“The Cannes advertising festival, which begins Monday, is known for self-congratulatory back-slapping, talk of creativity and a steady flow of rosé. This year something else will likely be part of the mix as industry honchos party on the French Riviera: worry.

The ad industry is in the midst of wrenching change that’s touching every piece of the business.

A long list of marketers such as Procter & Gamble, Coca-Cola and Mondelez International have placed their media buying business up for review as they look to cut costs and find agencies versed in the latest digital techniques. All told, over $26 billion in ad spending for companies is in play, according to Morgan Stanley.”

Full Story (Source: WSJ)