News, news, news… Will central banks cut interest rates? Are new tariffs coming? Is DeepSeek the next AI revolution? Has inflation been defeated? What if governments start holding crypto in the future and the price of Bitcoin skyrockets? News is the lifeblood of financial markets—at least in the short term. A single headline can send prices soaring or plummeting. But investing always involves uncertainty, always requires courage—and always involves incomplete information. And yet there are people like Warren Buffett who invest successfully in turbulent times. What do they do differently? Here are five strategies you can adopt.

1. Focus on strategy rather than headlines

Long-term, disciplined, and regular investing beats trying to time the market perfectly. Studies show that some of the most successful investors were those who had simply forgotten about their accounts.

• Don't let daily market news unsettle you—investing is a long-term game, 5 years or more.
• Follow a clear strategy with specific goals instead of reacting impulsively.
• Invest regularly—for example, through savings plans—to take advantage of the dollar-cost averaging effect.

2. Keep some cash on hand for opportunities

Warren Buffett says, «Be greedy when others are fearful.» Successful investors maintain a cash reserve so they can make strategic investments when the market fluctuates.

• Peace of Mind: Keep a nest egg to cover your fixed expenses for at least three months.
• Cash reserve: which you use for short-term investment opportunities—5 to 10% of your portfolio may be appropriate.

3. Use diversity to create new opportunities

When stock prices fall, gold or commodities often rise. Broad diversification not only provides protection but also opens up opportunities.

• Supplement your stock portfolio with gold, real estate, or commodities—copper and lithium, in particular, remain essential.
• Explore blockchain and crypto: You can easily invest using spot ETFs or ETPs (up to 5 % of your portfolio).
• Diversify your portfolio with alternative investments such as tangible assets (e.g., art, wine, luxury goods), which you can invest in using modern apps, even with small amounts.

4. Protect yourself against market turbulence

There are ways to hedge against many challenges, such as trade conflicts.

• Review currency hedges and currency-hedged ETFs.
• Focus on Swiss companies with global diversification or U.S. firms that are not heavily dependent on exports.
• Consider strategies that can be hedged, such as options or covered calls.

5. Think long-term and stay active

Invest only in asset classes that you intend to hold for the long term. Successful investors stay informed and act thoughtfully.

• Review your portfolio every three to six months, but don't change your strategy every time there's a crisis.
• Focus on long-term trends rather than short-term fads. Learn about megatrends such as demographics, smart cities, and renewable energy. Invest in topics that inspire you and will stand the test of time.

Successful investors don't let the news dictate their decisions; instead, they use uncertainty in a disciplined way to create opportunities—and you can do exactly that, too!

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Olga Miler regularly offers online courses on financial strategies and investment opportunities. The next course starts on March 4 and runs over four evenings.

 

When I held the first ADC Yearbook in my hands, Paul Wolfisberg was still the coach of the Swiss national football team, Elisabeth Kopp was still a Federal Councillor and Martin Suter was still a copywriter.

It was 1984 and the book was lying untouched in a corner of the Meili bookshop in my home town of Schaffhausen. I had no idea what kind of director this club consisted of. Out of curiosity, I opened the book. And it opened my eyes. A Reinhold Weber wrote the grandiose line "Eiger, Mönch and Toggenburger" for the Toggenburger construction company. And had the highest crane in the building company rise out of the sea of fog next to the peaks. An agency called Aebi & Partner sewed a Toni yogurt jar onto a polo shirt instead of the Lacoste crocodile and wrote: "There are global brands. And there are environmental brands." And two gentlemen called Stalder & Suter sold people on being intelligent with literary Emmentaler texts.

The campaigns that were honored here were worlds more surprising, entertaining and witty than the ones I had to endure in my everyday life. The raisins in the dust-dry advertising cake. After reading it, I knew: I want to do that kind of stuff too! I was currently training as a typesetter and enjoyed experimenting with language, typography and graphics at the Zurich School of Applied Arts. The prospect of being paid for it was great. Just like Andy Warhol: "Creativity is the fun you can sell as work." Over the next few months, I tore the large-format ads out of the Tages-Anzeiger and the magazine every Saturday, improved them (in my eyes) and sent them to the agencies responsible. That's how I got my start in the advertising industry.

The first ADC cube

In 1989, I won my first laurels at the ADC: the special text prize for an international Swatch campaign for Farner Publicis, which for once was not about fashionable design, but about timeless quality (claim: Swiss mad on the outside, Swiss made on the inside). I told adventurous stories that showed what a Swatch can survive. The consultant hated the campaign because the texts had to be translated into 28 languages, but Creative Director Claude Martin loved the unconventional approach. And fortunately, so did Swatch patron Nicolas Hayek. The cube almost slipped through my sweaty hands with excitement on stage.

"Ideas are like sperm. Many are produced, but only very few have a fertilizing effect."

Since then, countless cubes have been added, and hardly a stone has been left unturned at the ADC. But the essentials have not changed in all these years: We have to package our clients' messages in a surprising way if we want to be heard by the public. Ideas are like sperm. Many are produced, but only very few have a fertilizing effect. And these few are worth celebrating once a year.

With this in mind, I wish the ADC many more fruitful juries and glittering galas.

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This article first appeared in the m&k print edition 1-2/2025.

m&k: Philipp Skrabal, congratulations on your first place in the 2024 creative ranking. Over the last few years, Team Farner has climbed the rankings step by step and is now in first place with a considerable lead over the other agencies. What has led to this success? Are you pursuing a "new" award strategy?

Philipp Skrabal: We do not have an award strategy. We focus on our clients' challenges and use all of our skills to meet them. This results in good work with relevance. Some are ideal for awards, others less so. The awards are therefore more a result than a goal. Nevertheless, the ranking is important to us. From 10, to 8, to 4, to 3, to 1 - that looks good as a chart. I think that we are getting better and better is mainly due to the fact that we don't usually develop our ideas in traditional AD copywriting teams, but in a much more interdisciplinary way. Our technology and PR professionals have always been involved in our most successful work. AI plays a central role in two of the three most award-winning pieces of work. Technology inspires us and creates new space. Earned media has also become increasingly important in recent years. What CMO doesn't enjoy editorial reach that doesn't have to be bought? This is precisely why we consider this lever from the outset.

AI plays a central role in two of the three most awarded works. Technology inspires us and creates new space.

 

Give us an insight into the creative cuisine of Team Farner: What is the recipe for success behind the big winning campaigns such as for Greenpeace, Islam Alijaj and Arosa Tourism?

Our recipe for success could go something like this: "Stay curious - think simply but big - have the courage to try new things." For Islam Alijaj's election campaign, we have developed an avatar that sounds exactly like Islam but speaks without a speech impediment. Voters should vote for him for his views and ideas. For Greenpeace, the aim was to generate donations for the creation of international nature reserves in the oceans. The idea of the campaign is based on the insight that the oxygen for every second breath comes from the oceans. The film, which won a Cannes Lion among others, plays with an acoustic idea: the rhythmic breathing of people strung together results in the rhythmic sound of the sea at the end of the film. And for Arosa Tourism, Yoveo has realized the first crowd-generated AI campaign in Switzerland. The target group created almost 50,000 vacation dream images.

How does Farner want to use the momentum of the creative ranking victory?

Of course, we will celebrate and enjoy the result. But it is also an important confirmation of the path we have taken - a course that we will continue to pursue consistently. And of course, first place also gives us more visibility as a creative agency and strengthens our presence in the market. This in turn attracts talent and new clients.

 

For you personally, this is already your 5th time in first place. What is special about this time?

That's right, once with Team Farner, three times with Advico Young & Rubicam and once with Publicis. What is special for me is the fact that we worked intensively on Team Farner for ten years. The seventy-strong PR agency has become a creative agency group that is at home in all disciplines of communication.

 

What touched you most in 2024 in relation to your work?

Certainly the encounter with Islam Alijaj, one of the most humorous people I know. His story is impressive and shows how much there is still to do for real inclusion. Incidentally, he was delighted with all the awards and even attended the ADC and Effie award ceremonies. With his charm, he had the audience in his pocket in no time.

 

Team Farner is not only successful in terms of creative rankings at the moment - as Head of Creative, you have also been nominated for the title of "Advertiser of the Year" 2025. A lucky coincidence or a logical consequence?

I don't know to what extent our performance in the creative ranking played a role for the jury. But it certainly didn't hurt. I could imagine that our dealings with AI were also a factor. Or perhaps the fact that, as an ADC board member and vice president, I have been committed to promoting young talent in the industry for 15 years. In any case, I am very grateful for the recognition.

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The interview first appeared in the m&k print edition 1-2/2025.

»You're kind of different from the other girls«: When I was 11, I took that sentence as a compliment. It came from a classmate and was full of admiration. It felt like an award for the fact that I had displayed few, if any, of the traits and behaviors considered typically feminine. Whether it was intentional or not is open to question—it’s quite possible that this was a coping mechanism for early puberty, or just as likely that I was going through my »Die wilden Kerle” phase.

This situation was just one of many in my life where I noticed judgments based on supposedly feminine traits. When a boy was accused of «walking like a girl» or «throwing like a girl,» or when my female friends were praised by their male dates for not being as «sensitive» or «emotional» as other women.

