Advertising in the eye of a storm: media predictions for 2024
Kantar’s latest Media Trends & Predictions report reveals five major industry trends we can expect next year
At no other point have brands faced so many challenges at once. Only insight and adaptation can help them navigate such turbulent times.
Informed by our data and insights, Kantar’s 2024 Media Trends & Predictions report illuminates the myriad opportunities and challenges confronting the content and advertising ecosystems across the globe.
In exploring the forces shaping the media landscape, Kantar Media’s experts predict that macroeconomic factors and changing viewing habits will have a profound impact on the media industry in 2024, resulting in a renewed focus on library content and expanded approaches to audience measurement.
Five industry trends shaping 2024:
1. Ad-supported streaming will flourish amid inflation
2023 was defined by economic troubles, with persistent inflationary pressure affecting consumer spending: just 4% of consumers said they would prioritise online subscription services if they faced an unexpected cost they needed to cover.
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.
2. Measures of content success will expand as viewing habits evolve
This year, the Hollywood writers' strike provoked a reappraisal of the value of timeless classics (such as The Office and Friends) and, while production of new shows slowed, streamers turned to library content from around the world and imported formats.
To make sense of both streaming and linear viewing habits, broadcasters and platforms will expand the definition of viewing and measures of success, looking beyond overnight ratings towards more holistic measures, integrating first- and third-party data alongside panel data.
3. Advertisers will get smarter about segmentation and move towards Avod
The rise of advertising-based video on demand (Avod) will be a key trend for advertisers.
We can expect to see more experimentation as brands move into the Avod revolution, with product placement within popular shows, interactive ads that allow for viewer participation, and shoppable ads that blur the line between content and commerce.
For advertisers, demographic-based segmentations — such as age, sex and gender — no longer suffice.
Looking ahead to 2024, marketers will adopt increasingly sophisticated targeting approaches and look to understand consumers’ attitudes, values and behaviour.
4. The industry will grapple with AI
2023 marked the year in which generative artificial intelligence exploded into the mainstream with the launches of ChatGPT and Bard.
2024 will see the media industry explore deeper integrations of AI as well as contend with concerns about 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.
Our mission is to understand audiences so our clients can unlock growthNuala Harris-Morele, MD of Africa, media division, Kantar
5. 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 to integrate information from varied sources to improve strategic decision-making.
“Our mission is to understand audiences so our clients can unlock growth by anticipating and harnessing the data insights to successfully navigate a media landscape in constant flux,” says Nuala Harris-Morele, MD of Africa in Kantar’s media division.
As people increasingly move across channels and platforms, Kantar Media’s data and audience measurement, targeting, analytics and advertising intelligence services unlock insights to inform powerful decision-making.
Working with panel and first-party data in more than 80 countries, Kantar has the world’s fastest growing cross-media measurement footprint, underpinned by versatility, scale, technology and expertise, to drive long-term business growth for our clients and partners.
Download the full report here.
This article was sponsored by Kantar.
Learn more about the recent Kantar Media Trends & Predictions 2024 launch.