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MEDIA TRENDS

Expect faster adoption of ad-supported streaming services in 2024

By our News Team | 2023

Kantar predicts that macroeconomic factors and changing viewing habits will have profound impacts on the media industry.

Kantar Media, a leader in audience measurement, has launched its annual ‘Media Trends and Predictions’ report, providing predictions for 2024 and beyond, based on the market insights it has developed for its clients.

 

In exploring the forces shaping the media landscape, the consultancy predicts that macro-economic factors and changing viewing habits will have profound impacts on the media industry in 2024. This will result in a renewed focus on library content and expanded approaches to audience measurement.

Media Trends

Photo by Monstera Production from Pexels

 Among the predicted trends:

 

Ad-supported streaming will flourish amid inflation

 

This year was defined by continued economic troubles, with persistent inflationary pressure affecting consumers’ spending, and only 4% of consumers saying they would prioritise online subscription services in the face of other spending priorities. 

 

“A key strategy emerging from this constant uncertainty is guiding audiences towards more affordable, ad-supported services. In 2024, expect to see faster adoption of ad-supported streaming services across markets – albeit at an uneven pace, and streaming companies seeking out a deeper and more nuanced understanding of audience behaviours,” Kantar says.

 

The industry will grapple with the opportunities and challenges posed by AI

 

This was the year in which generative artificial intelligence (GenAI) exploded into the mainstream with the launches of ChatGPT and Bard. The year 2024 will see the media industry explore deeper integrations of AI, as well as contend with concerns around bias and copyright infringement arising from its use. 

 

Next year may also witness an ironic predicament – an abundance of tech solutions, but a potential uptick in ad wastage.

 

Integrating multiple data sources will supercharge audience insight

 

In 2023, the availability of multiple data sources, including direct-from-device and first-party data owned by platforms and advertisers, has enabled ever more granular understanding of audience behaviours. 

 

In 2024, Kantar Media expects advertisers and content owners to continue to move beyond siloed first-party data in order to integrate information from varied sources to improve strategic decision-making.

 

“We live in an era where data is plentiful; not just the volume of data, but how effectively we harness it to make meaningful and timely decisions,” says Patrick Béhar, Global CEO at Kantar Media.

 

“More insight can unlock greater foresight, and I am certain that the industry can adapt, anticipate and navigate the forces proactively. That is a huge challenge and opportunity for the industry to grapple with as we head into 2024.”

 

You can download the full report here.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.