Apart from the fact that such statements reinforce negative stereotypes, they also instill in women the belief that traits and behaviors associated with femininity are undesirable, while those associated with masculinity lead to recognition and success. And so beliefs take root that persist throughout our entire lives and do not stop at our everyday professional lives.

The «Queen Bee Syndrome»

This is because, even in the workplace, it is often rewarded to shed supposedly feminine traits and seek to set oneself apart from other women. As a result, a strategy of adaptation may emerge that is known in social psychology as the «Queen Bee Syndrome.» This term describes a behavior in which women in leadership positions judge other women more harshly or even deliberately hold them back because they view their female colleagues as competition. The term was coined in the 1970s by Graham Staines, Toby Epstein Jayaratne, and Carol Tavris and refers to the behavior of bees: In a beehive, there can be only one queen; competition is not tolerated.

Typical behaviors of a «queen bee» in the workplace include distancing herself from other women and emphasizing her own uniqueness (sounds familiar, doesn’t it?), evaluating female colleagues much more critically than male colleagues, denying that women face discrimination in the workplace, and the belief that one must behave in a masculine manner in a professional context in order to be successful.

«We must fight against beliefs that divide us rather than unite us.»

According to Virginia W. Cooper, this behavior stems from the fact that women must compete for recognition and attention in male-dominated environments, and that there are few opportunities for women in leadership positions to begin with. As a result, they tend to view other women as rivals.

A Critical Assessment Is Needed

Nowadays, the «Queen Bee Syndrome» is viewed critically because it places the blame on women instead of focusing on systemic discrimination in the workplace as the root cause. Furthermore, it reinforces the narrative that women are unable to work together and are their own worst enemies. Ultimately, research shows that «queen bees» are less common in companies that actively promote equality and diversity. The phenomenon therefore seems to stem less from women themselves and more from the structures within which they work.

Back to the beehives!

What does this mean for us now? We all need to do our part to ensure that queen bees exist only in beehives—by having male decision-makers recognize traits associated with femininity as strengths and promote equality. By fighting against our own strategies of conformity and questioning beliefs that divide us rather than unite us—and thereby gradually deconstructing a system that suppresses the traits and behaviors proven to make for good leaders. And by proudly declaring: I am just like other women.

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* Aissu Diallo is Executive Director of Digital Excellence at the Düsseldorf-based creative agency Butter. Previously, she held leadership roles at other agencies, worked in management consulting, and served on the client side. In addition to her professional work, she serves as Chairwoman of the GWA Young Board, supporting the next generation in the communications industry, and is Community Lead at the «Ivy Female Collective,» a boutique network for women.

This article first appeared in the m&k print edition 1-2/2025.

The narratives surrounding the green transition are heavily driven by the natural sciences: calculations are made regarding global warming, the rate at which glaciers are melting, and the frequency of tornadoes.

Facts and figures are meant to raise awareness. For example, our individually calculated carbon footprint reveals our impact on the climate. Or «World Overshoot Day» marks the day on which humanity has used up all the resources the Earth provides in a year.

Facts are meant to guide us rationally toward the green transition. They are meant to convincingly show us that climate change is right on our doorstep and that we really just need to «simply» adjust our behavior.

Are we taking the people with us?

Sounds logical—but are we really getting people on board? Are they adjusting their behavior? It doesn’t look that way right now: green consumption isn’t breaking out of its niche, and companies are either scaling back their own sustainability goals or scrapping their eco-brands altogether (for example, Henkel’s «Nature Love»). Some go so far as to speak of a «sustainability recession,» and *Die Zeit* ran a headline suggesting that «green is probably just a fad.».

Yet we have the knowledge, the technology… and sustainable products have made their way onto store shelves. What we’ve lost sight of, however, is the person who is at the heart of every transformation. And that person doesn’t think in rational or factual terms, but rather emotionally and narratively. So we need to find a different way to talk about the climate crisis and the green transition. We need new narratives to truly engage people in all kinds of situations!

Communication with End Customers

Burning lands, polluted environments, the dying polar bear. And politicians are urging consumers to cut back. Or, in a word: doomsday scenarios. The arguments are all valid, but is this really how we motivate people to change their behavior?

Communication with B2B customers

Sustainability is often seen here as an obligation, with a bureaucratic nightmare and/or fines looming over people’s heads. Or sustainability is simply a criterion that must be met in a pitch. For both groups, we need stories and visions of the future that inspire enthusiasm. Of course, communication alone cannot solve the climate crisis, but it certainly points the way: namely, by bringing people along on the journey toward green transformation.

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Prof. Dr. Johanna Gollnhofer is Associate Professor of Marketing and one of the co-directors of the Institute for Marketing and Customer Insight at the University of St. Gallen (IMC-HSG). She writes monthly in our magazine about exciting, sensational or curious marketing studies from around the world. This time, the basis is this book.

This article first appeared in the m&k print edition 11-12/2024.

 

The digital advertising industry has undergone a fundamental transformation in recent years. The explosion of content, platforms, and programmatic advertising has led to advertisers today being faced with a flood of options for reaching their target audience. However, these new opportunities also bring new risks, such as ad fraud, visibility issues, and brand safety. For Switzerland, the «Digital Ad Trust Switzerland» initiative offers crucial support in reducing these risks and promoting greater transparency.

Ad Fraud: An Invisible Threat to Digital Advertising

Ad fraud is one of the most serious threats to advertisers. Current estimates show that losses due to ad fraud amounted to approximately $84 billion worldwide in 2023, representing 22 % of total online advertising spending. According to forecasts, these losses could rise to 172 billion US dollars by 2028. Fraud in online advertising takes various forms: click injection, pixel stuffing, and install hijacking are just a few of the common methods used by fraudulent actors to profit from advertising revenue.

Switzerland is no exception, even though its market size is small compared to global figures. Pressure is mounting on advertisers and their agencies to ensure that their budgets do not flow into fraudulent channels. Click injection is a particularly harmful method: malicious apps or browser extensions generate fake clicks to give the impression that users are interacting with ads. Pixel stuffing involves placing ads in areas of websites that are invisible to humans, thereby generating impressions that were never actually seen. Install hijacking goes even further by hijacking app installation processes to fraudulently obtain commissions for app installations.

So what can advertisers do to protect themselves against this type of fraud? The answer lies in a combination of technology and transparency. Technologies such as third-party anti-fraud tools provide valuable services in this regard. They detect and block fraudulent traffic before campaigns suffer significant damage. Even more important, however, is collaborating with trusted partners who can guarantee transparency in the supply chain.

Visibility: 30% shipped, but not seen

Visibility is another major challenge for digital advertising. As we know from studies such as the Digital Ad Trust Switzerland quarterly reports, an average of 30% of the ads served on websites are not visible to users. This means that advertisers spend a significant portion of their budget on ads that simply no one sees.

«The world of digital advertising offers enormous potential, but also significant risks.»

Why is this so important? Because the fundamental premise of all advertising is that an ad must be seen in order to be effective. While visibility was once hailed as a revolutionary concept, it has since become the absolute baseline for every digital campaign. Advertisers must ensure that their ads even have a chance to capture users« attention. This is where new metrics come into play—metrics that go beyond mere visibility. »Attention metrics” are the new currency of digital advertising: it’s not just whether the ad was seen, but for how long and in what context.

Brand Safety: Protection Against Negative Digital Environments

In the digital world, where content is generated by users themselves and social media reigns supreme, it is a challenge to protect one’s brand from negative associations. Brand safety means ensuring that ads do not appear in contexts that could harm the brand—such as hate speech, dangerous content, or controversial or inappropriate topics that undermine brand values. The risks here are real: 71 % of consumers say they view a brand less favorably when its ads appear alongside inappropriate content.

A striking example of the risks of inadequate brand safety is the Facebook boycott as part of the «Stop Hate for Profit» campaign in 2020. Numerous companies, including Levi’s, Honda, and Starbucks, suspended their advertising on Facebook because they did not want to be associated with hate speech. These companies lost reach for a certain period of time, but Facebook lost billions in advertising revenue. This campaign illustrates how important it is not only to ensure that ads are visible, but also that they appear in the right context.

Digital Ad Trust Switzerland: A Trustworthy Solution

Switzerland has recognized that protecting against the risks associated with digital advertising requires a collective effort. The «Digital Ad Trust Switzerland» initiative was launched to establish uniform standards for viewability, ad fraud, and brand safety. The program certifies websites that meet these standards, thereby helping advertisers place ads on trustworthy platforms.

«Ad fraud, visibility, and brand safety are real challenges.»

Digital Ad Trust Switzerland evaluates websites across various categories and issues certificates confirming that certain quality criteria are met. These include high visibility rates for ad placements, protection against fraudulent activities, and strict monitoring of the environments in which ads appear. With this certification, Swiss advertisers have a kind of «seal of approval» that allows them to place their ads in safe environments and strengthen trust in digital media.

