The Expected Media Trends for 2024

Heading into a new year many companies look to alter and tweak current media strategies to incorporate expected trends. 2023 saw many changes from technological advances to consumer behaviours changing. These changes are predicted to continue and play crucial roles in the 2024 media space that industry professionals should anticipate.

Artificial Intelligence (AI) takes charge.

With current emerging technology advancements, many research companies are expecting to see Artificial Intelligence (AI) take centre stage in many aspects of media.

AI enhancements will transform the way people access information including via search engines and commerce platforms.
AI will continue to harness human creativity by assisting in generating ideas, copy and creative content.
Generative AI will assist in easing advertising production, targeting and effectiveness.

AI will be a powerful tool in 2024 but not without reservations. AI continues to raise concerns surrounding bias and copyright infringements resulting from its application. It is also possible that due to the abundance of tech available media may experience potential inefficiency of advertising efforts as a result of more sophisticated algorithms, over personalisation and growing concerns surrounding user privacy

Social Economical Situations will drive consumer habits.

The 2023 media space felt pressure from the ongoing economic issues with many audiences re-evaluating their spending and consuming behaviours. These changes will be expected to alter the 2024 media space further.

Consumers will adopt more affordable, ad-supported services throughout 2024. Audiences will move away from paying for premium subscriptions and opt for money-saving options growing opportunities for advertising possibilities.

In light of the 2023 Hollywood writer’s strike and the production of new shows/films slowing, many consumers turned to watching timeless classics. To comprehend both streaming and linear viewing patterns, broadcasters and platforms will broaden the interpretation of viewership and criteria for success. They will shift their focus away from overnight ratings to more comprehensive metrics, incorporating a blend of first-party, third-party, and panel data.

Advertisers will find the rise of AVOD (advertising-based video on-demand) to be a significant trend heading into 2024. This will include the application of product placement within popular shows, interactive ads that encourage viewer participation, and shoppable ads. Marketers will embrace progressively sophisticated targeting methods and strive to comprehend consumer attitudes, values, and behaviour to shape their innovative strategies.

Entertainment will fuel social ROI.

A Hootsuite study looking into Social Media Consumer 2024 patterns indicated that 56% of consumers think that brands should be more relatable on social media whilst 48% of brands post brand/product updates multiple times a week.

How should brands approach this new content trend:

• Encourage guidance from the audience – Brands should not assume they know what their audience wants to see but instead, ask them what they want through Q&As.

• Don’t rush social – Brands should not rush towards new engagement goals. The process of changing current social media strategies will include trial and error through the type of entertainment unique audiences will engage best with.

• Social Media Relationships will encourage business ROI – Brands will look to encourage audiences to engage further with the brand than just on social media. This gives social media efforts a stronger purpose and drives stronger reasons to develop customer value and authentic relationships.

These predicted trends will forever adapt and alter as consumer behaviours change and updates to technologies and platforms continue. In this ever-evolving landscape, it is more important than ever to have a team of media experts in your corner. Contact us today to learn more.

Source

kantaraustralia.com

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