In a survey conducted late last year, marketing companies said their main focus for increasing advertising would be CTV/streaming. Generative AI, which was not even on the survey prior to 2023 came in second with social media video not far behind.
CTV/streaming was the choice of 62% of survey respondents with Generative AI garnering 54% and social media video grabbing 50% of interest. The only categories that declined in interest were print and traditional TV, according to Mediaocean, who conducted the survey.
“Our research indicates a wave of optimism sweeping across the industry for 2024,” the researcher said. “Marketers are gearing up for an active year, with a substantial majority expressing their intent to either maintain or increase their spending in every channel.”
One platform destined for “phenomenal growth” according to Mediaocean is digital display advertising, with 72% of respondents planning to increase their focus, with social media and search also near the top of the list.
“For entertainment marketers, digital display/video, social media, and search emerge as the frontrunners, seeing a continued surge in investment that mirrors consumer engagement and time spent,” the researcher said.
Despite the rapid growth in interest in Generative AI, Mediaocean struck a cautious note on its successful implementation, citing inaccuracies, context and copyright concerns as hurdles. However, it did cite data resourcing as a positive.
“Generative AI, particularly ChatGPT, has captured everyone’s attention, leading to a shift in focus and resource allocation,” the researcher said. “2024 promises to be the year that AI moves from speculative use cases to practical, day-to-day applications—particularly in the areas of data analysis and market research.”
And that’s perhaps why CTV and streaming, with its ability to track and analyze viewer data (as opposed to traditional broadcast), is the top choice among marketers, Mediaocean said.
“The importance of measurement and attribution capabilities in advertising investments has steadily increased, with entertainment marketers considering it indispensable as part of a full-funnel approach to advertising,” it said.