Conclusion

The world of digital advertising offers enormous potential, but also significant risks. Ad fraud, visibility, and brand safety are real challenges that advertisers cannot ignore in the coming years. With the «Digital Ad Trust Switzerland» initiative, Switzerland is demonstrating that it is possible to establish common standards that create a safer advertising environment. Advertisers who want to protect their budgets and ensure a positive response from their target audiences should adopt these standards and build their campaigns on transparency and trust. Only then can digital advertising achieve its full potential.

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Recommendations and Best Practices

1. Trustworthy Partners

The network through which ads are served should be transparent and free of fraudulent actors. Initiatives such as Digital Ad Trust Switzerland offer valuable guidance in this regard.

2. Use anti-fraud tools

Verification technologies for detecting fraud are essential to ensure that advertising budgets are spent on genuine impressions.

3. Attention Metrics

It goes beyond simply measuring visibility by tracking the duration and quality of the attention users give to an ad. This improves reach and increases effectiveness.

4. Be Careful About the Advertising Environment

Advertisers should focus not only on price, but above all on the quality of ad placements. Brand safety tools and certifications—such as those offered by Digital Ad Trust Switzerland—are crucial factors in preventing ads from appearing in undesirable contexts.

5. Monitoring and Optimization

The digital advertising landscape is constantly changing. That is why it is important to continuously monitor campaigns and respond to anomalies.

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The founding members of Digital Ad Trust Switzerland are: Leading Swiss Agencies, the IAB Switzerland Association, and the Swiss Association of Advertisers (SWA). For more information, visit Digitaladtrust.ch.

Nüssli has made a name for itself internationally in the field of temporary event infrastructure. The company’s impressive structures and modular designs are a defining feature of the world’s largest sporting events, concerts, and exhibitions. From Adele’s glamorous performance in Munich to the 2024 Olympic Games in Paris, the Swiss Federal Wrestling and Alpine Festival, and Expo 2025 in Osaka — Nüssli provides the impressive stages, grandstands, and venues that make the moment unforgettable for thousands of spectators.

A Swiss Success Story

Founded in 1941, Nüssli began as a modest carpentry shop and has since grown into a global provider of event and special-purpose structures. Today, the brand symbolizes «Swissness»—quality, precision, and reliability. These values are deeply rooted in the company’s philosophy. «We focus on quality in every detail,» explains Nüssli CEO Andy Böckli. «Our customers expect absolute reliability and precision—and those are also the standards we set for ourselves.”.

«The future lies in organizing large-scale events with a minimal environmental footprint.»

One of Nüssli’s standout features is the modular design of its structures, which allows for the reuse of structures and the conservation of resources. From large temporary grandstands for the Olympic Games to pavilions for world’s fairs—which can be removed without leaving a trace after the event or rebuilt at another location—sustainability plays a central role in the company’s work. «Our construction method allows us to use resources efficiently and protect the environment,» explains Böckli. «We see this as a commitment to future generations.»

The COVID-19 pandemic presented Nüssli with enormous challenges, which the company, however, seized as an opportunity to further develop its processes and structures. During the pandemic, the company invested heavily in digitalization and process optimization. «We had to reinvent ourselves and, in doing so, learned how important flexibility and innovation are,» said the CEO. These investments have equipped and strengthened Nüssli to meet future challenges. With branches worldwide and production facilities in Switzerland and the Czech Republic, Nüssli can respond flexibly to the demands of international markets. «We are proud to have such a strong international presence,» says Marike van der Ben, Head of Marketing & Communication at Nüssli. The projects require a high degree of organizational efficiency and the use of innovative technologies. The structures are often built under extreme time pressure, and Nüssli consistently delivers on time and within the contractually agreed budget—a quality that particularly sets the company apart.

Nüssli's Role as a «Connector»

Nüssli sees itself as a «connector,» a bridge-builder between people and cultures. The temporary structures and grandstands erected internationally for sporting events, concerts, and world’s fairs create a platform where spectators and performers are brought together in a special way. «We see ourselves as a link, an interface, and a connection between the event and the audience,» says Böckli. This emotional component is a core value for the company and also one of the reasons why Nüssli is repeatedly selected for prestigious projects.

«Whether it was an Adele concert, the Olympic Games in Paris, or a world’s fair, Nüssli was involved.»

Thanks to its strong focus on sustainability and innovative construction methods, the company remains at the forefront of the event industry and is constantly finding ways to enhance its customers« experiences just a little more with every event. »We’re always looking for new ways to improve our processes while reducing the environmental impact of our projects,” explains the CEO. This is reflected in the eco-friendly construction methods and the modular, reusable nature of the structures.

Federal Wrestling and Alpine Festival

Since 1961, Nüssli has been building the monumental festival arena for the Swiss Federal Wrestling and Alpine Festival (ESAF) on a regular basis. With a seating capacity of 56,500, the world’s largest temporary stadium will be erected in Mollis next year. The construction required precise planning and expertise to complete the gigantic structure on time and meet the high safety standards. The project reflects Nüssli’s innovative strength and commitment to quality, which make the company the top choice worldwide for temporary structures in the events sector.

Adele in Munich: A Milestone

One highlight was the technical production of singer Adele’s concert in Munich, where the company transformed the venue into a closed arena by constructing 108-meter-long sidewings and eight large grandstands with 42,000 seats. With a capacity of several thousand people, the structure offered fans a perfect view of the artist. «A concert of this size demands the highest level of flexibility and precision in planning,» says van der Ben, the head of marketing, who has been with Nüssli for nearly 14 years. «We had to clad all the event structures to a high standard and in the Adele look—completely black. In the end, it was a beautiful event with an intimate atmosphere.»

2024 Olympic Games in Paris: A Logistical Masterpiece

With the 2024 Olympic Games in Paris, Nüssli has outdone itself. The company was responsible for creating temporary arenas and event structures for one of the world’s largest sporting events. «The Olympic Games required a logistical feat of the highest order and a high degree of organization,» explains Böckli. «Countless details came together here, and everything had to mesh perfectly.» The challenges were immense: The structures had to withstand heavy loads, be flexible and safe, and at the same time bring sports fans right up close to the action.

Nüssli aims to continue shaping the future of event construction while meeting the highest quality and environmental standards. The next generation of event structures is intended to be even more sustainable and innovative, helping to bring large-scale events to life with a minimal environmental footprint.

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The interviewees were Marike van der Ben, Head of Marketing & Communication at Nüssli, and Andy Böckli, CEO of the Nüssli Group

Anyone who wanted to vacation in Littleton, Massachusetts, in September had to act fast. That’s because this year, a very special vacation home was available to rent there for a weekend—and it was booked solid right away: a giant pink box, unfolded to reveal brightly colored furniture, right in the middle of a green meadow. It cost 89 euros per person to spend the night in this girl’s dream—and to truly feel like Polly Pocket for once. The «90s brand, which became famous for its colorful miniature houses with tiny dolls, celebrated its 35th anniversary with this life-size creation and teamed up with vacation rental platform Airbnb for the occasion. There was even a fridge stocked with retro snacks, a closet full of »90s fashion, and a real pajama party with Polly herself. “The fun is endless!” Airbnb quoted the doll as saying in a press release.

Cooperative Bracket

But that’s not the only partner the vacation platform teamed up with to generate buzz. In 2023, there was already a real Barbie house in Malibu available for a short trip via Airbnb—anyone who managed to snag a room could count themselves lucky, because fans were even allowed to stay there for free («Ken couldn’t bring himself to set a price—after all, Ken’s thing is the beach, not math!» according to Airbnb). Together with the language-learning app Babbel, Airbnb sent travelers and influencers on a tour of various European cities, and the travel platform has also teamed up in the past with Deutsche Telekom, Audi, and the airline KLM (overnight stay in a decommissioned Boeing!) to generate buzz.

Inspire and surprise

Airbnb provides a textbook example of what brands need to keep in mind when entering into partnerships with other brands: «It’s all about surprising and delighting people, but the collaboration still has to make sense,» says Nils Pickenpack, founder and CEO of Connecting Brands, an agency specializing in brand and corporate collaborations. According to the expert, one thing is particularly important: contextual relevance. «There needs to be a unifying theme; the brands must tell a shared story.»

Awareness and «Buzz»

With Airbnb, this common ground is easy to find: it’s all about travel, dream homes, and communication that ultimately benefits both sides. The advantages are obvious: «Through successful collaborations, brands generate attention and buzz, increase their visibility and appeal, reach new target audiences and markets, and—ideally—manage to infuse their brand with new themes and values that were previously less associated with it. And perhaps this will also lead to the creation of products or services that the brand could not have ‚produced‘ on its own,» explains Colin Fernando, brand expert and partner at Brandtrust.

82 percent of respondents to a survey by Connecting Brands expect brand collaborations to become increasingly important. The most common goals are: attracting new customers (80 percent), reaching new target groups (62 percent), creating added value for existing customers (62 percent), strengthening the brand image (52 percent), and opening up new sales channels (48 percent).

It All Comes Down to Strategy

It’s important to approach a collaboration—whether with another brand or a public figure—strategically. «Brand collaborations are a management process in which you first prepare internally for the collaboration and then define your own goals and requirements. At the same time, however, you also have to consider what you yourself, as a brand, can offer in return. Essentially, it’s about exchanging marketing efforts and providing mutual value,» says Pickenpack. According to the Connecting Brands study, the most popular form of collaboration is social media partnerships, followed by influencer and online collaborations.

