Drip Sequence💧

In case you missed it:

I sent out a report detailing the comp survey, if you missed the first newsletter the URL for the LookerBI Dashboard can be found right here.

Headline Overviews

• Google ‘considering Hubspot acquisition’ Google is in talks to possibly acquire Hubspot, which could bolster its advertising services by expanding into the CRM software market. The potential deal comes as Google seeks ways to boost growth amidst competition from other platforms like Facebook and TikTok. However, concerns about antitrust regulations loom over the acquisition discussions. Hubspot refrains from commenting on the rumors, prioritizing its business and clients.

• Omnicom Group 1Q Profit Rises On Advertising, Media Strength Omnicom Group reported increased first-quarter profit, driven by growth in advertising and media, leading to a 5.4% rise in revenue to $3.63 billion, surpassing analysts' expectations. The company's organic growth of 4% was primarily fueled by advertising, media, and experiential sectors.

• Prime Video Now Reaches More Than 200 Million Monthly Viewers, TV Ads ‘Off to a Strong Start,’ Amazon CEO Says Amazon CEO Andy Jassy revealed that Prime Video has amassed over 200 million monthly viewers and introduced ads within its content, marking a strong start for streaming TV advertising. Analysts predict substantial revenue from Prime Video ads in 2024. Jassy also highlighted Amazon's investments in generative AI to enhance advertising capabilities.

• IAB/PwC Internet Advertising Revenue Report 2024 Internet advertising revenues reached their highest recorded level of $225 billion between 2022 and 2023 (increasing 7.3% YoY), showing unhinged resilience in the face of continuing economic shenanigans.

• X platform’s brand safety score for advertisers hurt by error for almost 5 months The brand safety score of social media platform X, formerly Twitter, displayed inaccurately on DoubleVerify for nearly five months, causing concern among advertisers. Despite the underlying data being correct, the erroneously low score deterred advertisers from spending on the platform. This issue compounded existing concerns about content moderation policies, leading to decreased ad spending following X's ownership change. X and DoubleVerify have since rectified the error, with DoubleVerify apologizing for the graphical error and ensuring future accuracy in reporting brand safety metrics.

  

Severance Packages

A few days ago, I received a DM from someone who was recently laid off and was severely underwhelmed with the severance package they received. They were curious about what others had experienced in terms of severance packages, so I aggregated some information, and it’s… not that great if you work in the agency world.

The massive severance packages that you hear about are often at big tech companies that typically give someone a 3-6 month "grace period" where they are still on the payroll and receive all their benefits like healthcare and 401k contributions. Once that grace period ends, they will then have accelerated RSUs vested and a 3-6 month severance package. During that grace period, they are not expected to work, so it’s really just one massive sabbatical if they are laid off.

In the ad agency world? It’s significantly tiny compared to big tech severance packages. Generally, the formula is one week per year of service, which seems pretty standard based on the dozens of pieces of information I received. Given that most people spend about 2 years at an agency on average before hopping over, they are literally getting just one extra paycheck after getting let go.

Regardless, though, it seems like your title has little impact on your severance either. I had one VP receive a one-month severance package when they got let go, which is just two paychecks.

Here are some of the submissions I received:

“I once had to pay back [REDACTED] severance after I took another [REDACTED] agency job.”

“DO NOT sign anything without showing an employment lawyer! One letter from my lawyer doubled mine.”

“$28k but they taxed me $10k of it LOL”

“All vacation paid out + 4 weeks standard + 9 weeks bonus”

“In Canada, it’s your unused vacation + 2 weeks per year. If you have a big title, it’s 4 weeks per year.”

“At the client side for less than a year, I was given 1 month. Colleague joined the same time based in Korea and was given 6.”

“Half my annual salary”

“Not agency, vendor-side, they gave me 4 weeks. Also laid me off at Xmas time.”

“Mine wasn’t anything special. Spent 12 years at a holding co, got one week for each year there.”

“7 years, Director, I got 12 weeks."

“11 months for >5 years."

“Bruhhh at [REDACTED AGENCY] they gave people 6 months severance; I wanted to be laid off.”

“$10k per year of employment, paid temporary insurance and sessions with a career coach.”

“NEVER SIGN IN THE ROOM. I got a lawyer, the act alone got me 40% more than the original.”

“3.5 months' salary + they paid me my $15k bonus.”

“Was PIP’d at [REDACTED ADTECH] and received 3 months' pay right before January layoffs.”

"Vendor, I got 60% of one month's pay for 3 years of work.”

“2 weeks of pay and they forgot to send my documents to the government for unemployment.”

“A major DSP gave me 6 months after 8 years.”

“Mine was underwhelming for sure. 11 weeks for 4.5 years at the company.”

“I got a handshake and a BEST OF LUCK!”

“2 months' pay, I was a Group Media Director level.”

“Said my healthcare was good through the end of the month, it was the 29th.”

All this is making me wonder… should I collect data on severance packages similar to how I collected salary data and do the whole dashboard again?

Layoff News

• GroupM Reported 4/15

• MRM Reported 4/17

• RPA Reported 4/17

Featured Meme