PPPPassing the Torch (Four Ps #222)
Something Old (people), New (music), Borrowed (deep fakes) & Blue (candidates)
Checking in from Nashville, Tennessee on the final morning of the revived and relaunched Club CMO Summit. It's been an eventful few days filled with new and renewed professional connections, as well as some personal discoveries.
When I checked into my hotel a few days ago, the lobby and neighboring ballrooms had been transformed into what I can only describe as a "throwback Tennessee-style wedding." It was elegant yet distinctly different in terms of attire and music compared to any wedding I've attended.
With no plans that afternoon upon my arrival, I lingered around the lobby to satisfy my cultural curiosity and maybe even score some free hors d'oeuvres if I was lucky. While I didn't stay for long, I was fascinated by the presence of seven generations of family members, from newborn baby to a "Great-Great Grandmam" who appeared to be around 110 years old.
So, in honor of the McKirseys (Mazel Tov, Rob and Naomi!), let's celebrate something old, something new, something borrowed, something blue in this week's Four Ps:
THE PRACTICAL: The Old Aren’t Going Anywhere
With the McKirsey Family being a notable exception, there are currently six generations of people coexisting on this planet: the one that's just entering the world, Gen Alpha, Gen Z, Gen X, Boomers, and the one that's gradually fading away. Over the past few centuries, the Great Wealth Transfer was seen as a reliable ticket to Easy Street, but those days are gone.
Due to the significant concentration of wealth in the hands of a select few, generational wealth transfer is no longer a means of creating opportunities or reducing inequality. While Boomers possess substantial wealth, approximately $96.4 trillion, there's a twist to the tale. Advances in science and technology have granted them an average of ten extra years of life compared to their parents, but rising healthcare costs could exhaust their savings before they can pass anything down to their offspring.
For years, the millennial mindset favored "experiences over ownership." However, this mindset is now causing hardship as they navigate their 30s. According to a Redfin report, 38% of buyers under 30 have required financial assistance from their families to afford a down payment for a home. In contrast, fewer than one in five millennials received such assistance from their families. It's noteworthy that only 4% of homebuyers in 2022 came from Generation Z, and the persistently rising mortgage rates are compounding the problem. We seem to be moving in the wrong direction.
So, here's the practical advice: Work diligently, but also work smarter. Focus on your financial security. Preparing for the future requires a shift in mindset. Save, invest, and plan for your retirement as if your avocado toast depends on it. Don’t give up less than a year in, like this girl. It might mean making some career compromises or striking a balance between work and play.
In the aftermath of the pandemic, taking sick days has become more common among U.S. workers, particularly among younger employees. They feel more entitled to use sick time, even when they're not seriously ill, as they prioritize work-life balance and aren't concerned about appearing weak or unreliable. Data indicates that 30% of white-collar workers with access to paid leave have taken sick days this year, up from 21% in 2019. While lingering health effects from COVID play a role, there's also a significant generational shift in how younger Americans perceive their jobs.
Don't wait for a hypothetical inheritance that may never materialize. Learn from your elders; don't rely on their demise for your financial security. It's a necessity and time is of the essence.
THE PERSONAL: Playing A New Tune
I've endured more than enough country music in the past 48 hours here, which happens to be one of the few music genres for which I lack any real affinity. Yes, even Springsteen's take on country. In those rare moments when he performs one of the twangier tunes at a live show, I usually use it as my bathroom break song. But I'm trying to be more open-minded when it comes to new forms of music, especially if it involves a pint-sized bundle of energy and squeaks (a.k.a. my 9-year-old daughter) clutching a shiny flute at home in our living room as I write this email.
Her musical experience is still quite limited, so the potential remains high. And what a difference a month can make. At the start of the school year, I'd catch her gazing at the flute as if it were the final piece of the world's most complex jigsaw puzzle, as if it might sprout wings and fly away.
But just a few weeks into her first experience with a musical instrument, she's making real progress. She might even be able to assemble the flute by herself (or maybe not; we're still not sure). However, what's more important is what it's doing for her confidence. Her instructor, Miss Castaneda, whose name is as whimsical as her tales of musical adventure, has begun guiding her through the basics, and I'm already witnessing a transformation. Some of her performance anxiety is being replaced by wide-eyed wonder. She's recording herself humming notes. It's like watching a fledgling bird discover the sky for the first time.
Her world has gained a new dimension. In an age of YouTube sensations and video game symphonies, where AI music can mimic Mozart and deep fakes can make Beethoven blush, it's easy to forget the value of human connection through art and music. But in that cozy music classroom tucked away in the corner of her grade school, I envision the magic that occurs when a real person, not an algorithm, ignites a spark of creativity.
Her flute lessons serve as a bridge to a world beyond screens and virtual realities. They remind us that while technology can mimic, it can't replicate the joy of creating something beautiful with your own hands and heart. The occasional nervous moments are far outweighed by the excitement and laughter that remind us to keep teaching our youngsters the wonders of art and music.
