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Released by Mediaocean, an omnichannel advertising platform. 2024 Advertising Landscape Report, all signs point to a widespread focus on innovation and creativity in the new year. Overall, the survey results show that despite macroeconomic headwinds that continue into 2023, optimism permeates the advertising industry. Omnichannel marketers in particular are anticipating an active year and have expressed intentions to maintain or increase spending across nearly every channel.
The study examined key trends in media and advertising and found that certain platforms will see the greatest growth in 2024. For example, the report unsurprisingly identifies social media, digital display/video, and connected TV (CTV) as front runners. This is based on sustained and exponential investments that naturally reflect consumer engagement and time spent. Specifically, 69% of survey respondents report increasing their spending on social media in 2024, 65% on digital display/video, and 56% on CTV. At the same time, the number of marketers retaining their investments is also increasing. 28 percent, 30 percent, and 36 percent for these channels, respectively.
“This year’s research reveals a lot to dig into when it comes to marketing funnels and consumer behavior. For example, direct response campaign performance remains a top priority for marketers tasked with delivering measurable ROI.” However, brand advertising is gaining momentum,” said Aaron Goldman, Chief Marketing Officer at Media Ocean. “Companies are taking a long-term approach to driving customer loyalty and lifetime value. Still, marketers believe a significant gap remains between creative and media execution.” We are fully aware that if this gap is not addressed, team workflows, messaging relevance, and market intelligence will be negatively impacted. Therefore, it is important to address this gap and adopt the tools and systems necessary to do so. This will be the brand’s biggest growth opportunity next year.”
Overall, this report highlights the forces driving the advertising economy as seen by industry leaders, including macroeconomic spending trends in 2023. This is his fifth of his two annual market reports produced by Media Ocean and features the largest total respondent base of nearly 1,100 people. , a deep dive into key media and technology trends, and his channel-specific forecasted advertising investments for 2024. Mediaocean primarily surveyed marketers and agencies, but also included perspectives from media companies, measurement companies, technology platforms, and other industry cohorts.
“2024 will be our most important year yet, bringing unprecedented innovation to the advertising industry,” added Bill Wise, CEO of MediaOcean. “As we grapple with the challenges of data deprecation, antitrust regulation, and privacy protection, brands need to reduce their reliance on Big Tech and rely on independent technology for everything from media buying to ad serving to omnichannel measurement. There is a huge opportunity to capitalize on this, and adopting the enhanced tools and systems needed to make this adjustment is key to increasing customer loyalty and lifetime value.”
In addition to revealing overall optimism and positive spending trends across channels, the survey also highlighted growing focus on AI and waning interest in the metaverse. The report highlights that Generative AI has not only captured everyone’s attention, but has also led to a shift in focus and resource allocation. This analysis suggests that 2024 is certain to be the year when AI moves from speculative use cases to practical everyday applications, especially in the areas of data analytics and market research. . Respondents noted that AI will become an increasingly integral part of daily workflows, providing capabilities far beyond content generation.
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