Cannes jury be damned, generative AI as a creative tool might be about to leap from infancy to puberty.
All the business away from the Palais
Many of the Cannes Lions attendees aren’t there to check out an awards show; they’re there to strike deals and make bank. Adtech has drowned out creativity over the past decade, and while the heyday of blackbox startups has waned, the festival still serves as a major platform for dealmaking.
And while 2023 was a dealmaking deadzone — the investment bank LUMA partners noted deal volume was down 10% compared to 2022 — there’s a lot more optimism for 2024. LUMA founder and CEO Terry Kawaja had his annual “white party” at Cannes, where adtech execs and dealmakers dressed all in white mingle.
Michael Kassan, who made a defiant appearance at (or more specifically above) the MediaLink bash this year, had previously told ADWEEK that he’s diving into M&A, with a focus on finding small adtech companies to combine into larger solutions. And a spate of small companies like Claritas, Sonobi, and 33across have all hired banks to pursue sales.
