Marketers appear to be picking up the new year just as they left off, with 2024 likely to see further adoption of artificial intelligence tools, TV and social media, with the Metaverse – which only 18 months ago was hailed by Goldman Sachs as an $8 trillion (£6.5tn) phenomenon – falling further into the abyss.
So says Mediaocean’s 2024 Advertising Outlook Report, based on interviews with over 1,000 leading brands, agencies, media providers, and tech companies, which signals innovation and creativity will prevail in 2024 as marketers increase spending across all channels.
Overall, the findings show that despite macroeconomic headwinds holding over from 2023, optimism pervades the sector. Omnichannel marketers, in particular, anticipate an active year, affirming their intent to maintain or increase spending in nearly every channel.
Examining key trends, the survey reveals that certain platforms stand to grow most significantly in 2024. Specifically, 69% of respondents report they will increase social media spending, 65% for digital display/video, and 56% for CTV, while the number of marketers maintaining their investments in these channels is 28%, 30%, and 36%, respectively.
Meanwhile, 57% cite AI as the most important consumer trend, followed by CTV and streaming (53%). Only 16% saw the Metaverse as the most important trend.
The study suggests that AI will move from speculative use cases to practical, day-to-day applications, becoming an increasingly integral part of daily workflows and shift well beyond content generation.
And, while copywriting was seen as the area with the biggest AI potential in 2023, this survey saw data analysis (39%) and market research (35%) come out on top in terms of AI usage.
Direct-response campaign performance remains a top priority for marketers but brand advertising is gaining momentum: 61% of respondents saw performance paid media as most critical, followed by measurement and attribution capabilities (50%). Even so, brand advertising appears to be holding its own (47%).
Mediaocean chief executive Bill Wise said: “2024 will be a most consequential year and deliver unprecedented innovation in the ad industry.
“As we navigate the challenges of data deprecation, antitrust regulation, and privacy protection, there is a massive opportunity for brands to reduce their reliance on big tech for everything from media buying to ad serving to omnichannel measurement. Embracing the scaled tools and systems required for this alignment will be the key to driving customer loyalty and lifetime value.”
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