Unfiltered Media

Epizode

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  Summer Summary - Q2 updates: Google, Netflix, Comcast and AI Investment 24.07.2026 23min

  Justin Lebbon and Ian Whittaker run through Q2 results — Alphabet, Comcast, Netflix, Havas and Publicis — and unpack why soaring AI CapEx is spooking investors plus ad investment figures remain resilient despite the war and political uncertainty
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  Market reaction to Sky ITV Deal; NBCU/Comcast; Future consolidation 13.07.2026 29min

  Justin Lebbon and Ian Whittaker unpack the agreed Sky–ITV deal, the likely regulatory path, whether ITV Studios gets bought, and why Comcast is splitting off NBCUniversal — plus the collaboration-not-just-consolidation lesson from Norway.
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  Rita Ferro on Disney’s advertising strategy and competing with Big Tech 10.07.2026 29min

  Disney's global ad president Rita Ferro talks trust and premium inventory, competing with Big Tech on value not price, the "mid-market" growth tier, live/fandom monetisation, and how AI is reshaping ad operations.
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  NBCUniversal's Marshall: Universal Ads, BravoCon & the Measurement Mess 02.07.2026 20min

  NBCUniversal's Mark Marshall talks to Justin Lebbon about a blockbuster sports year, the new Performance Insights Hub, Universal Ads' push into the "messy middle," diversification via events like BravoCon, and why the US measurement fight makes the whole TV industry look bad.
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  Analysing SpaceX, Roku/Fox deal, Revenue urgency for AI 17.06.2026 21min

  Most investors overlook the game-changing signals from SpaceX's recent IPO; Elon Musk's space empire is shaping the future of tech, media, and capitalism itself.In this pre-Cannes episode, we unveil how SpaceX's valuation and Musk’s control are rewiring the investment landscape, impacting everything from AI advancements to media giants' strategies. We also discuss the real implications behind billion-dollar deals like Roku’s buyout by Fox, and why media companies are trapped between short-term survival and long-term innovation. And why the cost to compete has major impacts on valuations. We also discuss: The forces driving SpaceX’s soaring valuation and what it signals for AI and space exploration. Why media giants are consolidating, and the risks of ceding control to a handful of monopolistic playersHas Fox overpaid for Roku and why we might think that; market reaction to the deal. How current tech valuations are creating a 'performative capitalism' style over substance that may reshape marketsThe looming squeeze on traditional media's revenues amid AI hype and advertising shifts
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  AI, Agility & Growth: The new agency playbook 11.06.2026 35min

  Most agencies remain constrained by legacy structures, short-term KPIs, and slow-moving processes. But a new generation of independent agencies is proving there's another way. In this episode, we speak with Ali Reed, Chief Growth Officer at Brainlabs, about why the future of marketing belongs to bold, agile, AI-powered businesses. Drawing on more than 25 years of experience, Ali explains her move from traditional agency networks to Brainlabs and discusses how independent agencies are using AI to accelerate innovation, deepen client relationships, and drive sustainable growth.
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  How industry incentives, trading and measurement shape media quality and why it matters 08.06.2026 33min

  This episode features a discussion with Erez Levin, a prominent speaker and writer in the advertising industry, focusing on the concept of quality media. The conversation explores the challenges of defining and valuing quality in a landscape dominated by major platforms and unlimited impressions. Erez introduces the "quality trifecta," which includes media quality, creative quality, and audience/data quality, emphasizing the importance of assessing these dimensions to drive effective advertising outcomes. The discussion also touches on the industry's shift from deterministic models to more probabilistic approaches, highlighting the need for advertisers to prioritize long-term brand value over short-term metrics with the role quality media plays into that.
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  The Great Ad Tech Squeeze: Platforms dominate tech, kickbacks and consolidation 23.05.2026 20min

