+ A proposal for a new way to run advertising agencies was introduced by Russell Howcroft, chairman of the Advertising Federation of Australia, and incoming CEO of George Patterson Y&R Melbourne. He said the threat that new media developments posed to the advertising industry meant advertising agencies needed to adopt new financial models or face the risk of seeing revenue decline.
Speaking at the Caxton Newspaper Advertising conference in Queenstown, New Zealand, Mr Howcroft said ad agencies needed to take ownership of the ideas they created for clients and lease them back.
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