Photo: World Economic Forum
WPP CEO Martin Sorrell sat down with The Guardian at Cannes and reiterated his concerns over Facebook, while giving few details into the world’s largest advertising firm’s spending plans for 2012.”I believe Facebook is the best or one of the best branding mechanisms in the world but I don’t think it is necessarily an advertising medium.” said Sorrell.
Sorrell once again said WPP plans to spend about $400 million on Facebook this year, double what it spent in 2011.
But even WPP acknowledges doubling spending still doesn’t it bring it to any major level for a company that spends $65 billion annually, or almost one third of all ad agency spending.
The Guardian quoted one WPP senior exec saying, “The $400m on Facebook might look big but it is pretty small change, entry level spending for WPP.”
Sorrell said WPP plans to spend $2 billion with Google this year, up from $1.6 billion this past year. WPP’s spending accounts for roughly 5% of the revenue for both companies.
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