Retail media is going after a larger share of the advertising pie.This time is across all devices and platforms, but connected TVs/smart TVs will play a growing role in digital video consumption - increasing to include nearly all U.S. Dave Morgan, CEO of Simulmedia, presented "The New Audience Path: From Desktops to Video Screens" and showed that video captures the largest share of consumers’ daily time spent with technology and media. Streaming will surpass linear tv viewing this year. As a result, they will look to their advertising partners for marketing expertise. These new businesses are more likely to be digitally minded but lack marketing savvy. Since the pandemic, 3.9 million more small businesses sprang up - and many are likely to become new advertisers. During the pandemic, many larger businesses failed, but smaller businesses (under 10 employees) multiplied. Nearly all areas of digital advertising are growing only legacy TV, radio and newspaper advertising are declining. Throughout the conference, Gordon Borrell, CEO of Borrell Associates, in his opening remarks and then Corey Elliott, EVP for local market intelligence, Borrell Associates, highlighted the changing local market landscape. Gordon Borrell speaking at conference (Photo courtesy of Shannon Kinney via Twitter) Forty-nine percent of advertisers say they have pulled or paused ad budgets due to supply chain or other pressures. In addition, marketers are expected to drive impact with more limited marketing budgets. Staying relevant without relying on third-party cookies will be the next big hurdle, and 79% of marketers feel unprepared for what that will mean. The job of an advertiser is becoming more challenging.Ĭreating engaging experiences in a fragmented environment is becoming increasingly more difficult - vying for even shorter consumer attention spans and engagement.Here are five takeaways for news media organizations from Borrell Miami 2023. The theme of “Navigating Local Media's Brave New World” played out in main-stage presentations and breakout sessions over the two-day conference, offering the latest advertising and revenue-generating strategies and opportunities. More than 400 advertising and media industry leaders and insiders gathered at the Marriott Biscayne Bay in Miami, March 5-7, at the Borrell Miami Local Advertising Conference 2023.
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