The Marketing Group (TMG) today (November 15) has launched TRUTH, a global media agency utilising blockchain smart contract technology to provide “100% transparency” in the digital advertising and media industry.
The agency will be lead by Mary Keane-Dawson, who joined TMG as global CEO, performance media earlier this year. Adam Hopkinson will also join the company as COO from December 1 as the global marketing network looks to capitalise on a current lack of trust in the programmatic space.
TRUTH’s founders claim the concept has been launched in response to an “erosion of trust” between advertisers, media agencies and owners.
“The industry is ripe for innovation, where middlemen and the layers involved in media planning and buying can easily strip 80% of the value between brands and media owners,” read the announcement, adding that TRUTH’s use of blockchain technology “revolutionises the traditional process, allowing for complete transparency for all involved.”
“Murky at best”
Following a year in which Procter & Gamble’s chief brand officer Marc Pritchard branded the media supply chain “murky at best, and fraudulent at worst”, TRUTH aims to improve current compliance standards which have been at the root of unreliable measurement, hidden rebates and the invention of bot tools, leading to ad fraud.
“By bringing blockchain technology into the media world we will build a cleaner media supply chain with 100% transparency. We want to put the client first and believe this is the best way to do that,” Keane-Dawson told PerformanceIN.
The group also claims it will ensure global best practice and follow compliance to the General Data Protection Regulation which comes into force on May 25, 2018.
Prior to launching TRUTH, TMG commissioned research among a number of CMOs, finding 79% expressed concern about the level of transparency in the industry, with over one third rating their trust value in their agency as either medium or low.
"Transparency across media channels has been talked about endlessly,” commented Dawson, “I decided to do transparency - that’s why I’m leading TRUTH.
“Blockchain is the no brainer smart contract solution that will clarify the media tech stack - and make transparency in media a reality."