Advertising is now a 'meritocracy' in the wake of social media, Resy co-founder Gary Vaynerchuk says

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Social media algorithms have led to a more meritocratic advertising landscape that the industry has been slow to catch up with, according to VaynerMedia CEO Gary Vaynerchuk. "The social media I grew up with... it was more like email marketing," the agency executive told CNBC's Tania Bryer at the Cannes Lions festival, a major fixture in the advertising world's calendar. Vaynerchuk co-founded restaurant booking platform Resy and was an early investor in the X social media platform, formerly known as Twitter. "Every brand that's here, you would try to amass as many followers as you could, and then you would post, and a percentage of them would see it," he said. "Now we live in a world of social media over the last two, three years, five years, where the AI algorithms that give you the For You page, the content is finding the audience." "For You" is a feature of Chinese-owned social media app TikTok which serves a scrollable stream of videos based on trending content and on users' past usage of the app.