Where’s the Money? Avenues of growth for media agencies in 2024
As generative AI continues to sweep the globe and infiltrate industries far and wide, media agencies have not become immune particularly with changing consumer behaviors.
According to Kantar’s 2024 Media Trends and Predictions report, consumer segmentation needs to move beyond traditional demographics to a more behavioral and attitudinal approach.
Accounting for these factors will help brands and marketers understand the reasons behind consumer choices with better insights, opportunities and more precise targeting.
Audiences are also consuming content across multiple platforms and devices, making it paramount for marketers to harness the power of these platforms effectively. In particular, on-demand streaming is becoming increasingly favored among viewers for its flexibility and interactivity. Yet, linear viewing continues to retain its communal magic.
Don’t miss: Where’s the money? Where creative agencies envision growth in 2024
As such, businesses will need to adapt their strategies to the localised tastes of their audiences. With media consumption also becoming more fragmented, avenues such as connected TVs (CTVs) will become useful for marketers to understand complex audience behaviours.
Furthermore, as AI goes mainstream, the media landscape will see much deeper integrations of AI technologies, with generative AI as a stand-out for content creation, according to the report.
It also flagged a potential increase in advertising waste amidst an abundance of technological solutions as businesses struggle to identify the most effective tools for their operations.
Therefore, 2024 will bring the added challenge of sorting the essential from the nonessential and knowing when and where to deploy specific technologies to their maximum potential.
What are the strategic directions for the media world as we face these trends and challenges head-on in 2024? In the fourth instalment of MARKETING-INTERACTIVE’s “Where’s the Money?” series, we speak to nine media agency professionals to identify the moneymaker of 2024.
Sandeep Mark Joseph, CEO and