The porridge brand 3Bears also likes to use collaborations as a marketing tool—whether in the form of licensing deals, partnerships with other brands, influencer collaborations, or testimonials. In the past two years alone, the oatmeal brand has partnered with four brands that couldn’t be more different—yet they still complement each other because they share a common goal: healthy eating. For example, the 3Bears Granola, developed in collaboration with influencer Sarah Harrison (3.4 million followers on Instagram), is available in stores and in the 3Bears online shop. «It tastes like it was homemade,» says 3Bears founder Caroline Nichols. And that’s why Sarah Harrison, who won the Sat.1 show «Das grosse Promibacken,» was the perfect fit for the project. This summer, the brand launched a small selection of products in collaboration with photographer Paul Ripke’s Pari brand, thereby undoubtedly tapping into entirely new target audiences. A new addition is a product line featuring the children’s comic star Bluey, through which the brand aims to get children accustomed to oats at an early age and introduce them to mindful eating. And in September, another collaboration was added—with someone who is considered a successful brand in his own right: The brand’s new face is Bayern Munich star Harry Kane, an Englishman who «grew up on porridge and can reach a lot of people.»

It's Important to Live by Your Values

According to the founder, it’s important «that all our partners share the same values as we do, especially when it comes to nutrition and lifestyle.» Only then can we grow together and build credibility and trust in the brand. We carefully consider who we collaborate with and who we don’t. Partners who complement 3Bears are considered—even down to breakfast tableware. «Whether it’s a long-term partnership with a brand or person or just a short-term campaign, it always comes down to the story and the alignment of values,» says Nichols. Harry Kane, as a top athlete who pays close attention to his diet, has a family, and enjoys eating oatmeal, is a more suitable partner than, for example, a race car driver who, when it comes to sustainability alone, holds different values than the startup. «That wouldn’t work for us.» And the brand’s fans probably wouldn’t like it either.

«It's important that all our partners share the same values as we do, especially when it comes to nutrition and lifestyle.»

That’s why it’s important to carefully consider in advance who you’re partnering with: «The foundation of any successful brand collaboration is meticulous planning, the definition of clear goals, and the assessment of risks. If these aren’t managed properly, both brands will ultimately be negatively affected,» says Fernando. Other risks, says the brand expert, include benefits that accrue to only one side. «The risk here is that, even though both brands invest in the collaboration, one brand appears to reap more benefits for itself. It’s also crucial not to stray too far from your own positioning. Otherwise, customers and fans of the brand won’t be excited or pleasantly surprised—they’ll be confused—because they won’t be able to make sense of the collaboration.»

How AI Helps

Agencies—and artificial intelligence—can help in the search for the right partner. For example, at Co-Brands—a kind of virtual speed-dating event for collaborations taking place (digitally) on March 27, 2025—brands can connect with one another using a matching tool similar to Parship. In addition to selecting the right candidates, agencies also assist with preparation, defining goals and requirements, and—most importantly—facilitating collaboration and establishing the appropriate legal framework. «Not every small contest requires a comprehensive contract,» explains Pickenpack, «for medium-sized standard collaborations, we provide support with sample contracts and templates, and when it comes to large strategic collaborations that also involve trademark rights, it makes sense to bring in experts and lawyers» —and only then should you begin implementing the collaboration.

AI can also be a valuable tool in finding and selecting the right partners and generating ideas, and its use in this area is growing. It suggests partners, creative professionals, and collaboration opportunities, thereby taking on the tedious task of preliminary screening. «Ultimately, however, it’s still up to the person in the role of collaboration manager to evaluate the suggestions,» says the expert. The goal is a collaboration that not only benefits both partners—but, above all, delights the customers.

This article first appeared in the m&k print edition 11-12/2024.

m&k: Carmen Reinhart, from your time teaching at Harvard to your role as Chief Economist at the World Bank: You’ve undoubtedly had an impressive career. When you look back on your career and your work today—what has been, and what is, the common thread that guides you?

Carmen Reinhart: I believe that all of my work has been and will always be grounded in the real, concrete problems faced by people—people of all income levels, across all regions and countries of the world. I want to explore issues that are truly relevant. And I particularly enjoy observing recurring patterns: It’s easy to get lost in the specifics of a financial crisis or a period of inflation; what interests me is what all crises have in common.

 

That’s exactly what makes your bestseller *This Time It’s Different: Eight Centuries of Financial Crises*, which you published a few years ago, so fascinating. You go all the way back to the High Middle Ages, analyze the dynamics of various crisis situations—and come to the conclusion that the differences are smaller than one might initially assume. You mentioned your interest in patterns… but was there a specific reason you decided to write the book?

There were several. About ten years before I began working on *This Time It’s Different*, my colleague Graciela Kaminsky and I conducted a study on the Mexican financial crisis of 1994 and 1995. Banking problems there led to currency problems, which ultimately resulted in national bankruptcy. We realized that something like this could also happen in other countries and other markets—that was our conclusion when the study was published in the late 1990s. Around the same time, I began working more closely with Ken Rogoff. He became chief economist and director of research at the International Monetary Fund and asked me if I would like to serve as his deputy. One of our joint projects focused on debt intolerance in emerging markets, with an explicit focus on the present. But we quickly realized: Today’s industrialized nations themselves have a long, long history of debt crises—the developed economies of «now» are the emerging markets of «then.» Patterns everywhere (laughs) … but weaving the study I mentioned earlier, the collaboration with Ken, and additional data into a single article … that seemed impossible to me. You can’t fit something like that into ten or twenty pages. So a book was the only option. But we had other things to do, the years went by … and then came 2007.

«You look away until you're forced to look. But by then it's too late.»

 

The «eve» of another global financial crisis …

Yes. Ken Rogoff and I saw this crisis coming. We spoke at the American Economic Association in January 2008 and argued that the subprime market in the U.S. mortgage sector, in particular, was completely inflated—a «bubble» was about to burst. We knew, of course, that if we went out on a limb like that and nothing ended up happening, we’d look like idiots (laughs). But we couldn’t help ourselves—and then it happened as it did; we were proven right and finally wrote our book.

 

I assume you tackled this with even greater urgency because you’d heard the argument «This time it’s different» again before the U.S. economy collapsed? Perhaps we should briefly explain this to readers: Your hypothesis is not that every financial crisis is different—though figures in politics and business often claimed this to avoid having to take action. That is the core of your work.

Absolutely. My very first job in finance was on Wall Street—and there I noticed that unprecedented, very positive developments were often referred to as «outliers» to which the usual rules of the financial markets didn’t apply. «That’s great—why should we look down on it now?»—that was the motto (laughs). At the IMF and in conversations with politicians, I then saw that even negative developments were supposed to be rationalized as «outliers.» A current account deficit? That’s surely due to productive investments. Or short-term, structural turbulence that will resolve itself. This self-hypnosis—this «crises happen to others; our situation is unique»—can have catastrophic consequences. Because people look the other way until they’re forced to face reality. But by then, it’s too late.

«We think that good times are lasting, that they are the norm; bad times, at most, an anomaly.»

 

There is a wonderful book by Professor Peter Turchin titled *End Times*. In it, he explores societal cycles of rise and decline. As Turchin told me in an interview, it is almost impossible for people to overcome negative cycles—precisely because they are unwilling to confront them honestly. The collective psyche is the problem.

I agree. A false sense of contentment with the status quo, that self-assured «It’ll be fine, it’ll be fine» … these are typical traits of human nature. We think that good times are permanent, that they’re the norm; bad times, at most, an anomaly.

 

Turchin sees the emergence of «beacons of light»—people like Nelson Mandela, for example, who, however, appear only once every few decades or even centuries—as one of the few opportunities to break free from societal spirals. But there can be no «individual saviors» for the financial markets, can there?

No. It’s more about the … structures. The markets are focused on very short-term horizons. Even when all the signs of an impending crisis are present, the markets—or, more precisely, the actors who determine market trends—will try to generate high returns in the run-up to the crisis. Politicians often act rather short-sightedly because they want to look good to voters. So they prefer to put off difficult decisions: During boom times, they don’t want to implement measures strict enough to prevent a boom from turning into a bubble and then a crash.

«Patterns can be described in detail, but momentum usually eludes serious science.»

 

«This time, everything is different»—a statement that, from now on, will tend to worry me rather than reassure me (laughs).

And that’s exactly what you should do. Be skeptical when people you’re talking to cite examples—always try to get to the heart of the matter! A popular argument, intended to seemingly refute the connection between past and present financial crises, initially seems to support my point—that is, the existence of patterns: «Public debt existed in the past just as it does today. We don’t need to worry if the burdens borne by governments grow—after World War II, they shouldered similar burdens. Three hundred years ago, something like this might have caused problems, but … this time, everything is different.» I argue, however, that government debt from the past cannot be compared to that of today—and I trace the differences back to a single commonality: excessive debt is always negative. After World War II, some countries did indeed have very high levels of government debt, but because of the Great Depression and rampant poverty, there was hardly any private debt. Today, the government debt of many nations is at record-breaking levels—and so are citizens« liabilities! If citizens become insolvent, it ultimately becomes the government’s problem. And then there is a risk of a collapse like the one that occurred in the U.S. in 2007 and 2008. Some things may be different, but at its core, nothing has changed. That is my message to the apologists and those who »look the other way.” Incidentally: Isn’t it remarkable how quickly we’ve forgotten—or repressed—the crisis of 2007 and 2008? That’s something we’re particularly good at: repression.