  This episode explores the fundamental shift from efficiency to dominance in digital advertising. Ian shares why the traditional ad tech model is at a crossroads, with many players facing margin squeeze or consolidation, while a few with true differentiation may thrive. You’ll discover how the biggest platforms - from Google to Amazon - are the real gatekeepers not only selling vast quantities of media but also controlling the pipes. We also debate: The real drivers behind the market’s skepticism with ad-tech stocks, referencing TTDHow AI could overturn ad tech economics and bring true efficiency back to media buyingThe risks of consolidation, with parallels to the Standard Oil case and the implications for publishers and brandsWhy agencies’ opaque rebates and kickbacks threaten the integrity of ad buying and how transparency and proprietary solutions are the futureWhat premium publishers must do to protect their value amidst a landscape where power consolidates in the hands of the few
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  The Great Ad Spend Shift: Why Meta, Amazon & programmatic are reshaping media 06.05.2026 37min

  Justin Lebbon is joined by Guideline’s Chief Insights & Analytics Officer, Sean Wright, for a deep dive into where advertising money is really flowing and why the biggest platforms continue to dominate despite mounting scandals and industry criticism. Using Guideline’s unique data tracking major agency and brand spend, they explore Meta’s resilience, the rise of Amazon in the DSP wars, the collapse in streaming CPMs, and why traditional TV companies may be undermining themselves through aggressive programmatic strategies and cost-cutting. The conversation also examines whether broadcasters can regain control of pricing, measurement, and premium positioning before ad tech commoditizes the entire ecosystem.
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  Meta, Google, Amazon all post Q1 results - Analysis and market reaction 30.04.2026 18min

  An in-depth analysis of the latest quarterly results from Google, Meta, and Amazon, exploring their growth, AI investments, and implications for the advertising and media industry.
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  NBCU attacks Nielsen; Retail Media's growth; What Havas/Publicis Q1 results say 16.04.2026 27min

  This week we discuss NBCU’s attack on Nielsen and why audience measurement has become a high-stakes power play influencing valuations, revenues, and market sentiment. This isn’t just about metrics and currency; it’s about who controls the narrative, and the money.We also explore the rise of retail media, set to hit $190 billion by 2026, and how retailers are using high-margin ad businesses to grow revenues. We also question the impact of of this media, where the budget is coming from and how marketers should measure it. Plus, we examine agency performance with Q1 results from Havas and Publicis and how AI, ad tech, and efficiency are creating two universes for agencies. One in North America and a one for the rest of the world. Chapters:00:00 NBCU's Bold Attack on Nielsen07:41 The Rise of Retail Media17:02 Agency Growth and Market Dynamics
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  Agency models; Macro trends; social media regulation and the music industry! 10.04.2026 34min

  The episode kicks off with a discussion on the evolving landscape of advertising agencies, particularly focusing on Accenture's innovative approach to agency models. We delve into how traditional cost-plus models are becoming unsustainable in the age of AI, and how Accenture's shift towards a subscription-like service could redefine client offerings. We explore the challenges and opportunities this presents for traditional agency holdcos, emphasizing the need for agencies to adapt to a focus on business outcomes rather than just media buying efficiency. We look at macroeconomic trends, including inflation data and its impact on consumer behavior, particularly in the US and Canada. Ian discusses the potential implications of rising fuel prices and geopolitical tensions on the advertising market. We reflect on the music industry, highlighting a significant $64 billion deal involving Universal Music Group analysing the strategic implications of this deal and the broader trend of music rights being viewed as financial assets. We wrap up debating the regulatory pressures facing social media platforms like YouTube and TikTok, and the potential long-term impact of government actions on these platforms. Timeline and chapters below should you wish to jump to your preferred topic00:00 Introduction and Accenture Insights07:22 Macro Financial Trends and Market Impact15:54 M&A Activity and Industry Developments23:22 Social Media Regulation and Consumer Sentiment32:14 Future Focus on Media Channels
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  Broadcasters fight back; OOH growth; Accenture's new agency model and AI investment 03.04.2026 34min

