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This will be a transformational moment on Madison Avenue forever'

VaynerMedia's Gary Vaynerchuk discusses how his clients, mostly in industries like consumer packaged goods and retail, are thriving, while hospitality, leisure and airlines will continue to struggle.

Video Transcript

GARY VAYNERCHUCK: Our client mix was very benefited by COVID, to be honest, in the short-term. In that time frame-- because they're worried about supply chain, to be honest, right? Our clients are much more worried about making more of their stuff than anything else.

I think it's just affirmation of my prior statement, which is the bright spots or the advancements are as following. We are seeing bigger allocation to marketing because we finally got clients to measure on how well they're doing on amazon.com or proving to them that we're moving product at Kroger or Walmart or Home Depot.

So what's happening is they're investing more because the debate went out the window because they weren't lazy with their money because nobody could do TV productions. So you're seeing a real world of haves and have nots. You know, the industries that were most affected are obviously in trouble, more so than others.

And then the industries that most benefited from it, food, necessities, were unable to spend their marketing money the way they're accustomed to. Meanwhile, what was happening was the way they were accustomed to, big productions on TV and then doing matching luggage to that TV spot on digital, was, for the last decade, wrong, or at least wildly overpriced.

So they have more business and more opportunity to spend marketing money. They can't waste it to the way they've been wasting it, especially in 2019, '18, and '17, because all the consumer behavior has been shifting more that way. And now they're seeing something new, and they're seeing the business results above and beyond the COVID effect. I mean this will be a transformational moment on Madison Avenue forever.