Among the topics we expect investors to focus on this quarter, GDPR and data privacy are likely to capture some attention. It seems most likely that most agency functions will be generally immune from many of the consequences of GDPR, although each of the holding companies’ “people-based marketing” platforms and programmatic buying capabilities could be negatively impacted if marketers in Europe alter their spending plans in certain ways (for example, by reducing spending through these channels). On the other hand, we think that marketers will find that the optimal solution to restrictions on uses of first and third-party data is to establish improved consumer experiences or otherwise invest in their products and brands. Such a shift in emphasis could require more services from agencies (and IT services firms, too, it should be noted).
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