What is Cannes Lions? | CNBC Explains

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0:00It’s been called the Oscars of advertising.

0:02Every year, the best of the media, marketing and advertising industries come here

0:06to the south of France to compete for top industry awards and to get their creative juices flowing.

0:11We’re talking about the Cannes Lions International Festival of Creativity.

0:19Cannes, France has no problem being in the spotlight.

0:22The coastal city on the French Riviera is probably best known for hosting A-list celebrities

0:27every year at the International Film Festival.

0:30In fact, it was the Cannes Film Festival that inspired a group of advertising contractors

0:35to create their own big industry event more than 60 years ago.

0:38They launched the International Advertising Film Festival in 1954,

0:43located not in Cannes, but Venice, Italy.

0:45And it was Venice that helped inspire the prize for the best advertising films:

0:49a lion trophy modeled by the lion monument in Piazza San Marco.

0:53Two years later, the festival moved to Cannes, and it alternated between the two cities

0:57until Cannes became its permanent home in 1984.

1:01In the 1990s, the festival started adding on seminars by experts in the industry.

1:06Panels now cover subjects from health care to innovation,

1:09but the festival still gives out those iconic lion statues.

1:13Today, Cannes Lions has evolved beyond ad agencies, with tech companies and brands joining in, too.

1:18Networking has become as important, if not more, than the awards.

1:22In numbers, last year’s festival featured more than

1:2416,000 attendees, 1,000 speakers and 4,700 companies.

1:29Twenty two out of the world’s 25 biggest brands by marketing expenditures will attend this year's festival.

1:35Take for example Procter & Gamble and Samsung,

1:37brands that account for around $20 billion in marketing every year combined.

1:41But this year one of the world’s biggest advertising companies, Publicis,

1:45made headlines when it said it would scale back its presence at the event.

1:48One of the reasons? It's too expensive.

1:50The cost for a complete pass to get access to the entire festival is more than €3,000, or $3,700.

1:57And that's still over $1,000 less than last year.

2:01Critics say this has made Cannes a destination for the elite to show off their wealth.

2:06They say Cannes has become more about sipping rose on a yacht

2:09than fostering creative business ideas.

2:11And that’s why the owner of the festival, a British media company called Ascential,

2:15has responded to cost concerns by lowering prices for passes.

2:19Cannes Lions brought in around $87 million in revenue for Ascential in 2017.

2:24As the ad industry has evolved, Cannes Lions is trying to keep up with the changes.

2:28Organizers have added new categories of awards.

2:31And panels feature subjects ranging from blockchain to gender inclusivity.

2:35Meanwhile new players are making waves on and off stage.

2:38This year Google won Cannes Lions’ “Creative Marketer of the Year” award.

2:42Not exactly who you’d think of when you think of a big advertising company, right?

2:46Around 30,000 entries for awards were received from 90 countries this year.

2:51Cannes said that’s down from more than 40,000 last year

2:54thanks to the Publicis break and fewer available awards.

2:57But the numbers of brands, like Adidas and Microsoft, and of media owners, like HBO,

3:02submitting work is actually way up.

3:04Take a stroll along the Cote d’Azur here in France, and the range of players is clear.

3:09From tech to media to advertising to consultancies,

3:12they all have one thing in common.

3:14They’re competing for your eyeballs here at Cannes and for the money in your pocket.

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What is Cannes Lions? | CNBC Explains

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