Of course, I wrote this in the quiet comfort of my hotel room, a thousand miles away from flute practice, but still...
THE PROFESSIONAL: What's Real, Fake, and Borrowed?
If you and I are tracking along the same algorithm on LinkedIn these days, one of the biggest topics permeating our feeds these days continues to be Artificial Intelligence.
It may rank third only behind "BRAND LOYALTY" and the tragic reminders about the Israelis murdered and kidnapped by Hamas terrorists (if only that was fake...).
While Artificial Intelligence is making aspects of my job a lot easier, it's also creating a lot more content... and noise.
Yes, schools are grappling with how to ensure students aren't using generative text tools to circumvent learning. Yes, I enjoy the art and visuals that now accompany blog posts and newsletters. But as videos featuring celebrities or politicians clutter my feed, some real and some deeply faked, the recent terrorist attacks in Israel have shown that deciphering the authenticity of news, video, photography, and other content is becoming even more problematic. Content designed to deceive is now everywhere.
Whether it's Tom Hanks' fake ads, Joe Biden's fake anti-Semitic remarks, misused song lyrics, or even the misuse of Coco Gauff in influencer-lookalike videos on TikTok, the implications of not getting content authenticity under control, particularly regarding AI-generated images, are significant. This is a topic that my friend Justin Marciano writes about in his great newsletter, Stream of Uncommonness, and is building a solution for with identif-ai.
OpenAI, a leader in generative AI technology, is facing the challenge of deciding when to release a tool to determine whether an image was created with DALL-E 3, their generative AI art model. The hesitation arises from the potential unreliability of the tool and its far-reaching consequences. Is a tool with 99% accuracy in identifying artificial content still not ready for release?
The potential risks are multifaceted. If OpenAI releases an unreliable tool, it could lead to incorrect determinations regarding the authenticity of images. For example, it might misclassify artwork as inauthentic or misleading, impacting how the work is perceived and valued. This could have severe repercussions for artists and their creations.
Moreover, there's a philosophical debate about what constitutes an AI-generated image. The lines blur when images go through multiple rounds of edits, are combined with other images, and undergo post-processing filters. Determining whether such images should be considered AI-generated or not is a complex issue. Various organizations are exploring watermarking and detection techniques for generative media to combat the proliferation of AI deepfakes, and blockchain is a great technology to assist with this. While solutions like SynthID and watermarking tools from startups like Imatag and Steg.AI exist, there is no industry-wide consensus on a standard, and even if one emerges, there's no guarantee that watermarks and detectors won't be defeated.
OpenAI's current image classifier is DALL-E 3-specific, but they might consider supporting detection of images created with other non-OpenAI generative tools in the future, depending on the tool's reception.
🎙️ THE PODCAST: Doug Zarkin’s Big Week
Within the span of a week, marketing icon Doug Zarkin published a new book, joined Good Feet as its new Chief Brand Officer, and joined the Snarketing Podcast. It’s one helluva listen, too.
THE POLITICAL: How Blue Becomes Green (Digital)
The current congressional House Speaker drama aside, it's not all bad on the political campaign trails for both the 2023 and 2024 elections. More candidates are embracing new platforms to reach voters and reduce their carbon footprint, while publishers and ad tech partners are making it easier for political ad buyers to reach audiences wherever they're watching.
As politics often struggles to keep up with technology, when taken together, they create music that resonates with voters and respects the planet. It's a symphony of innovation and responsibility, where the candidates act as conductors, and the voters are the audience eagerly anticipating a show worth applauding.
What was once an optional afterthought, streaming inventory has now taken center stage in campaign media buying. It's like going from a supporting actor to the leading role in a blockbuster—a digital-first approach with traditional media as its trusty sidekick. The magic wand behind this transformation is, of course, technology: tech that is finely honed to allow political ad wizards to weave their spells across every screen. Meanwhile, the rise of premium streaming inventory challenges the old guard of linear advertising spots.
My town is littered with yard signs, and most of them are dumped in green areas along the side of the road and in highly visible places. Ugh, wasteful. Programmatic ad buying is faster and more effective—something campaigns in tight races can't do without. And if it means that candidates have to travel less to get the word out there, well, even better.
In politics, local markets now take center stage. It's the art of striking where it counts. Targeted ads give campaigns a crucial edge. It's all about foreseeing, strategizing, and adapting at the state level—a chess game where each move matters. Media giants like E.W. Scripps and CBS have seen the future and are investing in local news and streaming. They know that the audience isn't confined to one demographic anymore. It's like transforming your grandparent's attic into a swanky penthouse—a whole new world waiting to be explored.
Streaming platforms that once hesitated about political ads are opening their doors, too. The 2024 election might just be the charm to win them over. As the campaigns bring in their hefty wallets, streaming platforms might decide to join the party.