As Ad Agencies Lay Out 2024 Plans, Where Is Audio?
From the demise of cookies to the rise of the emergence of AI and the rise of generative AI, the media industry landscape in 2024 is preparing for an array of transformational changes and new challenges. In the wake of numerous forecasts from agency and analyst heads, Digiday has compiled additional projections from the world of agencies through surveys of ad managers.
Generative AI is rapidly gaining ground in the advertising industry, offering new possibilities for the creation of content as well as campaign optimization as well as internal training. As agencies explore AI applications, brand security, and transparency are becoming crucial aspects. Agencies are also adjusting to the use of generative AI for influencer-based marketing, especially in social media.
Audio was not at the top of the list in the survey. However, perceptions are changing in the world of advertising to digital audio as well as maybe OTA AM/FM. The most recent Cumulus Media/Westwood One-Audio Active Group Study on Advertiser Perceptions showed that 82 percent of marketers commute, an increase from 63% the year before.
Although this is an inferior rate to the average American radio advertisement, it is expected to gain by increasing the amount of time spent in vehicles and the re-acclamation of its efficacy in the eyes of media buyers and advertisers.
There is a rising trend in the integration of media and creative roles within agencies. This trend is fueled by the convergence of goals for brand and performance as well as the sophistication of content created by influencers as well as the financial pressures that are put on holding firms.
Media companies that sell media to consumers saw more than 10% growth between now and 2023, which was $119 billion, and the year ahead is predicted to witness a further increase. This could lead to the need for standardized measurements and terms. Independent and major agencies are increasing their knowledge in this area, and programmatic services offered by DSPs are increasing in popularity.
As we approach the planned phasing out of third-party cookies, marketers are planning for a significant change in their online advertising strategies. The emphasis is on integrating privacy and data tools with innovative measurement methods, such as attention and ID alternatives, to get more traction.
For quick developments, 96% of agencies that were surveyed expect to maintain or grow YouTube spending by 2024. Sixty-five per cent of agencies are expecting an increase in CTV budgets, while just 10% are predicting an increase in linear TV expenditure. The social media spending continues increasing, where 43% of agents are predicting an increase in spending on TikTok, and 28% anticipate an increase in the amount spent on Meta platforms.
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