 

When you talk to bankers or politicians, do you sometimes just want to… shake them and say, «Look! There’s a cycle!» (laughs) Because that’s what I’d want to do.

I’ve had many conversations in which I’ve definitely had to… take a tougher tone. Did that help? If you «catch» a political officeholder right at the start of their term, that person might have the necessary ambition and time to work toward structural reforms over the course of four or five years. If you’re talking to someone who’s in the middle of a campaign—forget it (laughs).

«In practice, globalization as we knew it is, for the moment, a thing of the past.»

 

The economists I speak with—including many Nobel laureates—are very divided when it comes to political statements. Some write books that are truly «pro-government,» while others go out of their way to avoid «getting involved» in current events. What’s your take on this?

I’m … selective. You know, if I’d wanted to go into politics, I would have done so. But every now and then I do answer questions when people ask me something; I accept invitations to speak, like the one from you. I more or less automatically decline requests for «opinion pieces» —which I’m asked to write more often—I more or less turn down across the board. I don’t want to «make firm predictions» about things I can’t foresee exactly, and that’s what these opinion pieces are mostly supposed to be about. I never say, «On Day X, Y will happen in the markets.» I simply say: «I see the following typical symptoms of a crisis—but only a clairvoyant can say what will ultimately be the straw that breaks the camel’s back.» (laughs) Patterns can be described in detail, but momentum usually eludes serious science.

 

You have recently conducted extensive research on the economic impact of the COVID-19 pandemic; you even called it «the final nail in the coffin of globalization.» Now that some time has passed since the peak of the pandemic—do you still feel that way?

Yes. We look back on decades in which the general modus operandi was greater integration of trade, the financial sector, and international supply chains—in other words, everything pointed toward strong, lasting globalization. Of course, emerging and developing countries remained vulnerable to problems. After all, increased imports without corresponding exports and larger current account deficits cannot be financed indefinitely through foreign loans. However, the governments of these emerging and developing countries were well aware of this. In Greece, Spain, and Ireland… they viewed the issue of loans a little differently. Double-digit current account deficits, yet still no trouble getting fresh money—after all, they were part of the European Community… I mention this because the global financial crisis was the first nail in globalization’s coffin. At some point, the realization set in—the rude awakening for Greeks, Spaniards, and Irish. The result? Turmoil, disputes among «friends.» Withdrawal, isolationism. Brexit. The U.S.-China trade war. And finally: COVID. Through my work at the World Bank, I was able to quickly determine, using the World Development Report and its data foundation, that there had not been such a sharp decline in global productivity since 1900—it fell in ninety percent of all countries on the planet. That is more… far more… than during the two world wars or the Great Depression. The simultaneous nature of the crisis—the shock hit everyone at the same time—and the scale of the situation caused enormous disruption to supply chains. And that, in turn, led to a fixation on the term «resilience»—in the sense of prioritizing domestic production and emphasizing the necessity of self-reliance.

 

And that is how globalization came to an end—according to your interpretation.

At least for now. In the early years of the 20th century, before World War I, international trade was also quite closely intertwined, but it was disrupted and had to be rebuilt, reimagined, and—well—willed into existence anew. I’m not saying that the idea of globalization will disappear. But in practice, as we knew it, it’s a thing of the past for now.

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Carmen M. Reinhart is the Minos A. Zombanakis Professor of International Finance at the Harvard Kennedy School. From 2020 to 2022, she served as Senior Vice President and Chief Economist of the World Bank; prior to that, she served, among other roles, as a policy advisor, Deputy Director of the International Monetary Fund, and Chief Economist at the investment bank Bear Stearns in New York City. Her bestseller *This Time Is Different: Eight Centuries of Financial Crises* is available in bookstores:

 

The Eurovision Song Contest: a massive musical spectacle, a symbol of unity, and at the same time a reflection of the ambivalence of our times. The 2025 ESC in Basel is themed «United by Music»—a slogan that not only celebrates musical diversity but also embodies values such as inclusion, equality, and universality. But behind the glitz of the show and the colorful flags lies more than just a global celebration of music. The ESC is a live marketing event, a brand brought to life—in an era marked by divisions and polarizing debates. Unity and division, identity and commerce, hope and drama, and: war and peace. “United by Music”—what does it really mean in a world that seems increasingly divided? While next year’s ESC will shine a special spotlight on Switzerland, we, too, will attempt to explore the phenomenon of Eurovision (here and hereafter generally referring to the Eurovision Song Contest) from various perspectives and in ten steps. With that in mind: “Welcome to the show… Let everybody know…”

«Euphoria»: A Uniquely Connecting Phenomenon

Don't let the name fool you: The ESC is, of course, more than just a music contest—it's an annual, virtual European forum, a pan-European «video conference» from the comfort of your living room couch, with viewers all over the world. Millions of people tune in live, cheer on the contestants, and cast their votes. Through the live broadcast and audience participation, the ESC creates a unique collective experience for this «imagined community» and, in doing so, fosters—in real time—a kind of collective European identity that manifests and reflects itself within this framework.

The performances are introduced by short «postcards,» which not only give the artists a face but also lend the countries a distinct character. Especially for smaller nations or those that are often outside the media spotlight, the ESC thus becomes a stage where they can present their cultural narratives to an audience of millions. In this context, the ESC serves as a form of cultural diplomacy and provides a platform where even small countries can make a big impression.

At the same time, the ESC is a competition centered on national identity and creative self-expression. Every song and every performance reflects a nation’s cultural self-image and demonstrates a playful approach to identities and modes of presentation. It is often these very performances that spark discussions and debates about identity and, through their symbolism, provide topics for conversation. This creates a performative stage on which the European community celebrates and reflects on itself, caught between glamorous staging and the reality of world events.

«Like a Satellite»: Technologies of the Emotions

Just as much as for its values, this mega-event also stands for a state-of-the-art production and flawless technical execution. The ESC is the epitome of technological perfection. This is the only way to guarantee a shared and interactive experience in real time. An outstanding and meticulously coordinated show serves as a showcase for the host country in particular, highlighting its dedication, ambition, innovative spirit, and professionalism.

Through social media and hashtags, the digital platforms are building a broad, multilingual fan community and enhancing the Eurovision Live Experience.

«Come on, everybody»: Emotional Democracy

Unlike other major events, where the audience has little influence on what happens, the rules of the Eurovision Song Contest allow viewers to actively participate in deciding the winners. This makes the Eurovision Song Contest a unique experiment in direct democracy on an international level. This form of participation—in which millions of people from different countries vote and the audience’s voice takes center stage—makes the Eurovision Song Contest a special platform for cultural diplomacy.

Through their votes, Eurovision viewers can draw attention to specific causes and send social messages, such as support for LGBTIQ+ rights (example: Conchita Wurst’s victory in 2014 and many others) or to express political solidarity with a country (example: Ukraine’s victory with Kalush Orchestra in 2022). However, the Song Contest can also be exploited by authoritarian states, as in the case of Azerbaijan, which used the 2012 ESC to present itself as a modern democratic nation, while activists seized the opportunity to draw the international community’s attention to abuses of press freedom and freedom of expression. All of this makes the ESC a unique and exciting stage where the audience can also help shape the political undertones behind the musical sounds.

«A Little Peace»: Just a BIT of politics?

This is arguably the most talked-about topic surrounding the Eurovision Song Contest in recent years. The ESC is officially considered a non-political event, but in reality, artists have been conveying subtle or even direct political messages on stage for decades, often in connection with current events or historical contexts.

Since its inception in 1956, the contest has reflected European politics. When Eurovision opened its doors to Central and Eastern European and post-Soviet countries—and beyond—it became clear how countries such as Estonia, Ukraine, and even Turkey used the ESC to present themselves as part of Europe.

This stage is about the politics of belonging—and thus about who is allowed to be part of this shared European space—and who remains excluded. When Estonia won in 2001, it saw the victory as a sign of liberation from Soviet influence and a confirmation of its place in the European community. Russia, which was barred from participating in the Eurovision Song Contest following its 2022 invasion of Ukraine, is using its absence from the stage to promote its own version of Europe. In the Russian media, the Eurovision Song Contest is described as «a wild circus of freaks and a reflection of modern European culture.».

Another distinctly political phenomenon at the ESC is the public vote. Since the introduction of televoting, patterns of so-called «block voting» have been observed, in which groups of countries often vote for their neighbors. So-called “diaspora voting” also plays a role here. These voting patterns set Europe’s political landscape abuzz. There is also a growing trend toward political controversies surrounding the ESC (for example, large protests in Malmö in 2024 right outside the venue).

The ESC is political, even if this is always denied, because human beings are *zoon politikon* and any gathering of people is political. The ESC is thus a canvas that can highlight polarization in society, Euroskepticism, cancel culture, and even a drift toward total opposition. Europe’s shared sense of identity and democracy is increasingly being undermined in many places, and the ESC reflects this uncertainty.

