Reality to Teams in Three Professional Sports Leagues
ARound is partnering with its first NBA team, the Cleveland Cavaliers, on a shared AR experience called “Cavs ARcade,” which kicked off during the 2023 playoffs in the Rocket Mortgage FieldHouse. ARound’s customized shared AR experiences for each team allow fans to digitally interact with the court or field, witness real-time effects, and take their fan experience to the next level. This partnership officially brings ARound to three American professional sports leagues: the MLB (via partnerships with Kansas City Royals and the Minnesota Twins), the NFL (via partnership with the Los Angeles Rams), and the NBA.
The media is taking notice. Read Fast Company’s new profile of ARound, which dives into how the world’s first stadium-scale shared AR platform promises to change how fans engage with sports events and, eventually, all live events.
Unlocking the Power of AI with Oracle Cloud Infrastructure and LexisNexis
Stagwell companies announced several exciting technology partnerships across AI this quarter.
As brands look to embed artificial intelligence across their entire business over the next five years, Code and Theory announced it is building new AI capabilities with Oracle Cloud Infrastructure. This collaboration combines OCI’s computing power and secure infrastructure with Code and Theory’s award winning digital-first creative thinking to unlock AI-powered innovation at scale. Ultimately, this will enable Code and Theory to implement custom AI interfaces in four areas – engineering, business intelligence, generative, and cloud services – to help fuel growth and transformation across automotive, hospitality, retail, and financial services.
And Stagwell Marketing Cloud’s PRophet announced an alliance with LexisNexis to power PRophet’s industry leading AI platform, which collectively boasts access to over 200,000 global news sources from high authority outlets and journalists, including hyperlocal media, newsletters, trade publications, and blogs. The partnership is another step in helping PR pros become more performative, predictive, and productive Communications Engineers and follows the launch of “Taylor”, our generative AI tool. You can access a freemium trial of Taylor by visiting www.prprophet.ai.
Stagwell’s “Shark Tank” Innovation Challenge Awards $1M in Funding to AI Platform to Optimize Media Execution
ARound, discussed above, began as a pitch in 2020 during Stagwell Marketing Cloud’s yearly internal “Shark Tank” Innovation Competition. Just over two years later, SMC’s “Shark Tank” continues to generate product innovation from within the network. This quarter, we publicly unveiled the 2022 winner: SmartAssets, an AI-powered SaaS ad platform focused on AI-powered asset management, performance analytics, and instant creative adjustments. The team behind Smart Assets from Locaria will receive up to $1 million in funding to bring the product to market. Read the Digiday story for more details and check out this Q+A with the team behind the pitch.
Dispatch from Web Summit Rio: Marketers Need to Have Their Heads in the Cloud in 2023
We don’t have to look to immersive worlds for marketing’s next big evolution. The next big evolution in the way our organizations work with clients will come further upstream – as far up as the troposphere. In 2023, the creative marketing cloud will be the unsung story of marketing transformation.
Watch my keynote presentation at the inaugural Web Summit Rio for more on why marketers need to have their heads in the Cloud in 2023.
FINTECH.TV: The Transformation of the Marketing Sector
What does Stagwell look like today and where is it headed? I joined FINTECH.TV on the floor of the New York Stock Exchange after our quarterly earnings report last week to talk about the ways our organization is leading the transformation of the marketing sector. Please view the clip here.
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