Kevin Lee interviews Megan Cunningham, CEO and Founder at Magnet Media, a global brand content studio. Prior to founding Magnet Media, Megan worked in production at PBS, HBO, Nickelodeon, and HBO. Magnet has been very successful over the years; its clients have included big brands such as Apple, Microsoft, Google, ABC, Showtime, The Associated Press, Dreamworks Animation, NBC and other top-tier brands.
Kevin and Megan discuss Magnet Media's origin story and trade notes on the recent Cannes Lion Festival which both attended. They discuss how "run-of-the-mill" creative can be distinguished from strategic, results-driven creative, and the key role played by market data in terms of fashioning effective creative campaigns. They discuss how brands should think about allocating funds for creative campaigns, and the folly of under-investing in great creative (which makes campaigns more efficient) while over-investing in media spend supporting that creative.
They trade notes on brands using influencers in their campaigns, and the degree to which such campaigns need to be scripted or left open-ended. As Megan notes, "I think that the idea of having a (creative) brief but one that is subject to be interpreted by the influencer, in their own voice, and with what they know and works for their audience and their channel, is the best way to approach an influencer campaign." They also touch on the issue of whether authors of short-form creative content can easily make the transition to creating long-form content.
They discuss the extent to which social media platforms have, unlike the old Hollywood or music business models, produced a meritocratic system where the best creative is rewarded. As Megan notes, some of the most successful influencers have established relationships with the platform owners, giving them an "embedded advantage" that most creators lack.
They talk about the wisdom of brands cutting back top-funnel spending in the face of a potential recession (which may or may not ever manifest itself). As Megan observes, "I don't think it's healthy for any business to just say, we're going to pull the plug on stuff, we're going to hit the brakes. To me, that's a big red flag for that business in general, because it really is an invitation for your competition to speed way ahead of you."
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