«If We All Light a Candle»: Soft Power & Diplomacy

However, the ESC and the events surrounding the competition are also often used to foster political and diplomatic relations—which makes the competition an instrument of soft power and humanity-centered diplomacy. The spotlight is primarily on the host country, whose task is not only to organize a spectacular show but also to convey its cultural values and narratives and to present its identity and «brand essence» —a deliberate act of self-presentation before an audience of millions and a strategic «positioning mission.».

«The Eurovision Song Contest is political, even though this is always denied, because human beings are »zoon politicon.'"

However, the significance of the ESC goes beyond self-presentation. For the stakeholders involved and the community, it is crucial that the host country creates a space where national and identity-forming narratives come together harmoniously. Dialogue and interaction between different cultures and groups in an atmosphere of peace and acceptance pose an ever-increasing challenge for the ESC, and expectations are particularly high for Switzerland, which is known for its neutrality, its diplomatic tradition, and its special role in peace negotiations.

«Insieme, unite, Europe»: Envisioning Europe’s Unity

The ESC deliberately creates and cultivates powerful symbols that are based less on historical roots than on their collective symbolic power. The countries« performances are constantly reimagined and staged as authentic representations of national culture. This ritual creates a special connection to the past, and the ESC uses this interplay of »old« and »new” to reshape and showcase national identities—a subtle use of soft power that works through cultural appeal.

Diversity and inclusion are also central to the ESC’s brand values—and have been since the 1970s, when the ESC became a platform for the LGBTQ+ community. The rainbow flag has since become just as iconic for the contest as the national flags themselves. This symbolism is linked to the international reputation of the host countries and the ESC as champions of a multicultural and inclusive European identity, even if its influence is often limited to the event itself and has little lasting impact on everyday politics.

The ESC uses its reach to raise awareness of sustainability as well. In times of conflict, the value of culture becomes even more apparent: The ESC serves as a reminder that cultural cleansing can undermine a community’s identity and memory, and that culture is a key to peace. Music—the unifying element of the ESC—is seen as a means of promoting peace. “United by Music” symbolizes the effort to use music to achieve an emotional depth that language alone cannot convey, thereby creating a space for dialogue and understanding.

«We Are the Heroes»: ESC Brand Players

A group of stakeholders—including government institutions, host cities, the European Broadcasting Union (EBU), national artists, and fan communities—are the key players in the ESC, with complex and sometimes contradictory relationships among themselves.

Governments and public institutions view the ESC as a stage for national prestige and image-building, and host cities hope for a tourism boom and strive to shine as cosmopolitan centers brimming with hospitality and attractions. But behind the scenes, broadcasters are often the ones pulling the strings, and governments only step into the spotlight when and if their own country triumphs.

«The feeling of »togetherness' is the driving force (…)."

Artists serve as the faces and representatives of their nations, aware that every performance becomes a diplomatic message. Like athletes at the Olympic Games, they, too, are «celebrity diplomats» who highlight national identity and cultural values—all under the critical gaze of the public. In doing so, artists often push themselves to their limits: caught between patriotic expectations, media pressure, and critical questions—such as when they are called upon to take a political stance.

And then, of course, there’s the fan community. The fans bring the whole event to life, defend the Eurovision Song Contest against criticism, and showcase it on social media as a cosmopolitan festival. The fan communities make this transnational experience tangible by acting with pride and dedication, yet without nationalistic rivalry.

«Years ago, when I was younger»: Narrating Authenticity

Live marketing thrives on emotions and experiences—and to that end, a multisensory world of experience is created every year, a kind of «Euroversum,» in which brand values are made tangible, walkable, and experiential through authenticity and storytelling. Music fans and consumers demand «genuine-feeling» experiences, «authentic» moments, and authenticity—a paradox in show business that is torn between intimacy and image, particularly due to social media. Artists building their brand face the challenge of combining strategic decisions with «genuine» communication. The competition addresses this need, and through storytelling and targeted staging, it fosters a sense of closeness with the audience. In a sort of “romantic gaze,” the ESC uses symbolic imagery to convey a sense of collective connection and cultural resonance. This staging, which aims for authenticity, combines visual symbolism with digital interactivity and creates a strong emotional bond.

The emotion of togetherness is the driving force behind this effort to create a European identity rooted in solidarity, even though the concept of Europe is not viewed equally positively by all sides—or is even subject to criticism. The event intensifies this collective sense of community and allows Eurovision to have an impact beyond the moment itself, extending into the media and digital spheres.

«Hard Rock Hallelujah»: An (Euro)Visionary Finale

In what direction might the Eurovision Song Contest evolve? In a Europe that is becoming increasingly fragmented politically and socially, its future can only be surmised by also considering the development of Europe itself.

Political tensions will accompany the ESC, whether they erupt during the final—when symbols are used provocatively on stage or subtly «smuggled in»—or take the form of organized protests against the participation of individual countries. The Eurovision Song Contest is also a space for conflict—we have to admit that. It may not bring people together, but it can inspire reflection on the divergences within Europe.

In times of crisis and war, perhaps the message of European unity also needs some fine-tuning, so that «United by Music» is interpreted less as a provocative call for «solidarity in the face of war» and more as a vision for a future of «Together in Diversity.» The need for security is crucial at mega-events, and this can also be communicated through infrastructure and spaces—if neutral spaces, free of political symbols, were created in the fan zones and at accompanying events, and if the unifying elements were given a little more emphasis. Authenticity can be fostered through collaborative, unconventional music projects that transcend competition and national boundaries (for example, with local music representatives) and other key points of contact with the so-called “back region” of the production, thereby adding a creative dimension to the event. Transparency in dealing with controversial entries and fostering a culture of learning can be further promoted, thereby strengthening the authenticity of brand communication—and, as a result, trust in the organization. At a time when Europe is debating the nature of its coexistence, the ESC (alongside the EU sports championships) remains one of the few occasions in which Europe is reflected in a moment of shared experience and becomes “tangible.” What one sees from the European “community couch” is a play on identities, self-projections, and self-visions. And the ironic perspective and the distance many participating countries maintain from their own contest entries also offer deep insight into the European attitude toward questions of identity, nationality, belonging, and individuality.

«The colors have remained, but the symbols of the nations have been blurred, and their differences have been erased.»

«This story is my truth…»—with this personal story about his own identity, Switzerland’s representative Nemo storms to the top of the 2024 Eurovision voting and becomes a symbol of the struggle with identity and heritage. Nemo wears a striking jacket in red, white, and pink that may also evoke art-historical references: it is reminiscent of Lewis Davidson’s «Eighteen Flags,» an installation from the 2014 exhibition at Art@Tell at the University of St. Gallen. At the time, Davidson created a work of art that questioned the boundaries of national identity. He dismantled 18 red-and-white national flags—from Switzerland to Georgia to Singapore—into thin threads and kneaded them together into a new, unrecognizable object. The colors remain, but the symbols of the nations have been blurred, their differences erased. The deconstruction and reinvention of an identity that knows no clear boundaries and yet is deeply rooted in its own color code. …Wait, so that's how we cracked the Eurovision code?

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Dr. Gulnaz Partschefeld She is a host and adjunct lecturer at the University of St. Gallen and heads the university’s Events Office. Her research focuses on brand authenticity, media, disinformation, and propaganda, and she implements educational and event projects with a focus on community, innovation, science, art, and culture.

This article first appeared in the m&k print edition 11-12/2024.

m&k: Douglas Rushkoff, your book *Survival of the Richest* begins with a memory: You were invited as a speaker to a conference held at a remote luxury resort in the desert. Instead of a large audience, however, you suddenly found yourself face-to-face with five multimillionaires and billionaires who wanted to know from you how they could survive a feared apocalypse. I assume you were… surprised by this? (laughs)

Douglas Rushkoff: Yes, in more ways than one! The first big surprise was that individuals with so much wealth and power felt completely powerless to influence the future. So powerless, in fact, that they thought someone like me could tell them what was going to happen and help them prepare for it (laughs). It’s true: My work has long been about helping people understand digital technology and its societal implications from a scientific perspective. But I’ve also always taken the view that we can choose what kind of future we want to shape. That we are capable of creating technology that we consider useful. The five multimillionaires and billionaires in the desert, however, believed that this phase of technological evolution was over… and that all we could do was wait until we had to react to something inevitable. It was also surprising that those present—often praised in the media for their «strategic genius»—thought in incredibly narrow terms. That’s why the beginning of my book reads like a satire: A billionaire told me about a bunker complex he plans to have guarded by former elite soldiers as soon as the world ends. «And how do you plan to pay the soldiers? Money will probably be worthless by then,» I interjected. My conversation partner hadn’t given that a second thought (laughs)! Want another example? Another person said his bunker had a heated pool. «And where will you get replacement parts for the filtration system during the apocalypse?» It was absurd.

 

And also, in a way… an insult to your intelligence, isn't it?

