Former Mastercard marketing chief Raja Rajamannar recently pushed that conversation hard at the Marketing Association of Australia’s RESET conference. The problem is that the argument becomes less convincing when almost every part of the media system is reduced to waste or dysfunction. But there is an enormous difference between media waste, measurement failure and media not working. That is a serious argument about where media is heading. Saying 98 per cent of advertising is wasted is a much better headline, but a much weaker diagnosis.