While the business model for advertising agencies needs change, Publicis CEO Maurice Levy says that agencies will adapt and not become obsolete. Levy says that agencies are the ones who develop the creative, something that companies like Google, Microsoft and Yahoo do not provide.
Agencies do need to gain a better understanding of new media in order to develop better creatives for channels such as video games and cell phones, according to Levy. Publicis may be well on its way to doing just that, having acquired digital agency Digitas Inc for $1.3 billion last year.
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