2024 Kantar Media Trends & Predictions Report

The 2024 Kantar Media Trends & Predictions Report outlines that we are at an inflection point in an industry characterised by political and economic uncertainty, shifts in consumer behaviour and accelerated technological advancements. It acknowledges that data is plentiful, but what really matters is how we harness it to make meaningful and timely decisions. It strives to provide a balanced mix of practical optimism and well defined strategies.

The focus of the report revolves around five themes;

1. Macroeconomics, macromedia strategy

• Inflation will lead to a mix of subscriptions and ad-funded options.
• Different regions have distinct preferences for paid vs. free models.
• Platforms need to localize strategies and pricing to match regional preferences.
• Understanding audience behaviours within and beyond platforms is crucial.

2. Content goes back to the future and around the world

• Adapt to multiplatform consumption; as audiences continue to consume content across linear and streaming services, it’s imperative to not only reach but measure and monetise.
• Library content revival (due to US writers’ strike), more non US content and rise in non-scripted content.
• On demand continues to grow but live events still attract audience to linear viewing.
• As data grows so does how we define content success, and integrated metrics such as combining ratings with user data offers a broader view of impact.
• Streaming services target both local tastes and bringing regional content international; while different markets have varied subscription vs. ad-supported usage.

3. Advertising in the eye of a storm

• Advertisers seek solutions to understand campaign reach across all media.
• True cross-media measurement will encompass all media forms, while insights inform smarter, more efficient ad spending.

• AVOD expands beyond video ads: Product placement, interactive ads, and shoppable functions emerge.
• Third-party cookie phase-out,  industry seeks alternative solutions for precise targeting.
• Geographic targeting rises: Kantar Media’s TGI example offers granular audience insights by postcode.

4. Technology Game changers and false dawns

• Generative AI will revolutionize content creation, but raises ethical concerns regarding intellectual property, biases, and responsible usage.
• While PETs (privacy-enhancing technologies) gain prominence, concerns remain about accuracy, cost, and user acceptance. It will be important to build trust through data privacy education and transparency in data collection/use.
• In 2024, despite an abundance of tech solutions, companies risk increased ad wastage if they can’t discern and utilize the most effective tools for their specific needs. Focus should be on choosing the right technology for the right situation, avoiding getting lost in the “tech noise.”

5. Strengthening the signal, audiences in high definition

• 2024 will see media and advertising leveraging historical and current data through predictive modelling, enabling them to anticipate trends and create high performing content and campaigns.
• Advertisers and content creators will supercharge their data strategies by moving beyond siloed first-party data.
• We could see a data revolution in media and advertising thanks to AI (Machine Learning and Generative AI)
• Expect diversifying data strategies, more techniques, broader sources, and leveraging existing data differently to maximize value and impact.

The implications for publishers

Challenges:

• The Rise of Ad-Supported Streaming (AVOD*): Consumers are increasingly cost-conscious and turning to ad-supported streaming services. This could decrease revenue from traditional subscriptions.
• The Need for Multi-Platform Strategies: Audiences are consuming content across platforms, both linear and streaming. Publishers need to adapt their content distribution strategies to reach viewers wherever they are watching.
• Focus on Library Content and Repurposing: Economic pressures might encourage viewers to revisit older content. Publishers can capitalize on this by promoting library content and exploring creative ways to repurpose existing materials.
• Data Measurement Complexity: The evolving media landscape presents challenges in accurately measuring audience engagement across platforms. Publishers need to invest in robust data analytics tools to understand their audiences and content performance.

*AVOD Advertising based video on demand.

Opportunities:

• Targeting Regional Tastes and Non-US Content: The report highlights a growing demand for local and non-US content. Publishers with strong regional content or the ability to localize existing content can cater to this demand and expand their audience reach.
• The Rise of Interactive Advertising: The AVOD boom creates opportunities for publishers to explore new and engaging ad formats like product placement, interactive ads, and shoppable functions. This can generate new revenue streams alongside traditional advertising.
• Focus on Content Authenticity and Transparency: Consumers are demanding transparency and ethical practices. Publishers can leverage this by emphasizing the quality and depth of their content, prioritizing fact-checking, and showcasing their commitment to responsible journalism.

The Kantar report emphasizes the need for publishers to be adaptable and data-driven. By understanding audience behaviour, embracing new technologies like AVOD, and prioritizing high-quality content, publishers can thrive in a rapidly changing media landscape.