  Fresh from Future TV Sydney and a trip to New Zealand, we break down the TV industry’s comeback playbook with examples from out-of-home to broadcasters rebuilding momentum by collaborating and building what buyers want. We unpack the flawed “premium vs cheap” debate, why premium might be the wrong word to use and new agency models reflecting on Accenture’s back-to-basics remuneration structure. Plus: the growing chaos in measurement. From Nielsen’s controversies to fractured currencies, we explore why unified frameworks are now critical to stability.Finally, we zoom out to the bigger picture of AI investment hype, IPO pressures, and geopolitical risk and what it all means for media deals, innovation, and future growth.
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  Can premium survive and thrive? 24.03.2026 41min

  Most brands think premium media is about content. It isn’t. It’s about environment.In this episode, we unpack what “premium” really means in a world of unlimited impressions and AI-generated noise and why the fight over its definition is really a fight for ad budgets. They explore how trust, transparency, and attention - not just content - are now the real drivers of effectiveness and long-term brand value. From the rise of AI “slop” to the growing divide between traditional media and platforms, this is a clear-eyed look at what’s changing and what it means for advertisers.
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  Markets, War and the Growth Problem 13.03.2026 38min

  This week we examine the economic impact of the Middle East conflict, how geopolitical uncertainty is influencing financial markets, and what it could mean for the media and advertising industry. We also dig into the surprisingly weak long-term growth of many major global companies, using data from Michael Farmer and others to explore why so many large firms appear to be struggling to generate meaningful expansion.
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  Broadcast Strategy, Paramount/WBD deal explained and the Cost-Cutting Trap 05.03.2026 33min

  Feature-rich episode this week, starting with feedback from global broadcasters following Justin Sampson’s interview last week. We then focus on M&A activity, looking at developments around ITV and Sky, while Ian explains the financial framework behind Paramount’s proposed acquisition of WBD. We also discuss content strategies and why broadcasters need to stop talking about cost-cutting- and the signal that sends to the market — before reflecting on the All3Media/Banijay merger.Finally, we examine the BBC’s public comments acknowledging that it cannot make money working with social platforms.
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  The future of media currencies in the platform era 24.02.2026 28min

  Ian and Justin are joined by Barb’s outgoing CEO Justin Sampson to discuss the growing pressures facing industry measurement currencies as media consumption fragments and digital platforms reshape the market. Hot off the heels of the Google debacle, the conversation explores the importance of independent, jointly governed measurement systems, the balance between innovation and stability in audience metrics, and the risks opacity creates for advertisers and media owners. They also examine the future role of JICs, the influence of WFA cross-media measurement principles, and whether existing currency models can continue to underpin premium advertising markets.
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  Media deals: Netflix, WBD, Paramount, ITV, Sky and agency business models/Q4 results 19.02.2026 38min

  In this episode of Media Unfiltered, Justin Lebbon and Ian Whittaker unpack the shifting deal landscape in global media, from the evolving Netflix–Warner–Paramount dynamics to the conspicuous silence around Sky–ITV. They dig into what Q4 results really reveal about the agency business, examine why music continues to outperform in a digital-first world, and debate what diversification actually means for broadcasters navigating structural change.
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  Markets fret over AI capex as TV advertising shows signs of life 06.02.2026 30min

  This week we examine investor nerves around the colossal levels of capital being poured into AI, and whether those investments will truly pay off without fundamental change across gaming, software, and agency businesses. We also look at signs of advertisers returning to TV, following positive financial signals from NBCUniversal and Fox in the US, before closing with a discussion on the importance of independent oversight after Google’s legal action against Kantar.
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  Google scuppers service comparing YouTube viewing with TV 30.01.2026 20min

  This episode covers the recent news that Google employed a 'cease and desist’ tactic to force Barb and Kantar Media to stop the viewership measurement of YouTube on TV screens. We secured private commentary from advertisers and agencies while discussing implications for YouTube around transparency. Does it even matter today? Are clients happy with the data and feedback loop they get from YouTube to worry about it? How should broadcasters and JICs around the world respond?