Only if I had viewed it that way. Feel free to invite me and pay me a nice fee to philosophize about individual concerns—I’ll be there! (laughs) But individual problems aren’t really the core of my research. I try to derive broader trends and insights from them. That was probably also the reason why I sketched out an outline for my book on the flight back to New York City from the meeting: I had realized that the so-called «thought leaders» of our era … were not revolutionary figures; on the verge of leading us into a new world. They were—they are—reactionary protagonists who see the old world crumbling and are preoccupied with the question of how they can preserve a small piece of what is passing away for themselves. It’s almost … a split in their thinking: on the one hand, humanity—or at least a part of it—is to be elevated, transcended; on the other hand, for the «tech thought leaders,» this must happen within the confines of capitalism. They never question capitalism. And that is why their visions are, at their core, always… the old in a new guise. A radically digitized, egalitarian economy? No, it’s about investments, corporations, and trade—merely adapted to the environment in which we’ll find ourselves in 2024.

«People with so much wealth and power feel completely powerless to influence the future.»

 

And when the feeling takes hold that technological innovation and unbridled capitalism cannot coexist forever, these «conservative futurists» become captivated by what your book refers to as «The Mindset.».

Yes. «The Mindset» is exactly what drives the protagonists mentioned to behave in the way just described. It is what drives them to accumulate enough money to escape the very reality they helped create by amassing so much money. You have to let that sink in: «The Mindset» motivates them to develop technologies and find ways to help them flee the consequences of technologies they themselves constructed in the past. In short: They want to build a car that goes fast enough to outrun the cloud of its own exhaust fumes. But it’s not mere escapism. «The Mindset» also has another, perhaps even more disturbing component: Many «tech thought leaders» are gamers—and want to reach what they see as the «next level.» «Everyone else is down on the ground, but we… we’re floating. Like gods. Or at least demigods.» When Peter Thiel says that humanity operates at Level Zero, but he himself at Level One… that’s exactly what he means. Mark Zuckerberg didn’t call it «meta» because he’s concerned with virtual reality… his business model itself is «meta»! Because while everyone else starts companies that compete with one another, he’s building a conglomerate whose services every single one of those competing companies uses. He operates on a meta-level. He wants to be the overarching framework, the all-encompassing force, the transcendence. And he keeps going, even in light of the assumption that he will eventually have to face the possible consequences of this ambition.

 

Tech companies, however, often present themselves to the outside world as incredibly benevolent. Is this just a clever PR tactic … or do some of the people in charge there actually want to do good—or, rather, do they believe in their own visions, or illusions?

It always depends on who you’re talking to. There are executives at tech companies who’ve invited me into their offices, locked the door, and then wept bitter tears. Why? Because they’ve strayed so far from what they originally set out to achieve—because their shareholders force them to make terrible decisions, even as they forbid their own children from using the devices or platforms they help create. And then there are others—like Elon Musk—who are convinced they are humanity’s last hope for surviving the 21st century. Of course, «humanity» means something different to him than it does to you and me—his «humanity» could be a Mars colony or a network of transhuman thought clones floating freely through the universe. As long as he can disseminate his genetic and mimetic data, as long as there are «many little Musks» … there is a future for him. And thrown in for free: the hope of a morbid caricature of eternity.

«Zuckerberg operates on a meta-level. He wants to be transcendence itself.»

 

If he doesn't even want to bring «most of us» along into «his future,» why is Elon Musk still regarded by many as a prophet, as the herald of that very future?

In the U.S., this certainly has to do with the ideas that shape collective perception in certain circles: If you’re rich, you’re doing something right. Because wealth is proof of divine grace—poverty, on the other hand, well, that’s your own fault. That may seem paradoxical to you, but it can be explained by the Puritan faith of the Founding Fathers… it’s part of the national DNA. And that plays right into the hands of people like Elon Musk. As a sociopathic personality, he could hardly be in a better place than the U.S. Incidentally, it’s always been this way. Take Henry Ford—an icon of American economic history, yet at the same time a thoroughgoing anti-Semite whose writings were even quoted by Hitler in *Mein Kampf*. Well, perhaps major industrialists, by definition, must have sociopathic tendencies—for how else could they sleep soundly while «enslaving» thousands of people in their factories? And if doubts of a moral nature do arise—excuses can always be found through an imagined sense of exceptionalism. I mentioned divine grace. I mentioned *The Mindset*: «We are cut from a different cloth than those who work for us; we are better … perhaps even a different species. The next stage of evolution.»

 

And now let's return to the main point of your book.

Yes. Because the individuals we’re currently focusing on live in fear of their own creation… of its destructive potential. It’s very important to note that we’re not talking here about Schumpeter’s «creative destruction»—that is, an AI that, on the one hand, becomes frighteningly intelligent but could also disrupt the world in a positive way. We’re talking about sheer, brutal, «destructive destruction.» Crypto, crypto, everyone’s clamoring for crypto! But what is crypto, really? It’s just the process of burning real matter and redirecting energy flows to create a symbolic system that we can shuffling back and forth on the financial markets. In doing so, we’re harming the environment… irreparably. This destruction isn’t creative; it’s destructive. Keep reminding yourself of that. We could laugh at the irony of it all if it weren’t so tragic! Every time we go along with the «tech bros»” ideas, it makes our lives and our companies worse and weaker, while they profit. If you cut labor costs by using ChatGPT… and all your competitors do the same… in the end, everyone’s output will be similar. The only ones who win are Sam Altman and his team at ChatGPT headquarters.

«We're cut from a different cloth than those who work for us (...) maybe even a different species.»

 

At the same time, we—the more or less well-off middle class—are also beneficiaries, albeit to a lesser extent. We cannot completely absolve ourselves of responsibility… because, as you argue in the book, by using Bezos‘ «Amazon Prime,» services like «Uber Eats,» or even messaging apps, we have become accomplices.

Absolutely right. During the COVID-19 pandemic, I wrote a follow-up to an old article in which I argued that the middle class had degenerated into a group of «baby-prepper billionaires.» I noted: «People sit in their apartments, work from home, and allow delivery workers, factory workers, and employees at package sorting centers to put their health at risk»—simply so that life remains comfortable and safe for the middle class. I also noted: «Many members of the middle class don’t give a thought to delivery workers—they dehumanize them, just as tech billionaires dehumanize us.» And why was—and is—that possible? Because the platforms built by our so-called «ambassadors of the future» allow for the illusion of closeness while simultaneously fostering social alienation. Voilà: «The Mindset» has become contagious!

 

That is why they advocate for «collective resilience»—a mindset that can serve as an alternative to this contagious alienation.

That’s right, although collective resilience cannot be scaled to the maximum. Perhaps we need to imagine it more in terms of a network of… let’s say, one million units, each comprising X thousand people. Such communities already exist, both economically and socially: The «Mondragón Corporación Cooperativa» in Spain, the Amish in the U.S., the Tamera community in Portugal—and I’m not saying that everything is perfect everywhere or that I share the views of the collectives and groups mentioned. I’m simply saying: They are living counterexamples to the societal model we’ve accepted as the norm. I can also give you a historical example: There are studies on cities in the U.S. state of Oklahoma where the population was almost exclusively people of color—and which prospered far more than their neighboring towns. Why? Because the residents had to contend with deep-seated prejudice and discrimination, tended to stick together—and then developed a kind of circular economy. Here, too, caution is warranted; this isn’t a perfect example either—but it should help make a point.

 

«Survival of the Richest» was first published two years ago, and now it’s being released in German. A tremendous amount has happened in those two years. Do you think your interviewees from the desert—the multimillionaires and billionaires from back then—are even more influenced by *The Mindset* now than they were back then?

At the very least, readers no longer consider my book to be science fiction, because so much has come to light in recent years about the figures mentioned in it and their peers that the facts confirm my—in some cases anonymized—accounts. Elon Musk is siding with Donald Trump to fund his Mars project with taxpayer money. Mark Zuckerberg’s mega-bunker project on the island of Kauai has been in the media. And AI has experienced a «boost» that was foreseeable at the time, though the rate at which it’s accelerating has likely taken everyone by surprise.

 

Now, I don’t want to be entirely negative: You mentioned earlier that there are tech executives with a conscience. At the same time, a new generation of founders is emerging—one that might perhaps… learn from the mistakes of Zuckerberg, Musk, and company? That wants to do things better, more ethically, more humanely?

Well, for every Marc Andreessen who privatizes a publicly accessible technology like Mosaic, there’s a Jimmy Wales who launches Wikipedia as a nonprofit organization. Or a Brewster Kahle who conceives the «Internet Archive.» That’s already the case. At the same time, anyone who wants to use technology to do good for the world but also wants to build a for-profit, venture-capital-backed company is usually doomed to fail. But… yes, perhaps your hope for a «next generation» isn’t entirely unfounded. When I stand in front of students and lecture, I like to ask: «Who among you would like to earn fifty million dollars? And who… fifty billion?» Most want the billions. Until I explain what they’d have to do to get them. Whom they’d be endangering. What the implications for the Earth would be. Look: Zuckerberg wants to donate 95 percent of his fortune by the time he dies. He might as well have never done it in the first place—he could have avoided the destruction he’s caused. And he’d end up with the same bank balance in the end. Given the way Musk behaves—and considering what we’ve learned about Steve Jobs‘ rather sad personal life… fewer and fewer young people see that as something to aspire to. So there may be cause for a little bit of optimism.

