Sara Fischer of Axios, Hazel Baker of Reuters Vivian Schiller of the Aspen Institute, John Battelle of Recount Media and Shiv Singh of Eargo at the Interactive Advertising Bureau (IAB) annual leadership meeting in Palm Springs. Photo credit: @baeason

Marketers that for years funneled billions of dollars into platforms using sketchy third-party data, cookies and reckless privacy practices are beginning to come to terms with a new reality.

Driving the news: Speaking at the Interactive Advertising Bureau (IAB) annual leadership meeting in Palm Springs this week, executives confessed that new privacy regulation and industry changes are forcing them to finally be on their best behavior, after years or reckless spending.

What they're saying:

  • "I've literally steered hundreds of millions of dollars to these platforms," Eargo CMO and industry veteran Shiv Singh told me on stage. "And at no point in that journey ... did I ask about their data policies or did I ask about what is their relationship with media or politics or consumer privacy or any of that. So my first response is that we all have a stake in this and I think at some level, we all have screwed up."
  • "IAB conference feels like an AA meeting where we tearfully admit our addiction to third party cookies and promise to clean up," tweeted Ari Paparo, CEO of ad tech firm Beeswax.
  • "We've lost thousands of jobs (in journalism) and advertisers took their money from one place and nobody said anything," said John Battelle, Co-Founder and CEO, Recount Media Inc. on stage.

Go deeper: Ad biz reckons with privacy rules

Go deeper

Updated 24 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:15 p.m. ET: 32,381,243 — Total deaths: 985,104 — Total recoveries: 22,285,437Map.
  2. U.S.: Total confirmed cases as of 4:15 p.m ET: 7,015,242 — Total deaths: 203,329 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Dan Primack, author of Pro Rata
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Why it matters: The White House could have simply postponed the ban on its own for another week or two, as it did last Friday. This move suggests it's seeking to use the ban as leverage in ongoing negotiations.

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Axios Re:Cap digs in with Chris Best, CEO of Substack, which has more than 250,000 paying subscribers on its writer network.

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