As 2024 unfolds, EssenceMediacom UK, a leader in the media landscape, convened its expert team to forecast the upcoming trends in media and marketing. These projections not only highlight the evolving media consumption patterns but also shed light on the strategic considerations for marketing directors navigating this dynamic industry.
1. YouTube Surpasses Netflix in Home Entertainment
YouTube is poised to overtake Netflix in terms of average daily viewing on home television screens by December 2024. This shift, underpinned by a 32% increase in YouTube viewing hours on TV last year compared to Netflix’s marginal growth of 0.4%, is attributed to several factors:
- Increased Accessibility: The growing market share of Google/Android connected TV sets in the UK, now in 35% of homes, places YouTube in a prominent position.
- Economic Considerations: The rising cost of living and higher VOD subscription fees drive viewers towards ad-funded platforms like YouTube.
- Diverse Content Offerings: YouTube’s wide-ranging content appeals to all age groups, from children’s gaming videos to adult entertainment.
The potential rise of YouTube over Netflix as a dominant media platform necessitates a shift in advertising strategies. Marketing professionals must reallocate budgets and develop content that resonates with YouTube’s diverse audience. This includes creating engaging video content tailored to various demographics and interests.
2. The New York Times vs. OpenAI: A Landmark Case
In a groundbreaking legal battle, The New York Times has sued OpenAI and Microsoft for copyright infringement. This lawsuit arises at a pivotal moment for news media, facing declining print revenues and the heightened importance of trusted reporting during significant global events, including elections and international conflicts.
The case underscores the complex relationship between AI technology and traditional news media, highlighting both the opportunities and challenges posed by AI in the news industry.
The legal battle between The New York Times and OpenAI raises critical questions about the use of AI in content creation. Marketing professionals must navigate the ethical implications and legal standards of using AI-generated content, ensuring authenticity and credibility in their marketing communications
3. Twitter’s Future: Navigating the Musk Conundrum
Twitter faces a critical year, with its value halved under Elon Musk’s leadership, despite the successes of his other ventures like SpaceX, Tesla, and Neuralink. The platform’s recovery hinges on its ability to address advertiser concerns and effectively manage misinformation. A bold move, such as moderating Musk’s own tweets, could be pivotal in restoring advertiser confidence.
4. The Decline of Third-Party Cookies: A Measurement Challenge
The digital media landscape is experiencing a shift as the decline of third-party cookies challenges the consistent measurability of digital platforms.
The decline of third-party cookies challenges traditional digital targeting methods. Marketing directors must prioritise first-party data collection and explore new privacy-compliant targeting techniques. This shift underscores the need for a deeper understanding of customer behaviour and preferences.
5. Formation of a UK Retail Media Trade Body
2024 will witness the establishment of a UK retail media trade body, notably excluding Amazon from its membership.
6. AI-Driven Efficiencies in Marketing
The integration of AI in marketing processes promises significant cost savings, allowing for a reallocation of resources towards distribution. This shift is expected to enhance the competitiveness and effectiveness of marketing strategies. We should embrace AI technologies for creative production, targeting, and personalisation, thereby reallocating saved resources to more impactful areas like distribution and customer engagement.
7. TikTok’s Influence on the UK General Election
TikTok’s burgeoning role as a news source, especially among younger demographics, positions it as a key player in the upcoming general election. This trend underscores the importance of adapting to new communication channels for political campaigns and brands alike.
TikTok’s growing influence, especially among younger audiences, highlights the importance of this platform in shaping public opinion and trends. Marketing professionals should leverage TikTok’s unique content style and user engagement patterns to reach and influence this demographic.
8. The Rise of Advertiser-Funded Programming (AFP)
The decline in traditional TV advertising revenue opens doors for innovative AFP. This approach, blending advertiser content with entertainment, offers a promising avenue for maintaining the high impact of television as a medium. Marketing professionals must develop compelling content that aligns with brand values while engaging audiences, moving beyond traditional advertising formats.
In summary, these predictions indicate a marketing future that is more digitally integrated, data-driven, and ethically conscious. Marketing directors and professionals must adapt to these changes by developing more nuanced, platform-specific strategies, embracing technological advancements, and maintaining a strong focus on ethical and legal considerations in content creation. This dynamic environment demands a balance between innovative approaches and the protection of brand integrity and customer trust.
