Coca-Cola, the original TV alpha advertiser, has flipped to digital first, now spending 60 per cent of its circa $4bn media budget on digital. But its digital transformation runs much deeper than media – and it appears to be paying off big time. Revenue in 2023 was up 6.39 per cent and CFO and President John Murphy said its marketing reorganisation is boosting agility and productivity, with marketing “not a cost, but an investment”. CEO James Quincey said its in-house Studio X, delivered by WPP with output underpinned by Hogarth, is powering, “bringing it all together,” per Quincey, with the firm balancing digital and massive experiential events to put cans in hands, build brand and scoop up first party data along the way. It’s now also using AI to help reformulate product. So far it seems to be working.