Forecasting the Future: Michael Litman Predicts Emerging Tech's Evolution in 2024
The demand for evangelists of emerging technology is driven by the growing need for agencies to provide new and more efficient solutions in order to stay ahead of the curve. This is one of the many reasons why emerging tech strategists like Michael Litman are highly sought after.
A seasoned technologist and former start-up founder, Michael is a leading authority figure in the emerging tech space and the resident web3 specialist at global advertising agency, Media.Monks. Operating at the intersection of “creativity, community, culture and commerce”, he is passionate about finding ways to merge all four C’s together as part of bespoke brand strategies — he is a magpie for all things shiny and new in the digital space.
His role as senior director of emerging technology strategy at Media.Monks sees him working across strategy and consulting within innovation, web3, virtual worlds, AINFT projects for the agency’s global network. In preparation for conquering 2024, Michael sits down with LBB’s April Summers to reveal how he is embracing the AI revolution, as he looks back at the biggest trends and transformations from the last year.
LBB> 2023 will go down in history as the year the industry began to take notice of the true potential of generative AI. Is there a particular achievement from the last 12 months, relating to AI, that stands out to you?
Michael> Wow, what a year 2023 turned out to be. At Media.Monks, we were fast and first in the AI race and one of the biggest takeaways for me was that, along with bringing AI projects to market with BMW, Sephora and others, we earned a significant new achievement of our own. we're increasingly being recognised for our work in AI, having experimented with the technology for years, both internally and in our work with brands. We plan to continue helping brands navigate new opportunities (and challenges) using AI with speed and confidence.
LBB> How do you foster AI innovation in ways that will benefit brands in your role as senior director of emerging tech strategy?
Michael> AI maturity is the new digital transformation benchmark for brands—one that brands must start working towards now. The AI revolution we’re right at the forefront of will force brands’ hands just like the transition to mobile did years ago. But this feels even bigger, even more impactful. We’re using AI to change the way we work and how we do things, internally, in a bid to better help brands integrate within their companies and provide the ability to cater to the age of hyper personalisation at scale.
One fascinating thing I often think about when the speed and pace of innovation around AI seems never ending and non stop, is that AI is the worst it's going to be today. All the things we think are amazing now are going to keep getting better, faster and even more efficient… I’d love to revisit this again in a year's time.
LBB> What was your favourite tech trend of 2023?
Michael> I really love what’s been happening with the Sphere, the world’s biggest LCD screen. It's making advertising more talkable, more shareable and more of a moment in culture. We had great success recently showcasing the NFL Sunday Ticket on YouTube, developing a full CGI pipeline to handle the projects needed to create this glass dome look and show all 32 team helmets effectively floating in space. You have to check it out if you haven’t seen it already! It was also The Sphere’s first significant ad buy, proving how we are continually keeping our clients at the forefront of the now and next.
LBB? And what are your 2024 emerging tech trend predictions?
Michael> I think we’re on a really interesting and exciting precipice in 2024, moving from e-commerce to i-commerce: immersive, interactive, intuitive. I'm really curious how the release of the Apple Vision Pro in February 2024 plays out.
AI is going to continue to transform our lives and our clients' business and operations. Brand AI will become the new experience architecture to drive customer acquisition, conversion and retention. It empowers our people to do more for our clients, and in turn empowers our clients to do more for their customers.
We’re going to see increasingly more linkages between AI and web3. I believe smart contracts on the blockchain, for example, will be important to prove the authenticity and provenance of branded content when misinformation will be rife in this pivotal election year.
We’re going to see loyalty programs go on to the blockchain without people really even realising and rewarding fans with digital collectibles.
We’re going to see much more digitally connected fashion where your physical product purchase will include a digital wearable equivalent, access into an exclusive brand ecosystem and membership benefits.
We’re going to see crypto wallets become as ubiquitous as email addresses with identity playing a key role. Crypto and NFTs are going to be easier than ever to buy, interact and engage with.
We’re going to see upstarts become unicorns due to AI and virtual influencers become almost indistinguishable to real equivalents.
I could go on! But that’s just a small snapshot of all the things that excite me in this space.
LBB> What do you personally find to be the most useful resource or area of knowledge to draw upon in your role at Media.Monks?
Michael> I’m fortunately part of a far reaching group of talented, ambitious and hard working colleagues located all around the world. Remote working has shown me the value of discovering and harnessing the incredible pockets of knowledge and experience we have under one roof. Across time zones and geographies, I have been able to tap into and be a part of a powerful network within our one P&L company ethos.
It’s also vital for me to be plugged into the latest goings on through the industry, culture, the tech world and relationships with people across brands, agencies and partners to keep our clients always at the forefront.
LBB> How do you view your role in connection to creativity? In what ways does the work you do support Media.Monks’ creative output?
Michael> My role is constantly evolving and adapting to consumer consumption habits and where eyeballs are increasingly spent. Because of this, the role is endlessly fascinating and staying up to date with industry developments is something I also do for fun outside of work! Bringing that continual thirst for knowledge into my work makes the work sharper and more contextually and culturally relevant. It also means our clients are always kept up to speed with the latest and greatest developments.
LBB> What are you most proud of accomplishing since joining the agency in 2019?
Michael> There’s been a lot of change during my five years here, both internally and within the industry. I’m most proud of pairing my hybrid skills from my previous experiences with startup and entrepreneurial ventures, with my strategy and consulting capabilities, creating a new role within the company in 2022, focusing on emerging technologies. In doing so, I established the foundations for entering into unchartered territory for the company with web3/NFTs and I have Wesley ter Haar and Lewis Smithingham to thank for making that happen. I am proud to have played a role in positioning Media.Monks as a leader in the space, creating partnerships and generating inbound opportunities while upskilling internal teams and clients.
LBB> It would appear that AI has taken over the metaverse agenda. Given the cyclical, never ending nature of new tech trends, what is your advice to brand strategists and marketers who want to make emerging tech feel interesting to the consumer?
Michael> For me, regardless of the trend of the moment, it has always been and always will be about understanding the brand and the audience, knowing where they spend time, what the brand can do to be a part of that experience to command their attention and how they can do that in a meaningful way. Strategists stereotypically have a thirst for knowledge and a desire to really understand the crossover between audience and brand to help drive business impact. I would encourage being experimental, adaptable and curious to the new, while also being able to bring in learnings and wisdom from outside industries and experiences to join the dots in what may seem like abstract ways.
