With many uncertainties ahead for the media industry, one thing is certain - adaptability and innovation will be key. We hope to provide a sense of clarity and optimism for businesses as we uncover the challenges and opportunities in our 2023 Media Trends & Predictions Report.
As we approach a new year brimming with change and possibilities, it’s imperative media businesses reflect and redefine their strategies based on the continually changing ways people think, behave and adapt. Inflationary impacts will no doubt ripple in to 2023 impacting consumer spend and advertising costs, which calls for more effective campaign planning and use of data.
Today we released our Media Trends & Predictions 2023 Report, which gives a definitive view of coming media industry trends using our market-leading data alongside evidence-based predictions and expert viewpoints. We hope these insights will help media companies and brands navigate 2023 and plan for the future. Focusing on new VOD models, soaring costs, data usage and new technologies, we’ve synthesized the largest challenges and opportunities for 2023 and how to respond.
- Splintered visions: the future of viewing
Marking a new chapter for the TV and video market, the winners in the platform wars will deploy hybrid strategies balancing VOD (video on demand) and linear content. Broadcasters are adopting aspects of VOD strategy that fit their positioning whilst preserving their points of difference, and VOD platforms are adopting concepts like ‘appointment TV’ and curated content discovery. SVOD platforms in particular will shift away from all-at-once release strategies and box-set bingeing for new content in order to maximize revenues.
- Soaring costs: managing consumer and media inflation
As global price rises impact consumer spend and advertising costs, ad-funded content is becoming more palatable. However, timing will be key in order to limit price-sensitive churn as ad-models risk creating two types of viewers: those with less disposable income who become over-targeted by ads, and those with more disposable income, who are more attractive to advertisers, but are harder to reach. Therefore, smart use of data and insight is essential to optimize campaign planning and make budgets go further.
- Data: aiming for better outcomes
Marketers must prepare for a post-cookie landscape by experimenting with proxy-based targeting systems and contextual advertising. Targeting within closed ecosystems, in which consented first-party data is available, will still be possible, but wider cross-platform targeting has hit the barrier of consumer privacy. There will be incremental improvement in the coming years, but the hyper-targeted ecosystem the internet once promised looks increasingly unviable and initial assumptions about the granularity of targeting outside closed ecosystems may have to be reappraised.
- Technology: supercharging media plans and consumer experiences
2023 is set to deliver a host of new technologies, each brimming with potential – but it’s important not to get lost in the hype. Dynamic product placement – enabling a product, billboard or screen featured in content to be substituted or overlaid with a different brand or advert – is growing which means with the right data users can be shown tailored ads. However, technological possibilities will need to be balanced against what’s acceptable to audiences. A negative impact may be inadvertently achieved if a placement is clearly anachronistic, jarring or out of place. Thus, tailored content should be closely monitored.
- The road to net zero
Reducing the carbon impact of media and advertising to net zero is the business challenge of our time and represents an opportunity like no other. 2023 needs to be a year of sustainable innovation – whether that’s brands offering green products and services, media owners offering more energy-efficient services, or agencies rethinking how their planning, buying and production strategies are impacting the climate.
The complete report is available for download here. We hope these synthesized insights provide some clarity for brands as they navigate through the ever-evolving and complex media landscape.