The ad industry is experiencing a sense of optimism in the first half of 2024, with many advertisers planning to maintain or increase their spending across all channels. According to Mediaocean’s 2024 H2 market report, 56% of marketers consider connected TV (CTV) and streaming as a top priority, followed by generative artificial intelligence (AI) at 55% and TikTok and social video at 47%. This reflects the industry’s focus on emerging technologies and platforms to reach consumers in innovative ways.
As brands continue to develop integrated advertising programs, omnichannel media investments are expanding. Social media, digital display/video, and CTV are leading the way, 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. This trend highlights the importance of a diverse media strategy to engage consumers across various touchpoints.
The rise of CTV as a critical consumer technology and media trend is evident, with more than half of respondents ranking it as the most important for the second half of 2024. Nielsen’s The Gauge measurement tool reported a significant increase in streaming time in June, indicating the growing popularity of CTV among viewers. This shift in consumer behavior underscores the need for advertisers to adapt their strategies to reach audiences where they are spending their time.
AI continues to play a crucial role in the industry, particularly in data analysis and market research. Survey respondents identified these as key use cases for AI, along with copywriting and image generation. As advertisers strive for more personalized and targeted campaigns, AI tools can help streamline processes and improve efficiency in reaching the right audience with the right message.
Performance-driven paid media remains a critical investment for advertisers, with 69% of survey respondents considering it the most important. However, the increasing focus on first-party data is also notable, with 35% of respondents highlighting it as a critical capability. With Google’s recent announcement regarding cookies, collecting and managing first-party data will be essential for advertisers to continue delivering personalized brand experiences to consumers.
Transparency in media spending is a growing concern for advertisers, with many placing trust in Media Rating Council accreditation and robust reporting. Measurement, actionability on real-time decision-making, comprehensive channel coverage, and integration with media buying applications are key aspects of ad verification that advertisers prioritize when selecting partners. This emphasis on transparency and accountability reflects the industry’s commitment to ensuring that advertising investments deliver measurable results.
In conclusion, the ad industry’s optimism in the first half of 2024 is expected to continue into the second half, driven by a focus on emerging technologies, omnichannel media investments, and the importance of data-driven strategies. As advertisers navigate a rapidly evolving landscape, staying ahead of consumer trends and leveraging innovative tools will be crucial to success in reaching and engaging audiences effectively.
