Podcast Summary: AdExchanger Talks
Episode: The True Meaning of Holistic Media, With Carat's Carrie Drinkwater
Date: February 3, 2026
Host: Victoria McNally (Associate Editor, AdExchanger)
Guest: Carrie Drinkwater (Chief Investment Officer, Carat US)
Episode Overview
This episode features an in-depth conversation between Victoria McNally and Carrie Drinkwater about the rapidly evolving world of media investment, the realities of “holistic” media strategy, and how brands and agencies are navigating a landscape defined by converged channels, AI-driven planning, and cultural attention. Carrie reflects on her first year-plus at Carat, the meaning of being truly client-centric, and why the TV buyer is a relic of the past. She shares real-life anecdotes, actionable advice for media professionals, and her thoughts on AI in advertising.
Key Discussion Points & Insights
1. Personal Introduction
- Carrie shares that her secret for calming travel nerves is listening to classical music (03:10).
- “I almost always listen to classical music when I take off or when I’m traveling...my happy place or my Zen spot is classical music.” — Carrie Drinkwater [03:13]
- Appreciates how having a soundtrack can make life seem more exciting, relating this even to the experience of media consumption (04:31).
2. Carrie’s First Year as Chief Investment Officer at Carat
- Reflections on joining Carat and Dentsu, describing it as “good for my soul, good for my brain, good for my life” (05:52).
- “Being part of Carat has been truly good for my soul, good for my brain, good for my life...It’s just getting more challenging, but more fun.” — Carrie [06:33]
- Emphasizes agency and client-side transformation: rapid change, smarter data use, and embracing challenges.
3. Defining ‘Holistic’ in Media Strategy
- Holistic is often overused or misapplied; for Carrie, it means being laser-focused on the consumer—where their attention and passions lie—not just buying “everything everywhere all at once” (07:15).
- “A holistic strategy for me really means focusing on the consumer, focusing on where they're paying attention, where their passion is, what matters to them...not I can buy everything everywhere all at once.” — Carrie [07:20]
- Cautions that eliminating silos doesn’t mean every buyer should be a generalist; specialization is still critical, but must be guided by consumer-centric leadership (07:28).
4. Beyond the ‘TV Buyer’: Content Over Channels
- Traditional channel silos (TV, CTV, online video, social video) are collapsing into content-centric teams managed by holistic investment leaders (08:57).
- “I don’t even think there’s such a thing as a TV buyer. I think you’re buying content...you have to understand where that content is, on what screen, on what platform, and how it’s being consumed.” — Carrie [09:04]
- Anecdote: Even older family members no longer think in terms of “networks” but focus on specific shows or content, highlighting industry transformation (10:00).
- Hard pivot toward content-centric planning occurred around five years ago, spurred by fragmented attention and digital migration (12:10).
5. Evolving Buying Practices: Upfronts, Sports, and Data
- The upfront TV buying calendar is now “always-on,” with sports and live events remaining the key “must buys” (13:57, 17:56).
- “Sports and big events are the only must buys and if you need them, you should participate in the upfront.” — Carrie [17:49]
- Advocates creative approaches to participating in sports beyond live event spots: social, digital, and contextual opportunities (18:29).
- “There’s a ton of sports around the sport...You can do a ton if you want to be part of the sports audiences.” — Carrie [18:29]
- On targeting with CTV: Even with vast data, true individual targeting is limited—platform-level profiles and household-based data can lead to mismatched ads (13:57).
- “You’re using all this data, but you’re still just getting a household. You don’t know who it is. I mean, again, if you have a device, it’s so different. But if it’s just CTV...I don’t really know it’s you.” — Carrie [15:46]
6. Understanding Clients’ Goals & Performance
- Holistic planning is never one-size-fits-all. Every client requires a bespoke approach based on category, cultural relevance, and moment-by-moment goals—brand-building or immediate performance (26:20).
- “It’s not that clients just want performance. It depends on what the campaign is, what the brand is, what the product is...We also have to think about the next three years with everything that we’re doing.” — Carrie [26:25]
- Onboarding new clients involves deep audience understanding, culture mapping, and tailoring plans to long- and short-term needs (27:59).
