Tech disruption will destroy jobs
The head of one of the UK's biggest advertising firms believes new technology will destroy jobs in the future.
"I happen to be in the camp of people who think that technology disrupts, and will destroy, jobs," says Sir Martin Sorrell, CEO of WPP, speaking at London Tech Week.
Discussing online activity and marketing, Sorrell added that the internet will simplify the business significantly within the next few years.
"It's shortening the supply chain and getting rid of what I used to call, the tyranny of geography." The supply chain in the media and advertising system "is the most complicated you've ever seen," he said, "and clearly over time that will simplify."
He compared the internet's biggest giants (Facebook, Amazon, Google, Microsoft) to states.
"They are effectively states. They are very powerful organizations, But the fearsome five who topped our brand table are the five most valuable brands in the world."
He also said he'd love to see Snap become the third online advertising powerhouse, next to Facebook and Google.
Oath, a company formed after Verizon took over Yahoo, could also be that third force. "Whether that becomes a third force, we'll have to see," he said.
Discussing tech companies, he said the metrics are different and that's terrifying.
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