2024 is going to be the year generative AI takes center stage in the media sector. This technology has emerged as a game-changer, transforming everything from content creation to media planning. More than 60% of marketers reported using generative AI, as a way to enhance creativity and streamline processes.
Here are three major trends driving this big change:
1. Generative Search Revolution: Changing how information is accessed, from traditional search engines to sophisticated AI-driven platforms.
2. Creative Renaissance: Integrating AI in creative fields, such as content and copywriting, is redefining the bounds of human creativity.
3. Optimization Through AI: Refining advertising production and targeting strategies is becoming increasingly common.
Platforms competing with each other
The race for monetization is intensifying among tech platforms, spurred by economic challenges and the quest for better user understanding. Key trends in this domain include:
1. Lookalike Apps: As platforms increasingly resemble each other, capturing audience attention is the most important.
2. Data Protection vs. Discoverability: Using AI to take a defensive stance on data, as a way to balance protection and discoverability.
3. Identity Refocus: More focus is being placed on understanding people's behavior as the use of third-party cookies decreases.
4. Diversified Advertising: Platforms are expanding their advertising realms, introducing new formats and opportunities, of course not without associated risks.
Making sustainable contributions to the economy
Growth in 2024 is not just about economics; it's also about sustainable societal contributions. We are in challenging times with political polarization and climate emergencies, but the focus on creating carbon-efficient, diverse, and safe online spaces is still very important.
1. Diverse Media Consumption: Brands need to adapt to the diverse and personal nature of media consumption.
2. Safe and Robust Digital Environments: Efforts are underway to assure brand and user safety in the digital realm.
3. Efficiency and Impact: Brands are adopting carbon media efficiency strategies, optimizing for both attention and reduced emissions.
Kantar's Insights: A Comprehensive Outlook
Kantar's 2024 predictions offer a holistic view of the media landscape. These can be studied further by brands using their personal statistics to understand their audience better.
1. Macro-Micro Media Strategies: Balancing broad economic trends with nuanced media strategies.
2. Content Evolution: A renewed focus on library content and global content formats.
3. Ad-Supported Streaming Growth: With economic pressures, ad-supported services are becoming more prevalent.
4. Evolved Content Success Measures: Expanding beyond traditional metrics to a more integrated view of success.
5. Smarter Ad Segmentation: Adopting advertising-based video on-demand (AVOD) and sophisticated targeting.
6. AI Opportunities and Challenges: Exploring AI integrations while addressing related concerns like plagiarism.
7. Enhanced Audience Insights: Using diverse data sources, especially social media platforms for deeper audience understanding.
2024 will be a transformative year for the media industry. With advancements in AI, evolving platform dynamics, a focus on integrity, and a wealth of data, the industry is at a crossroads of technological innovation and societal responsibility. These trends not only forecast the future of media but also outline the strategies and approaches companies need to adopt to stay ahead in a rapidly changing landscape.