Recap of 2023: Key Trends
Igniting Growth Amidst Global Challenges: The Indian Story
Despite global economic headwinds, 2023 witnessed India's economic resilience fuelled by robust domestic demand. Spearheaded by a burgeoning consumer base, escalating income levels, and the aspirations of the youth, the nation experienced brand and advertising growth. The year's highlights include over Rs 10,000 crores of incremental ad spends (source: MAGNA), driven by digital surges, government allocations pre-elections, major sports events, a pandemic-free festive season, and blockbuster Bollywood releases.
Streaming into the Future: The Rise of CTV Advertising
A pivotal shift unfolded in India's media landscape as Connected TV (CTV) took centre stage. Anticipating 40-45 million Daily Active Users by 2025, the CTV ecosystem burgeoned from 25 million in the previous year. Notably, Samsung TV users in India spent 88% of their TV time in streaming environments during H1 2023. This surge democratised advertising for smaller brands, leveraging the data collation and targeting prowess of digital platforms.
Revival Resonance: OOH, Radio, and Cinema Shine
Contrary to expectations, Out-of-Home (OOH) and radio experienced a revival, fuelled by OTT platforms, FMCG giants, and the automotive sector. The cinema space, against all odds, emerged as a resilient advertising haven, captivating audiences and delivering impactful brand engagements. The unexpected resurgence of these traditional mediums showcased their enduring relevance in the dynamic media landscape.
Outlook for 2024: Key Trends
Unlocking Tomorrow: Gen AI and ML Revolution
Embracing the future, 2024 will witness the ascendancy of Generative AI, reshaping advertising landscapes. Marketers will harness AI for personalised campaigns, seamless AR/VR integration, and compelling CGI campaigns. The adoption of AI, ML, and deep learning will revolutionise consumer engagement, allowing businesses to decipher behaviour, preferences, and purchase patterns, fostering enhanced understanding and segmentation of target markets.
Monetisation maven: Platforms' race for revenue
The battleground for revenue intensifies in 2024 as tech platforms vie for supremacy in monetising their services. Despite boasting the world's highest user bases, platforms seek new avenues for revenue generation. Prioritising data protection, user understanding, and augmented advertising offerings, platforms will delve into innovative user monetisation, with subscriptions and digital commerce taking centre stage.
Sustainable storytelling: ESG in the limelight
A paradigm shift unfolds as sustainability takes centre stage. Consumers' environmental consciousness propels a preference for brands committed to sustainability, carbon emission reduction, and ethical trade practices. Marketers are tasked with weaving eco-friendly messaging into campaigns, showcasing a commitment to environmental responsibility. Businesses, aligning with a more inclusive economy and sustainable environment, will position sustainability as a core aspect of their overarching business strategy.
In conclusion: Navigating the media maelstrom of 2024
As we step into 2024, personalised customer experiences, sustainability pledges, authentic storytelling, and adaptability remain pivotal strategies for brands and marketers navigating the intricacies of the ever-changing media sphere. Embracing these principles, the industry is poised for a transformative journey into the future.
This article has been authored by Lodestar UM CEO Aditi Mishra.