It’s one of the big weeks for advertising (well, in terms of parties and sunshine), so we couldn’t pass up the opportunity to check in on Cannes. More than 12,000 advertising types have gathered in the South of France to toast the industry — and perhaps even collect an award.
This is an interesting year for Cannes, where a lot of the chatter at parties and meetings will likely be about either the recession or the rise of online advertising, Reuters notes.
The festival, in its 55th year, awards excellence with the so-called Lions trophies and hosts seminars and workshops. In a sign of how crucial the Internet has become to advertising, the Film Lions awards now includes films for Internet and mobiles.
The $40 billion online advertising market remains a bright spot in a global industry facing dire times with soaring oil prices and an economic slowdown denting clients’ budgets.
Even though Cannes gives a nod to new media these days, AdWeek writes that the event is nonetheless struggling to keep up with the times. Like the industry itself, Cannes is ”an old institution struggling to reinvent itself in a new-media environment.”