As the saying goes, “out of the frying pan and into the fire”: we believe all parts of the convergent TV world will find this very fitting. After somewhat flourishing and somewhat floundering in the pressure cooker of Q4, but still driving progress and results, we’re now looking ahead to how to get 2024 off to the best start possible. Here’s some key trends to incorporate into your 2024 strategies to get ahead.
Large growth to be seen with CTV & Retail Media Networks
CTV and Retail Media Networks (RMNs) are two of the hottest topics in advertising, but what may be flying under the radar is the major potential and impact when these two platforms are combined.
RMNs are data-rich; data is the exact ingredient that drives the best returns in CTV. RMNs and CTV providers have an opportunity to partner to both expand CTV viewership while also powering better targeting with retail data and closing the loop with retail conversions. As RMNs, CTV providers, and advertisers begin to see dramatic returns here, we expect to see a surge of interest in this combination of solutions – but as always, first-party data is the critical first step.
The FASTs boom continues
Free Ad-Supported TV (FAST) channels like Pluto and TUBI continue to grow, which is remarkable given that viewers are opting for these ad-supported, cable TV-like services. Based on Nielsen research, 3 FASTs (Roku, Pluto TV, and TUBI TV) comprised 3.2% of total TV time in September 2023.
As research from companies like TVREV shows, many are expecting investment within these channels to pass the ad spend of cable, broadcast, and SVOD. This presents a huge opportunity for marketers and an as-yet largely untapped opportunity to reach consumers, but in order for marketers to properly capitalize, they’ll need to understand their audience’s viewing habits, and be able to properly measure cross-screen. Data will be another requirement to successfully target.
Data collaboration will continue to become a must-have solution
Data collaboration is truly entering the mainstream of how the industry does business, and achieving near-universal recognition as a critical enabler of the measurement and currency that the industry needs to evolve, among other benefits. As data remains key and audience fragmentation continues to proliferate, marketers must be fluent in all of the data collaboration tools – including clean rooms – that their partners use in order to connect siloed customer insights. These solutions will continue to become more central to transactions and negotiations, further accelerating adoption across the industry.
The next milestone – and one we expect to see sooner than we all anticipate – is multi-party data collaboration being used within large upfront deals. As major publishers increase their investment in these solutions, this grows closer than ever.
Measurement and currency remain hot
The ecosystem’s state of flux will continue in the near term, as major players continue to test and refine their long-term strategies around measurement and currency. The progress in moving away from a rigid, legacy mindset needs to continue as more of the industry acknowledges we live with multiple measurement and currency providers by enabling the fluidity that advertisers want.
Advertisers leveraging their first-party data and identity know: cross-screen measurement is possible today. As the industry continues to standardize, advertisers should expect this as part of every campaign they do.
Before you know it, Upfronts will be here, and we’ll be off to the races for the newest iterations of TV dealmaking, currency and measurement discussions, and more. Hear how TV leaders are incorporating these predictions in our upcoming webinar with Paramount and more. Register HERE.
