In another headline from Cannes-Lions, WPP Grand Poobah Sir Martin Sorrell told the world that he will double ad spending on “The Twitter” (as he may have called it) from $50 million to $100 million.
The news was announced when Sorrell moderated a discussion between Twitter’s Dick Costolo and Viacom’s Philippe Dauman. Of course he took a jab at rivals Omnicom and Publicis for their recent ill-fated “merger of equals,” but he focused mainly on the differences and commonalities between digital-first and the legacy media giants.
After citing the impressive market valuations and financial stats associated with Twitter’s recent IPO, Sorrell noted that WPP’s GroupM will double its spending with the microblogging platform, boosting its ad spending from $50 million last year to $100 million this year. Based on Sorrell’s figures, that means GroupM contributes nearly a fifth of all of Twitter’s advertising revenues.
Now what would you do with that kind of budget? Maybe not spend it all on Twitter?