Technology destroys jobs, advertising giant claims

Internet giants are nearly as powerful as nation states, WPP head Sir Martin Sorrell says.

The head of one of the UK's biggest advertising firms has said he believes new technology will destroy jobs in the future. 

Speaking at London Tech Week, Sir Martin Sorrell, CEO of WPP, said, "I happen to be in the camp of people who think that technology disrupts, and will destroy, jobs." 

Discussing online activity and marketing, Sorrell added tjat the internet will simplify the business significantly within the next few years.

"It's shortening the supply chain and getting rid of what I used to call, the tyranny of geography. The supply chain in the media and advertising system "is the most complicated you've ever seen" he said "and clearly over time that will simplify".

He compared the internet's biggest giants (Facebook, Amazon, Google, Microsoft) to states. 

"They are effectively states. They are very powerful organisations, But the fearsome five who topped our brand table are the five most valuable brands in the world."

He also said he'd love to see Snap become the third online advertising powerhouse, next to Facebook and Google. 

Oath, a company formed after Verizon took over Yahoo, could also be that third force, but we will have to wait and see. "Whether that becomes a third force, we'll have to see,“ he said.

Discussing tech companies, he said the metrics are different and that's terrifying. 

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