Expected 2023 Media Trends
December 12, 2022
2022 has been a dynamic year in the media industry, and the changes to marketing technology and opportunity don’t appear to be slowing down. As we approach 2023, what trends in media planning and buying do we see on the horizon for next year? And how can these trends inform our media plans going forward?
While I often remind clients and colleagues not to forget about traditional media, digital continues to take a larger share of media consumption every year. In 2020, the average consumer spent 474 minutes (nearly 8 hours) a day on digital media, basically a third of daily life. Experts predict this number to rise to over 500 minutes a day on digital media in 2023.
When crafting your marketing content for digital, remember to keep your message quick and concise. As an example of the length of modern attention spans, YouTube Shorts launched just last year but now has 1.5 billion monthly active users and sees more than 30 billion daily views, making it a very attractive opportunity for advertisers.
AVOD beats SVOD
This year saw Netflix and Disney+ announce or launch ad-supported video streaming (AVOD) options. Economic concerns are driving many viewers toward these AVOD tiers instead of subscription video (SVOD), and revenue from advertising is expected to rise from 21% in 2020 to 38% in 2027 for streaming platforms. It’s a great time to explore these new opportunities in the high-profile streaming channels for the audiences, reach, and outcomes they can provide to your media plans.
Connected TV (CTV) advertising is also expanding. CTV advertising can potentially be targeted in a much more granular way than broadcast TV advertising, and CTV formats can be more innovative and interactive. It is possible to place clickable ads that send information to the viewer’s phone, and to create and place shoppable ads where users can make purchases right from their screen, with just their TV remote.
Gaming Levels Up
With an estimated 3.2 billion video game players across the world and 75% of US homes containing a gamer, gaming is clearly now a mainstream activity. In 2019, Netflix named Fortnite as a bigger competitor to their viewership than the other streaming services. Technology platforms and media outlets are quickly working to incorporate gaming elements into their advertising offerings, creating lots of new marketing opportunities. Many brands are investigating gaming as a channel and content form, working to determine what level of involvement is most appropriate for their consumers.
Commerce is now so widespread on screens and in apps that consumers are no longer going shopping as a specific activity but are now always shopping, consistently in environments where they can quickly move through the buying journey from awareness to purchasing. The global social commerce market size is estimated at around $580 billion now, and is projected to grow at 30% a year through 2030, across B2C, B2B, and even C2C, where consumers buy directly from each other.
Even if you’re not able to build shoppable ‘stores’ on each platform that allow purchases direct from each post, it will be useful to craft your messages with this perspective in mind – that your audience is never more than a click or two away from visiting your website or other shopping portals to make a purchase.
Armed with a ton of 1st-party shopper data, large brands like Walmart and Target have begun offering ad placement on their digital spaces both online and in-store. This trend is accelerating, with retail media spend projected to reach over $60 billion by 2024 in the US alone, accounting for nearly 20% of total digital ad spend. Retail media sites may offer you (or your clients) better audience targeting and higher performance than traditional platforms in your media plans.
2023 looks to be an exciting year for evolving media technology and placement opportunities. Please don’t hesitate to reach out if we can assist you in developing and implementing your next media campaign. In the meantime, have a very happy and healthy holiday season!