The document discusses the decline of the traditional advertising agency of record (AOR) model. It notes that Pepsi has reduced its advertising spending with its AOR, BBDO, moving some campaigns to other agencies. The needs and roles of consumers and brands are changing, with consumers now co-creating products. New types of agencies are emerging as alternatives to the traditional AOR. The document argues that while advertising on traditional media is not dead, the old AOR model is dated and in need of change.