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What is Cannes Lions? | CNBC Explains
What is Cannes Lions? | CNBC Explains
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Phụ đề (56)
0:00
It’s been called the Oscars of advertising.
0:02
Every year, the best of the media, marketing and advertising industries come here
0:06
to the south of France to compete for top industry awards and to get their creative juices flowing.
0:11
We’re talking about the Cannes Lions International Festival of Creativity.
0:19
Cannes, France has no problem being in the spotlight.
0:22
The coastal city on the French Riviera is probably best known for hosting A-list celebrities
0:27
every year at the International Film Festival.
0:30
In fact, it was the Cannes Film Festival that inspired a group of advertising contractors
0:35
to create their own big industry event more than 60 years ago.
0:38
They launched the International Advertising Film Festival in 1954,
0:43
located not in Cannes, but Venice, Italy.
0:45
And it was Venice that helped inspire the prize for the best advertising films:
0:49
a lion trophy modeled by the lion monument in Piazza San Marco.
0:53
Two years later, the festival moved to Cannes, and it alternated between the two cities
0:57
until Cannes became its permanent home in 1984.
1:01
In the 1990s, the festival started adding on seminars by experts in the industry.
1:06
Panels now cover subjects from health care to innovation,
1:09
but the festival still gives out those iconic lion statues.
1:13
Today, Cannes Lions has evolved beyond ad agencies, with tech companies and brands joining in, too.
1:18
Networking has become as important, if not more, than the awards.
1:22
In numbers, last year’s festival featured more than
1:24
16,000 attendees, 1,000 speakers and 4,700 companies.
1:29
Twenty two out of the world’s 25 biggest brands by marketing expenditures will attend this year's festival.
1:35
Take for example Procter & Gamble and Samsung,
1:37
brands that account for around $20 billion in marketing every year combined.
1:41
But this year one of the world’s biggest advertising companies, Publicis,
1:45
made headlines when it said it would scale back its presence at the event.
1:48
One of the reasons? It's too expensive.
1:50
The cost for a complete pass to get access to the entire festival is more than €3,000, or $3,700.
1:57
And that's still over $1,000 less than last year.
2:01
Critics say this has made Cannes a destination for the elite to show off their wealth.
2:06
They say Cannes has become more about sipping rose on a yacht
2:09
than fostering creative business ideas.
2:11
And that’s why the owner of the festival, a British media company called Ascential,
2:15
has responded to cost concerns by lowering prices for passes.
2:19
Cannes Lions brought in around $87 million in revenue for Ascential in 2017.
2:24
As the ad industry has evolved, Cannes Lions is trying to keep up with the changes.
2:28
Organizers have added new categories of awards.
2:31
And panels feature subjects ranging from blockchain to gender inclusivity.
2:35
Meanwhile new players are making waves on and off stage.
2:38
This year Google won Cannes Lions’ “Creative Marketer of the Year” award.
2:42
Not exactly who you’d think of when you think of a big advertising company, right?
2:46
Around 30,000 entries for awards were received from 90 countries this year.
2:51
Cannes said that’s down from more than 40,000 last year
2:54
thanks to the Publicis break and fewer available awards.
2:57
But the numbers of brands, like Adidas and Microsoft, and of media owners, like HBO,
3:02
submitting work is actually way up.
3:04
Take a stroll along the Cote d’Azur here in France, and the range of players is clear.
3:09
From tech to media to advertising to consultancies,
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they all have one thing in common.
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They’re competing for your eyeballs here at Cannes and for the money in your pocket.
3:26
Hey everyone, it's Elizabeth here in Cannes. Thanks so much for watching.
3:29
Be sure to check out more of our CNBC Explains over here.
3:32
If you have any ideas for future videos leave them in the comments section
3:35
and subscribe to our channel while you're over there.
3:37
See you later!
