Marketing & Media trends
Kantar’s Media and Trends Predictions for 2024: the advertising-based video on demand revolution
In exploring the forces shaping the media landscape, Kantar Media’s experts predict that macroeconomic factors and changing viewing habits will have profound impacts on the media industry in 2024, resulting in a renewed focus on library content and expanded approaches to audience measurement.
Five industry trends shaping 2024
1. Ad-supported streaming will flourish amid inflation
2023 was defined by continued economic troubles, with persistent inflationary pressure affecting consumers’ spending and just 4% of consumers said they would prioritise online subscription services if they faced an unexpected cost they needed to cover. A key strategy emerging from this constant uncertainty is guiding audiences towards more affordable, ad-supported services. In 2024, expect to see faster adoption of ad-supported streaming services across markets – albeit at an uneven pace, and streaming companies seeking out a deeper and more nuanced understanding of audience behaviours.
2. Measures of content success will expand as viewing habits evolve
This year, the Hollywood writer’s strike provoked a re-appraisal of the value of timeless classics (such as The Office and Friends) and while production of new shows slowed, streamers turned to library content from around the world and imported formats. To make sense of both streaming and linear viewing habits, broadcasters and platforms will expand the definition of viewing and measures of success looking beyond overnight ratings towards more holistic measures, integrating first (and third) party data alongside panel data.
3. Advertisers will get smarter about segmentation and lean into the AVOD revolution
The rise of AVOD (advertising-based video on demand) will be a key trend for advertisers. We can expect to see more experimentation as brands lean into the AVOD revolution, with product placement within popular shows, interactive ads that allow for viewer participation and shoppable ads that blur the line between content and commerce. For advertisers, demographic-based segmentations - such as age, sex and gender – no longer suffice. Looking ahead to 2024, marketers will adopt increasingly sophisticated targeting approaches and look to understand consumers’ attitudes, values and behaviour to inform their new approaches.
4. The industry will grapple with the opportunities and challenges posed by AI
2023 marked the year in which generative artificial intelligence (GenAI) exploded into the mainstream with the launches of ChatGPT and Bard. 2024 will see the media industry explore deeper integrations of AI, as well as contend with concerns around bias and copyright infringement arising from its use. 2024 may also witness an ironic predicament — an abundance of tech solutions, but a potential uptick in ad wastage.
5. Integrating multiple data sources will supercharge audience insight
In 2023, the availability of multiple data sources, including direct-from-device and first-party data owned by platforms and advertisers, has enabled ever more granular understanding of audience behaviours. In 2024, Kantar Media expects advertisers and content owners to continue to move beyond siloed first-party data in order to integrate information from varied sources to improve strategic decision-making.
“Our mission is to understand audiences so our clients can unlock growth by anticipating and harnessing the data insights to successfully navigate a media landscape in constant flux,” says Nuala Harris-Morele, managing director, Africa, Media Division, Kantar
As people increasingly move across channels and platforms, Kantar Media’s data and audience measurement, targeting, analytics and advertising intelligence services unlock insights to inform powerful decision-making. Working with panel and first-party data in over 80 countries, we have the world’s fastest growing cross-media measurement footprint, underpinned by versatility, scale, technology and expertise, to drive long-term business growth for our clients and partners.
- Kantar’s Media and Trends Predictions for 2024: the advertising-based video on demand revolution20 Nov 11:58
- How South Africans rate their loyalty programmes19 Sep 10:16
- Revealed: the top-ranking media channels and brands in 202306 Sep 10:00
- Taking Mzansi's temperature. A deeply concerned yet forward-looking nation22 Aug 12:16
- Banks bounce back as First National Bank takes top spot as South Africa's Most Valuable Brand16 Aug 11:05