Madison and Wall Podcast Ep. 66: AI and How to Tell What Will Actually Move Ad Budgets; Publicis, LiveRamp and Data Businesses; How Agencies Grow
Jan 9, 2026
The hosts dive into how AI influences ad budgets, noting it rarely shifts budget authority. They discuss intriguing rumors about the potential merger of Publicis and LiveRamp, highlighting the importance of identity tools in agency trading. The conversation shifts to the impressive growth of independent agencies, fueled by strategic investments. They also reflect on CES, pointing out the challenge of filtering valuable insights from the overwhelming product noise, making measurement a crucial topic.
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Episode notes
Vegas, Public Enemy, And Craps Lessons
- Luke Stillman recounted going to Vegas and seeing Public Enemy during a trip filled with convention work.
- He also described learning a bit about craps despite being an amateur gambler.
Data Businesses Are Layered Products
- Data businesses combine software, services, and assets into distinct products that serve different needs.
- The narrative of many data partnerships has intrinsic value for agencies selling outcomes.
AI Optimizes Execution, Not Budget Allocation
- AI improves execution and efficiency inside channels but doesn't by itself reallocate ad budgets between channels.
- Budget authority remains human and limits near-term AI-driven shifts in where money is spent.