Traditional media is the bedrock of the advertising industry. While digital channels have grown rapidly and many times passed their traditional counterparts in prominence, our traditional media practices continue to evolve.
The growth of streaming services and connected TV play a role in this evolution, as does a growing need for advanced reporting frameworks to prove the success of TV advertising and provide opportunities for optimization.
In the video below, Patrick Pipkin, our Media Director, discusses all the latest trends in the world of traditional media and TV advertising.
More Streaming: What Consumers and Advertisers Have to Gain
As streaming platforms continue to take over, 2023 brings even more movies and live content straight to streaming. For example, Amazon has already taken over Thursday Night Football, and Apple TV has MLS soccer games.
It’s not just sports, either. Chris Rock’s live comedy tour will air this year on Netflix, and by the end of the year, that probably won’t be special news. The simple fact is that viewers follow content. And advertisers need to follow their audiences.
As the world of TV and CTV grows, consumers and advertisers will both see benefits. By targeting niche audiences, advertisers will reach their audiences more effectively. This benefits consumers by providing them with the content they want.
Interactive Advertising on CTV
A new trend in traditional media is interactive CTV advertising. This method allows consumers to purchase advertised products straight from their connected TV device. Walmart and Roku are pioneering this shift by partnering up to test interactive advertising. In the near future, it’s probable that even small businesses will be able to benefit from this change.
Performance Marketing & Tracking in Linear TV
In a time of economic uncertainty, advertisers are focusing on results above all. Performance marketing will be key. Audience segmentation and data analysis will be crucial in understanding what drives results.
In the last year, NBC Universal added iSpot as a ratings partner in an effort to receive more data. Marketers should focus on telling a story with their data. Use it to direct future actions and retargeting. Run, test, measure, change, and repeat.
Here at MHP/Team SI, we have our own methods for tracking linear TV advertising performance. Traditional media isn’t as easy to track. Yet, we’ve been able to overlay data like website traffic with the timing of a TV slot, calculating the impact of a specific ad on a specific network.
Challenges and Changes in Streaming
Within the next year, there will likely be many changes to streaming services. Quite simply, the current state of streaming is not viable long-term. There are too many streaming services on the market. Adding to the difficulty, if economic uncertainty unfolds, streaming subscriptions will likely be some of the first costs consumers cut.
Two trends are likely to begin to stabilize streaming. First will be a consolidation of streaming services. We’ve already seen a version of this with the Disney+, ESPN+ and Hulu bundle. HBO Plus and Discovery Plus will merge in the coming months. Others will likely follow suit as consumers become less inclined to subscribe to an abundance of individual platforms at one time.
Second will be a crackdown on password sharing. Yet, as a result, the third trend will be an increase in cheaper, ad-supported subscriptions. Some services will even begin to offer free options that are entirely ad-supported. This will provide yet another opportunity for advertisers to connect their message with consumers.
Stay Up to Date with All the Latest Trends
If you’d like to stay up to date on the latest marketing news, trends and strategies in 2023, check out our MHP/Team SI social media channels and blogs. If you’re a client, our team will keep you updated in our monthly meetings.
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