The advertising industry is facing up to its own “Kodak moment”, and must reinvent itself to ensure future survival, according to former Havas CEO David Jones.

Speaking at the ISBA Annual Conference in London today (11 March), Jones, now co-founder of global youth forum One Young World, warned we are entering a new phase of “people-led marketing”.

Referencing the popularity of YouTube video bloggers such as PewDiePie, Jones argued that the most shared content is now being produced by ordinary people, rather than brands.

“The consumer is dead. On one level that is a good thing – it’s the most patronising word we can possibly use, that they just exist to consume our advertising,” said Jones, who left Havas last year.

“We’re heading into a people-powered marketing world. What used to cost £20m can be done in five seconds for free, and shared instantly.

“We’ve moved from a world where you buy attention, to where you earn it. The industry is facing its Kodak moment. The challenge for the advertising industry is to work out how you reinvent yourself. Looking forward 10 years is quite scary.”

Successful brands such as Red Bull, GoPro and Lego have recognised the power of shareable content, said Jones, with the latter becoming “the Apple of toys”.