Raja Rajamannar – the chief marketing and communications officer at Mastercard – had a tough message for the advertising industry’s creative class.

“We keep internally calling it: Storytelling, which is classical advertising, is dead.”

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Raja Rajamannar, chief marketing and communications officer, Mastercard

The marketing leader at the Purchase, New York-based payments company cited a major proof point in supporting this claim. “Consumers hate interruption. And advertisements are clearly an interruption to a good experience. So, not only are they putting [up] ad blockers … they are also paying money to keep these pesky marketers out, whether it is on Netflix, or Hulu, or YouTube Red, whichever,” he said.

“In that kind of situation, somewhere, as marketers, we have to [see] advertising is not the way going forwards.”