Experiential marketing firm We’re Magnetic will close at the end of August due to Covid-19’s impact on the industry.
The agency, with offices in New York, Los Angeles and London, announced its closure on social media and in a statement from chairman Rick Rathe.
“We are living in unprecedented times and like so many others, our firm and industry have taken some very hard hits. With the future of experiential so uncertain, we have made the difficult decision to close the company at the end of August,” Rathe said in a statement.
“As we work toward completing our current short-term projects, we want to express our deep gratitude to our employees for their hard work and dedication as well as to our clients for their loyalty and unwavering partnership. We are extremely proud of all that we have accomplished together and are saddened that these turbulent times have left us no other option.”
Founded in 2012, We’re Magnetic has created experiences for brands including Facebook, Netflix, Nike and Uber.
The agency made industry waves in 2018 for producing Instagram’s Es Devlin storytelling experience at the Cannes Lions Festival of Creativity, which gathered eight hours of Instagram Stories from around the world for an immersive 360-degree video activation. Adweek honored the activation in our inaugural Experiential Awards in 2019.
We’re Magnetic president Jessica Reznick Martin also spoke about experiential trends at Adweek’s Elevate Creativity event in 2019.
With the pandemic canceling in-person experiences for the foreseeable future, We’re Magnetic started working with clients to pivot to virtual events. In April, the agency partnered with ecommerce payment brand Klarna to produce a digital drag brunch series streamed on Facebook Live.