• by Larissa Faw , October 1, 2015

The increased demand for content means more players are working together -- sometimes in harmony, but often not, as noted during Advertising Week's “Big In Content” session. 

Tensions often surface among players in content ventures, and WPP CEO Martin Sorrell used the “F” word he frequently uses to describe such dynamics. "Frenemy is a real thing," said Sorrell -- noting that agencies like to control pretty much anything they get involved with and get nervous when "other people are inserted in the relationship." 

Sorrell has learned firsthand about the potential land mines within content ventures, since his company has entered into a number of them. 

One problem is that ad campaigns require a lot of support from multiple parties, and each voice wants to protect their turf. Sorrell found agreement with the other panelists on their challenges with so-called frenemies, including ICM Partners' Jonathan Perelman and Bruin Sports Capital's George Pyne. In January WPP, led a $250 million investment syndicate backing Pyne’s startup sports content and marketing company. 

The tension that Sorrell points to was evidenced when WPP entered a joint venture with Universal Music Group in 2006, the underpinning idea being that WPP's clients would have access to Universal's library. 

However, there was "tremendous resistance" -- largely from art directors and copywriters. Sorrell was hesitant to mandate "a fiat that they have to use it," but couldn't understand the pushback against this opportunity.  

Indeed, the "frenemy" concept may hinder the success of these partnerships. Hollywood agency WME merged with sports conglomerate IMG a while back, and two years ago purchased a 49% equity stake in Droga5 to set a new creative approach in terms of branded content. The premise is "sexy because it is different" says Sorrell, but he wonders whether the alliance -- given Droga5’s well-documented struggles -- has developed traction or helped the bottom line.  It is possible that conflicting interests are hurting WME's intended goals.  

WPP has numerous investments in content providers including Refinery29 and Vice among others. At the moment the Millennial-favored platform Vice seems to be Sorrell's favorite. Unprompted, the CEO mentioned Vice dozens of times during the hour-long panel, particularly when discussing companies that are doing things right. 

Due to an editing error an earlier version of this story incorrectly stated that WPP had invested in ICM Partners.