The ad industry’s sense of optimism in the first half of 2024 is expected to continue into the second half of the year, according to Mediaocean’s 2024 H2 market report. A significant number of advertisers have reported that they plan to maintain or increase their spending in every channel. When asked to rank the most important consumer and technology media trends, connected TV (CTV) and streaming topped the list at 56%, followed by generative artificial intelligence (AI) at 55% and TikTok and social video at 47%.
The trend of expanding omnichannel media investments is evident as brands continue to develop integrated advertising programs. Social media, digital display/video, and CTV are leading the way in this expansion, with two-thirds of survey respondents planning to increase social media spending, 64% increasing digital display/video spending, and 55% increasing CTV spending in the second half of 2024. More than half of respondents identified CTV as the most critical consumer technology and media trend for the upcoming months.
The importance of AI in powering research and analysis is also highlighted in the report. AI is seen as a valuable tool for data analysis and market research, with applications in copywriting and image generation as well. The increase in time spent streaming, as reported by Nielsen’s The Gauge measurement tool, further emphasizes the significance of CTV and streaming in the media landscape.
Performance-driven paid media is considered the most critical investment by 69% of survey respondents, but there is a growing concern about mastering first-party data. Thirty-five percent of respondents identified first-party data as a critical capability, a 25% increase from previous surveys. With Google’s recent announcement regarding cookies, collecting and managing first-party data will continue to be essential for advertisers to provide personalized brand experiences to consumers.
Transparency in media spending is a key concern for advertisers, with trust placed in Media Rating Council accreditation and robust reporting. Measurement is considered the most critical aspect of ad verification when selecting partners, followed by actionability on real-time decision-making, comprehensive channel coverage, and integration and connectivity to media buying applications.
In conclusion, the ad industry’s optimism for the second half of 2024 is supported by the continued investment in omnichannel media, the importance of AI in research and analysis, and the focus on first-party data and transparency in media spending. As the industry evolves, advertisers will need to adapt to changing trends and technologies to stay competitive in the ever-evolving landscape of advertising.