The Latest In Advertising: Innovations, Entrants, & Engagements
The tech sector is bolstering a new age in advertising — one of widespread options and innovation. In recent times, growth in advertising has only become more widespread, with new entrants or platforms seemingly launching every day. Changes in digital advertising are so fast-paced that they’re hard to keep up with — read up on the current state of affairs:
— New, unconventional advertising entrants are spurring consumer choice and competition among existing platforms.
— Innovation in digital advertising is at an all-time high, with platforms looking to engage consumers in unique ways.
New, unconventional advertising entrants are spurring consumer choice and competition among existing platforms.
The advertising marketplace is “burgeoning” with many new entrants seeking to compete. “In addition [to competitors like Adobe, Hulu, Roku, Salesforce, Snapchat, Viacom, Vox Media/Concert and many more], there is a burgeoning marketplace in smaller, niche offerings and a healthy startup environment, frequently led by executives who’ve left successful careers at larger digital advertising players.”
— “One primary driver of the new entrants in ad tech is the ongoing revolution and ever-growing market in streaming video. Despite some of the bearish predictions, the ad tech industry is doing just fine. Odd as it may seem to some, the success of [big tech] has actually attracted many others to compete in ad tech.”
Walmart launched Advertising Partners, a new unit built to “offer advertisers better targeting and measurement tools.” “‘Brands can tap into Walmart’s shopper footprint to get the right sponsored ad experience, to the right shopper at the right moment,’ Lex Josephs, VP of sales and partnerships at Walmart Media Group, said in a blog post on the company’s website. ‘We have something unique to offer brands, the ability to maximize campaigns with rich data insights—based on both in-store and online data—at scale.'”
And billboards have surprisingly remained resilient in “the internet age,” with outdoor spending on track to outpace traditional newspaper and magazine spending by 2024. “In 2020 advertisers will spend $40.6bn on outdoor posters and ‘street furniture’, about $4bn more than on newspapers, according to estimates from GroupM, the media buying agency. By 2024 GroupM expects outdoor advertising to exceed spending on newspapers and magazines combined, having expanded at an annual rate of between 2.5 and 4 percent.”
Innovation in digital advertising is at an all-time high, with platforms looking to engage consumers in unique ways.
Digital advertising channels are poised to continue growing across all categories, creating even more space for new entrants, as noted by Erik Oster in AdWeek. “Online advertising is predicted to grow across all categories again in 2020, increasing 14.5% to $166.4 billion… Between influencer marketing and paid social, which is expected to jump 17% to $42.3 billion, social media marketing is poised to comprise nearly 25% of digital spending. Search remains the largest category, predicted to grow 11.2% to $60.9 billion.”
Hulu is venturing into the world of transactional ad formats, introducing new ways for viewers to interact with commercials and take immediate action on compelling campaigns. “Hulu is the latest media company moving into transactional ad formats. The streamer introduced GatewayGo, a way for viewers to interact with a commercial and then take an action on a second screen, such as access special offers or make a purchase. It utilizes QR codes and push notifications to encourage viewers to take immediate action on their mobile devices. The goal is to upend TV as a top-of-the-funnel advertising medium and built the foundation for bottom-of-the-funnel, action-oriented campaigns. By doing this, it allows TV brands to attract digital-focused advertisers.”
The “new kid on the social media block,” TikTok is using its “strong” advertising infrastructure to implement self-serve ad buying. “The nascent nature of TikTok is an opportunity. As most marketers turn to the familiar, those who can step into new worlds get the advantage of early reach, cheaper rates and building channel equity well before others… Whilst TikTok has the active users, advertising infrastructure and development capabilities to grab dollars from their more established peers, the meaningful market share opportunity in the U.S. requires far more than tools and sales teams. It lies in maintaining user interest beyond isolation, and enabling content production beyond Gen-Z.”
NBCUniversal‘s new go-to-market offering, the One Platform, seeks to establish a new “industry standard,” giving advertisers unique access to content. “The efforts center on One Platform, which will combine existing and new tools for advertisers to plan, schedule, optimize and measure video ad campaigns. Previously, NBCUniversal had separate tools for traditional linear TV and digital advertising, which forced it and its advertisers to combine orders manually… Now they are trying to update how they sell ads to better compete with digital media, which allows marketers to use data to find specific audiences such as people in the market for a new car.”
Spotify is developing podcast advertising with its new streaming ad insertion technology, catering directly to its users.” “Targeted advertising remains new ground for podcasts, and the announcement sets Spotify up to potentially branch out beyond its own shows and begin placing ads in other networks’ content. If it catches on, Spotify could become a full-blown podcast ad network… Spotify already automates dynamic ad insertion on the music side of its business, it’s now expanding and improving that tech for podcasts.”
YouTube Select is offering advertisers greater content capability and reach, “bringing more choice” to how they buy. “YouTube Select surfaces a diverse mix of content packages called lineups—each tailored to globally and locally relevant needs like beauty & fashion, entertainment, technology, sports and everything in between.”