Generative AI, race to monetization, others dominate Dentsu 2024 media report
By Abimbola Mohammed
Dentsu has released its annual media trend report for 2024, with the theme: “The Pace of Progress: “dentsu 2024 Media Trend”. The report explores how Generative AI will be best used to spearhead growth, how monetization of the industry is gaining evermore traction and how genuine integrity in advertising will elevate brands.
According to the new Dentsu report, the key predictions for the direction of the media industry into 2024 and beyond are: Generative AI, Race to monetization and Integrity economics.
Peter Huijboom, Global CEO, Media international markets, dentsu, said: “Our own client research has shown that more than 60% of marketers have said they’ve already started engaging with Generative AI in their company. So, in our Dentsu 2024 Media Trends report it was important for us to identify and introduce the additive advantages, trends and technologies to help them progress in this space.
“When we bring our experts together from our media agencies and from all around the world to create these predictions, it is essential we showcase the most pressing topics and the best opportunities for the future. This report does exactly that, in a convenient and easily accessible way.”
Generative AI takes centre stage
Generative AI has the potential to enhance our cognitive capabilities and allows us to solve problems in new ways. According to dentsu research, 91% of CMOs believe this technology is the future and not a fad, and 78% of consumers agree. While not exempt from criticism and already in the spotlight of policy and regulation, generative AI applications have the potential to lead to a period of growth for media and a new golden age of creativity.
Trend 1: the rise of Generative Search
Generative AI will transform how people access information, from search engines to commerce platforms.
Trend 2: Creativity Reimagined
Generative AI will augment human creativity in fields including writing and images.
Trend 3: Generative Optimizations
Generative AI will simplify advertising production, targeting, and effectiveness.
Race to monetization
Digital advertising spend is expected to grow by a mere 6.6% three-year compound annual growth rate between 2023 and 2025. This is remarkable as single digit growth has only happened twice in the last 20 years: in 2009 (financial crisis consequences) and in 2020 (COVID-19 pandemic).19 Amid this slowdown of one of their main sources of revenue, digital platforms have engaged in a more aggressive race to monetization, striving to maximize the value of their services, content, data, and ad offering. Marketers must keep abreast of these efficiency driven changes at play across these platforms that remain critical to reach large audiences.
TREND 4: A World of Lookalike Apps
As platforms become progressively similar, attracting audience attention has never been more important for brands.
Trend 5: from Walled Gardens to Walled Pipes
Platforms have a more defensive stance on their data and that opens the larger question of the delicate balance between protection and discoverability.
Trend 6 the Identity Refocus
Platforms double down on people intelligence as third-party cookies approach the end of the line.
Trend 7: More Ads for More Returns
As platforms expand advertising into new areas and new formats, opportunities and risks emerge.
Integrity economics
Growth in the next year will not only be about hard economics; it will also be about brands’ sustainable contributions to society. Amid rising societal and political polarization and climate emergency, building more carbon efficient, diverse, and safe online spaces for people and brands will be central to success. Highlighted through:
Trend 8: the New Faces Of Growth
With media consumption becoming increasingly diverse and personal, brands must adapt to reflect the needs and identities of audiences and stay relevant.
Trend 9: Safer, Better, Faster, Stronger
Amid a fast-moving digital landscape, new developments in brand assurance aim to create safer environments for both people and brands.
Trend 10: More Attention, Fewer Emissions
As brands implement carbon media efficiency strategies, optimizing for attention should lead to decarbonization through optimized and improved impact.
RECOMMENDED ARTICLES
Comment
No comments found.