Dentsu has released its annual media trends report, “The Pace of Progress: dentsu 2024 Media Trends”.
Created by gathering insights from its specialists within Carat, dentsu X and iProspect globally, the new dentsu report highlights ten key catalysts of change within the media industry which are most likely to set the pace of progress for brands around the world.
The report explores how Generative AI will be best used to spearhead growth, how monetisation of the industry is gaining evermore traction and how genuine integrity in advertising will elevate brands.
“Our own client research has shown that more than 60 per cent of marketers have said they’ve already started engaging with Generative AI in their company. So, in our dentsu 2024 Media Trends report it was important for us to identify and introduce the additive advantages, trends and technologies to help them progress in this space,” said Peter Huijboom, Global CEO, Media international markets, dentsu.
Huijboom continued; “When we bring our experts together from our media agencies and from all around the world to create these predictions, it is essential we showcase the most pressing topics and the best opportunities for the future. This report does exactly that, in a convenient and easily accessible way.”
According to the new dentsu report, the key predictions for the direction of the media industry into 2024 and beyond are:
Generative AI takes centre stage
Generative AI is the most disruptive technology breakthrough of the last decade. With 63 per cent of marketers having said they’ve already started engaging with Generative AI in their company, the technology is set to take centre stage in the coming months and years. From search to creativity, to media planning and production, generative AI takes media effectiveness to new heights. This theme is explored through:
• Trend 1 – The rise of generative search
Generative AI will transform how people access information, from search engines to commerce platforms.
• Trend 2 – Creativity reimagined
The augmentation of human creativity through Generative AI in fields such as content and copywriting, as well as image development.
• Trend 3 – Generative optimisations
Leveraging Generative AI for simplifying advertising production, targeting, and effectiveness at scale and pace.
Danny Bass, CEO, media, dentsu ANZ, said: “The rise of AI over the past year has been evident, as new AI consultancies launch, newspapers, including The Australian Financial Review, explore how it can be applied in a news setting and, marketers begin to further explore what it means for brands. The role of AI in marketing will be transformative, as well be the debates and conversations around ethics and copyright.”
The race to monetisation 2024 will see the intensification of competition between tech platforms. As they strive to better monetise their services in their economic circumstances, platforms will double down on becoming more protective of their data, understanding their users, and stepping up their advertising offerings. This megatrend incorporates:
• Trend 4 – A world of lookalike apps
As platforms become progressively similar, attracting audience attention has never been more important for brands.
• Trend 5 – From walled gardens to walled pipes
Platforms have a more defensive stance on their data which opens the larger question of the delicate balance between protection and discoverability.
• Trend 6 – The identity refocus
A doubling down on people intelligence by media platforms as third-party cookies approach the end of the line.
• Trend 7 – More ads for more returns
Expansion of advertising into new areas for most platforms, with new formats, opportunities – and risks – emerging as a result.
“Australia has already followed the US and European markets with further monetisation of subscription streaming with ad tiers launching on Netflix and Binge. We are likely to see this trend further develop, while deals previously signed between news publishers and the tech giants, Facebook and Google, are also up for re-negotiation which will demonstrate how those platforms have evolved away from the need for content like news,” said Bass.
Integrity economics
Growth in the next year will not only be about hard economics; it will also be about brands’ sustainable contributions to society. Amid rising societal and political polarisation and climate emergency, building more carbon efficient, diverse, and safe online spaces for people and brands will be central to success.
Highlighted through:
• Trend 8 – The new faces of growth
With media consumption becoming increasingly diverse and personal, brands must adapt to reflect the needs and identities of audiences and stay relevant.
• Trend 9 – Safer, better, faster, stronger
Amid a fast-moving digital landscape, new developments in brand assurance aim to create safer environments for both people and brands.
• Trend 10 – More attention, fewer emissions
As brands implement carbon media efficiency strategies, optimising for attention should lead to decarbonisation through optimised and improved impact.
“Sustainability has been a driving force in 2023, this will only continue to sharpen into focus as consumers’ values continue to drive their purchasing even more in the new year. For brands, contributing to society and leaving a positive mark on the world must be done authentically and in line with the existing brand ethos. For some it will be an easy transition while for other brands it will be a challenging tight-rope to manage, but it is integral as consumers become increasingly demanding about their expectations from their favourite brands,” said Bass.
