2024 Advertising Trends: Social Media, Digital Display, and CTV Lead the Way
The year 2024 promises significant changes and transformative trends in the dynamic realm of advertising, according to the recently released Mediaocean 2024 Advertising Outlook Report. Marketers are gearing up for a journey marked by strategic shifts and evolving trends that will shape the media and advertising landscape for years to come.
The report highlights social media, digital display/video, and connected TV (CTV) as the frontrunners in capturing the attention of marketers. An impressive 69% of respondents express their intention to increase spending on social media, followed closely by 65% for digital display/video and 56% for CTV.
Omnichannel marketing is emerging as a dominant strategy, with a strong majority of marketers expressing their commitment to maintain or increase spending across a diverse mix of channels. This reflects the industry’s shift towards a multi-channel approach in recent years.
While each advertising channel retains its unique significance, specific platforms are expected to experience exceptional growth in 2024. Social media, digital display/video, and CTV continue to gain investment due to their ability to engage consumers effectively and the increasing time spent on these platforms.
Brand advertising is also making a resurgence as the global economy recovers from the COVID-19 pandemic. Marketers recognize the long-term importance of investing in their brand’s health and are confident in allocating budgets towards brand advertising.
Measurement and attribution play a critical role in advertising strategies, with an overwhelming 52% of participants believing these to be crucial investments for 2024. Concerns over declining measurement effectiveness on tech platforms and the open web further highlight the growing need for reliable metrics and analytics to navigate the evolving advertising landscape successfully.
A notable trend on the horizon is the emergence of Generative AI, which has gained recognition from 57% of respondents. This surge in interest aligns with the rise of applications like ChatGPT and other platforms built on large language models. As a result, resources are being reallocated to embrace Generative AI, with companies like Meta shifting focus from heavy investments in the Metaverse.
Speaking of the Metaverse, while survey metrics indicate a waning interest, it remains resilient. Innovations and use cases continue to abound, exemplified by the recent recording of an entire podcast by Mark Zuckerberg and Lex Fridman using photorealistic Kodak avatars. The Meta Quest 2 and Apple’s Vision Pro headset demonstrate the ongoing vitality of the Metaverse, despite the dip in interest.
Aaron Goldman, Chief Marketing Officer at Mediaocean, emphasizes the importance of bridging the gap between creative and media execution in delivering effective advertising campaigns. Brands need to address this gap to improve workflow, messaging relevance, and market intelligence, presenting a significant growth opportunity in the coming year.
Bill Wise, Chief Executive Officer at Mediaocean, highlights the massive opportunity for brands to reduce reliance on Big Tech and leverage independent technology for various advertising tasks, from media buying to ad serving and omnichannel measurement. Embracing the necessary tools and systems aligned with this approach will drive customer loyalty and lifetime value.
In conclusion, the advertising industry is ready to embrace the transformative trends of 2024. Social media, digital display/video, and CTV lead the way as marketers increasingly invest in these channels. Brand advertising enjoys a resurgence, measurement and attribution become critical, and Generative AI emerges as a significant trend. While the Metaverse experiences a decline in interest, it remains resilient, showcasing the ongoing pursuit of innovative strategies to engage consumers in a dynamic advertising landscape.
