• Navigating the Evolving Advertising Landscape: Insights for Marketers in 2024

  • Nov 18 2024
  • Length: 4 mins
  • Podcast

Navigating the Evolving Advertising Landscape: Insights for Marketers in 2024

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  • Summary

  • The advertising industry is undergoing significant transformations in 2024, driven by technological advancements, shifting consumer behaviors, and regulatory changes. Here's a current state analysis of the industry:

    Recent market movements indicate a continued growth in ad spending. According to PwC, US online advertising spending is expected to jump to $252.8 billion in 2024, representing a 12.4% increase[4]. This growth is fueled by the rise of connected TV advertising, with CTV in-stream video internet advertising spending expected to grow by 17.1% this year[4].

    Emerging competitors are making significant strides in the industry. TikTok, for instance, has seen a surge in ad revenue, with predictions suggesting it will reach $23.58 billion by the end of 2024[2]. The platform's popularity among advertisers is expected to continue growing, with forecasts indicating it will account for 6.5% of US video ad spending in 2023[2].

    New product launches are also shaping the industry. The rise of free ad-supported TV (FAST) channels is a notable trend, with ad revenue via FAST channels predicted to hit $6.1 billion by 2025[2]. This growth is driven by consumer demand for streaming services, with nearly 1,000 new FAST channels debuting in 2022[2].

    Regulatory changes are also impacting the industry. The phaseout of third-party cookies has led marketers to turn to social media targeting and first-party data to reach audiences[1]. This shift is driven by the need for more targeted and effective advertising strategies.

    Significant market disruptions are also occurring. The rise of AI in marketing is a key trend, with 64% of marketers already using AI tools and 38% planning to start in 2024[1]. AI is driving marketing industry growth, but it also faces adoption barriers such as job security concerns and a lack of knowledge about how to use it[1].

    Consumer behavior is also shifting. Short-form video content is becoming increasingly popular, with 91% of people saying they want to see more videos from brands[2]. This trend is driving investment in short-form video, with 26% of marketers planning to invest more in this format than any other in 2024[1].

    Industry leaders are responding to these challenges by investing in new technologies and strategies. For instance, Disney has announced plans to increase its programmatic advertising spend, with more than half of its ad spend expected to come through automated channels by 2024[2]. Similarly, marketers are turning to social media targeting and first-party data to reach audiences in response to the phaseout of third-party cookies[1].

    In comparison to the previous reporting period, the industry is seeing a continued growth in ad spending, driven by the rise of connected TV advertising and emerging competitors like TikTok. However, regulatory changes and significant market disruptions are also impacting the industry, requiring marketers to adapt and invest in new technologies and strategies. Overall, the advertising industry is undergoing significant transformations in 2024, driven by technological advancements, shifting consumer behaviors, and regulatory changes.
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