7. Data Privacy, Personalization, and Consumer Trust
- Data privacy concerns are here to stay; Carrie believes privacy will continue to shape what’s possible, but consumers often appreciate relevant personalization—as long as it's not creepy (30:27).
- “I think privacy is always, has been and will continue to be a priority...I also think consumers sometimes appreciate the algorithms, not the breach of privacy at all, but understanding...you know what I want, so you can go find it.” — Carrie [30:27]
- Waste still exists in bottom-funnel marketing due to inefficient targeting (e.g., retargeting ads even after purchase) (33:33).
8. AI’s Growing Influence in Media Buying
- Dentsu/Carat are power users of AI, both through external tools (like Microsoft Copilot) and proprietary AI for media optimization and analytics (34:44).
- “We are using AI...to optimize our media. We have a modern media product which is amazing...We are integrating AI into our analytics to help us be more forward thinking, to help us predict and not react. And it’s really exciting and wild.” — Carrie [34:44]
- Sees transformational potential as AI reduces routine analytical tasks from days to seconds.
9. Emerging AI Advertising Channels
- Carrat is exploring beta opportunities for advertising in agentic search/chatbot products (e.g., ChatGPT ads), with budget sources determined case-by-case (36:36).
- “When we have an opportunity that presents itself in agentic search or whatever we’re going to call it, and we go to a client say we have this opportunity, they say let’s do it and then we figure it out.” — Carrie [37:04]
10. Advice for Media Buyers and Sellers
- To sellers: Be patient and understand clients are overwhelmed, but remain persistent and authentic (38:39).
- “Please be patient. Long gone are the days where you only had 10 to 15 partners. Now you want to meet with everybody all the time—it’s not possible.” — Carrie [38:42]
- For buyers: Stay curious, resilient, and kind; agency and client dynamics are complex but collaboration and curiosity win out (39:32).
- “Be curious, be patient...I use the analogy, I say we are often swimming with a brick. Everything is so dynamic.” — Carrie [39:32]
Notable Quotes & Moments
| Timestamp | Speaker | Quote | |-----------|---------|-------| | 03:13 | Carrie | “I almost always listen to classical music when I take off or when I’m traveling...my happy place.” | | 07:20 | Carrie | “A holistic strategy...means focusing on the consumer, focusing on where they're paying attention, where their passion is, what matters to them...” | | 09:04 | Carrie | “I don’t even think there’s such a thing as a TV buyer. I think you’re buying content...” | | 13:57 | Carrie | “We’re actually going to them. We’ve really been sparking some interesting conversations.” | | 15:46 | Carrie | “You’re using all this data, but you’re still just getting a household. You don’t know who it is.” | | 18:29 | Carrie | “There’s a ton of sports around the sport...You can do a ton if you want to be part of the sports audiences.” | | 26:25 | Carrie | “It depends on what the campaign is, what the brand is, what the product is...” | | 30:27 | Carrie | “I think privacy is always, has been and will continue to be a priority...Sometimes people appreciate the algorithms...” | | 34:44 | Carrie | “We are using AI...to optimize our media... integrating AI into our analytics to help us be more forward thinking...” | | 38:42 | Carrie | “Please be patient. Long gone are the days where you only had 10 to 15 partners. Now you want to meet with everybody all the time—it’s not possible.” |
Timestamps for Key Segments
- Carrie’s “Fun Fact”: Classical music therapy — [03:10]
- Defining Holistic Media — [07:15]
- Death of the ‘TV Buyer’ & Content Focus — [09:04]
- Network vs. Content Story (Herd Mentality Game) — [10:00]
- Changing Upfront & Live Sports Strategy — [13:57], [17:56]
- CTV Targeting Limitations — [15:46]
- Client Onboarding & Bespoke Planning — [27:59]
- Data Privacy, Waste, and Personalization — [30:27]
- Carat’s Use of AI / ChatGPT Ads — [34:44], [36:36]
- Advice for Media Professionals — [38:39], [39:32]
Conclusion
Carrie Drinkwater gives a candid, nuanced look into what it means to be “holistic” in today’s media landscape, centering on consumer attention, culture, and adaptive use of tech. The old models are dead: agencies now need to embrace curiosity, patient innovation, and continuous learning—while never losing sight of the real humans brands are trying to reach.