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Today's news: Quibi's investors want their money back, Facebook's Carolyn Everson talks about the recent advertiser boycott, and GroupM global CEO Christian Juhl makes the case for a new ad model.
"This was a company where Hollywood met Silicon Valley," Uzzaman said. "Now I realize how important it is to have startup experience."
Quibi has said it will return $350 million in capital to shareholders, or about 20% of the funding it raised, but that it's also trying to sell its content and tech in the hopes of giving back more.
"Given the vast reach of 3 billion people …[Facebook] was under a very critical microscope, as we should be," Everson said while speaking at the Association of National Advertisers' Masters of Marketing conference yesterday.
Everson said Facebook had already been tackling hate and misinformation but that the boycott ramped up its efforts with initiatives such as the Global Alliance for Responsible Media (GARM), an industry effort to set common standards for digital safety.
He says advertisers should pivot and place a premium that focuses on media's social and environmental impacts, which means factoring in carbon footprints, diversity, and new tools to empower other marketers.
"We need to evolve our valuation and measurement so they place a premium not just on reach, viewability, and effectiveness, but on social and environmental impact," he writes. "We need to be willing to pay more for clicks that help boost a stable society, not just our quarterly reports."
