While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
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.
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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