 

Does that help you stay positive in your research—instead of becoming a nihilist?

There is a Hebrew poem that is often read on major Jewish holidays. The poem is about how God alone writes in the Book of Life who will be born and who will die; who will be sick and who will be healthy; who will fall into poverty or attain wealth. People cannot change what He has written. «Terrifying!» you might be thinking right now (laughs). But the final verses say something wonderful: The verdict may have been handed down, but if we help one another—if we act with empathy—we can ease its burden. Even if the worst were to happen, even if the world were to end tomorrow… we would still be able to face it together. Let’s focus on the present; let’s be human. That is a way of thinking my «friends» from the desert are incapable of. They want to control what happens in ten, fifty, or a hundred years and rise above fate. In doing so, they are straying down the wrong path. Investing in a bunker in Siberia will bring them neither happiness nor joy. Investing in relationships with their neighbors would.

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Douglas Rushkoff is a professor of media theory and the digital economy at Queens College, City University of New York. He is considered one of the leading thinkers on—but also one of the sharpest critics of—digital developments. He has authored numerous books and coined the terms »going viral« and »digital natives.«.

See Douglas Rushkoff live

Anyone who wants to see Douglas Rushkoff in person will soon have the chance: He will join the Gottlieb Duttweiler Institute in Zurich at the end of March 2025.

«Survival of the Richest»

The media theorist has been following the Internet revolution for decades and has long moved in circles of thought leaders and creative disruptors. At a time when Elon Musk and Peter Thiel are becoming increasingly involved in politics, he traces how the spirit of optimism of the 1990s could have turned into a narrative driven by fear and megalomania. Many tech entrepreneurs simply want to leave us mere mortals behind, yet they are celebrated as visionaries. Given the upheaval their business models are causing, we must free ourselves from their mindset—because they certainly won’t be taking us along on their exodus. Suhrkamp, available February 24, 2025.

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This article first appeared in the m&k print edition 11-12/2024.

They’re here to stay: Podcasts have long since become more than just a fad. Every week, about 30 percent of people in Germany, Austria, and Switzerland listen to their favorite podcasts. That means the user base is almost as large as that of Facebook or Instagram. Podcasts are much more than just a pop-culture staple for the younger generation: In Germany, they were the number-one source of information during the COVID-19 pandemic. This year, U.S. President-elect Donald Trump was able to win his reelection largely because of his podcast appearances—while traditional media looked on, powerless and, indeed, losing their relevance. Trump’s opponent, Kamala Harris, also relied on various podcast appearances to reach key voter groups—ultimately without success, though that was certainly not due to the podcasts themselves.

Success has two causes

The rapid rise of podcasts has two fundamental causes, which we’ll explore below: Technological advancements have made them accessible to all age groups, regardless of their level of tech savvy—if you can use WhatsApp, you can listen to podcasts. In addition, the needs of media consumers have changed significantly. What they used to consume as text is now preferred in audio format.

«Despite its initial complexity, podcasting has gained many fans.»

Audio has become the “text” of the mobile generation. This presents a huge opportunity—but also a challenge—for communicators: Whether you’re a media outlet, a brand, a company, an organization, or an independent creator, podcasts are the most sustainable way to reach the right audience. That is, provided producers truly understand the medium—and even two decades after its introduction, that’s still not a given.

From Hype to a Sustainable Medium

Exactly twenty years ago, the first podcast formats emerged, some of which are still around today. Even before Facebook or Twitter made their breakthrough, blogs shaped the social web. Users could subscribe to their posts via RSS feeds. Programmer Dave Winer made it possible for blogs to link posts to audio files. Audio blogging was born, and former radio star Adam Curry launched his own regular show—many followed his example.

The First Generation

It was the era of MP3 players and the iPod—the term “podcasting” (a portmanteau of “iPod” and “broadcasting”) quickly emerged because many early listeners also played the audio files on their portable music players. In the spring of 2005, Apple launched the first major podcast directory, which opened up the world of podcasts to all iPod users with just a few clicks. Podcasts had reached the digital mainstream.

«Shows (...) became pop-cultural icons of their generation.»

While the production and distribution of podcasts today are hardly any different from their early days, the way listeners consume their podcasts has completely changed: The smartphone as we know it today didn’t exist back then. Anyone who wanted to listen on the go had to download the new episodes to their computer before leaving the house and sync them with an MP3 player.

Despite this complexity, podcasting has gained many fans. With Apple’s podcast directory, the democratization of media that social media had been hoped to bring about has become a reality: a podcast by two politics geeks was suddenly on equal footing with a public broadcaster’s news program on the podcast directory’s homepage. In the charts, the daily diary of a single woman from southern Germany was in direct competition with Ikea’s career-focused podcast or a regional soccer podcast produced by club fans.

Have you reached your limits?

But then podcasting reached its limits—at least for the time being. When the video platform YouTube began to see its first successes in 2007, the spotlight shifted from audio to video. The podcast scene remained passionate—but modest in size.

The Second Generation

Ten years later, that changed. Spotify integrated podcasting into its music streaming service, ushering in the second generation of podcasts. Millennials discovered podcasts for themselves. Shows like «Fest & Flauschig» and «Gemischtes Hack» became pop-cultural icons of their generation—for an audience of millions, they were like an extended circle of friends you met with every week—or at least listened to the conversations of familiar voices.

Anyone who was used to listening to music via a streaming service could also immediately get into the podcasts on Spotify. Shows instead of album playlists, episodes instead of songs. For Spotify, it was a huge business opportunity. Thanks to exclusive deals, the most successful podcasts among Gen Z and millennials were available only on the platform. This boosted both the subscription and advertising businesses.

«Podcasts are like books—but they're also like the book market. Only a few become bestsellers.»

Over the past five years, podcasts have proven that they’re here to stay. During the COVID-19 pandemic, podcast listening increased by 20 to 25 percent. Today, it’s almost impossible to say who made whom more famous: German virologist Christian Drosten and podcasting, or his daily «Coronavirus Update» and the virologist. This format highlights a key foundation for the success of digital media formats: when authentic hosts delve into a topic that is beneficial to their target audience in an empathetic and engaging way. After the pandemic, the appetite for podcasts remained strong—rather than declining, usage in German-speaking regions has since stabilized.

The Third Generation

There are no signs of a downturn, as the third generation of podcasts is already emerging seamlessly on the video platform YouTube. Now that a lucrative ecosystem has emerged on the platform for creators—who are increasingly able to monetize their audience through advertising, collaborations, and their own products—podcasters have also begun publishing video versions of their episodes on YouTube. With great success. There are now even entirely new talk show formats that are enjoying great success with their hour-long conversations, even though they seem to contradict the previously established principles of success for short creator clips featuring elaborate filming and editing. These new formats are available exclusively on YouTube, but they’re labeled as podcasts—and that’s how an entirely new generation is discovering the medium of podcasting. Anyone who can watch videos on YouTube now understands podcasts, too.

Podcasts Meet New Media Needs

Podcasts have become so popular not only because they’re technically more accessible, but also because there’s a strong, new trend in media consumption that goes beyond just Millennials and Gen Z: People no longer want to be alone with their thoughts. When the brain has relatively little to do—whether while taking a walk, exercising, cleaning the house, commuting, or falling asleep—people listen to podcasts. Whether streamed as audio or played in the background via YouTube.

Ever since private communication has shifted from phone calls to messenger chats and the number of emails in everyday work life has skyrocketed, fewer and fewer media users are reading texts for entertainment or to inform themselves. The wide variety of podcasts available fills exactly this gap: with tailored topics and credible hosts.

Podcasts as an Opportunity for Providers

If you have a good topic, you can achieve success with your target audience through a podcast: you’re less dependent on algorithms than you are with Instagram or TikTok accounts. And while influencers are considered popular and entertaining, they’re seen as less credible. It’s different for podcast hosts: they enjoy a significantly higher level of trust than any other content providers online.

That’s why the podcast advertising market is so attractive to advertisers and podcasters: When hosts talk about the food delivery service or mattress manufacturer that’s advertising, the response rates are significantly higher than with most other digital advertising formats. Quite a few independent podcasters can now make a living from advertising or from paying fans who gain access to exclusive content. In addition, there’s revenue from merchandising or ticket sales for their own tours: Hardly any podcast with a large community passes up the opportunity to go on a city tour with a live stage show where fans can experience their podcast stars in person. Traditional media companies and new internet players have also recognized this and have created their own podcast networks and offerings to respond to changing media consumption patterns and reconnect with audiences they would otherwise no longer reach.

But not everyone has yet grasped what really makes podcasts successful. «Podcasts are like books,» explains U.S. marketing guru Seth Godin. Listeners actively choose a topic that interests them—they can dive deep into it, which leads to a wealth of new insights. «But podcasts are also like the book market,» Godin adds. Only a few published books become bestsellers. Many books exist simply because the authors had something to say—not because the audience was waiting for them. Those who recognize this subtle difference and simultaneously launch a format that combines entertainment, information, and community will find success with their target audience. Even if another generation of podcasts is bound to emerge at some point.

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This article first appeared in the m&k print edition 11-12/2024.