Source: www.insideradio.com, June 2023
Just-released data from ad services and software company Mediaocean’s mid-year outlook shows radio in the middle of the pack in terms of expected ad spend for this year.
More than three in four (76%) of the more-than-700 respondents to Mediaocean’s survey – conducted across 23 countries among brand marketers, advertising agencies, tech companies and media providers – say they expect to increase (25%) or maintain (51%) ad spend on radio in 2023. That puts the medium ahead of national or local TV, and print media.
“Nearly all media channels have more respondents reporting plans to increase spend than decrease it,” Mediaocean’s report says. “Considering our current macroeconomic climate and the uncertainty ahead, it’s encouraging that overall trends are skewing positively for the ad industry.”
The results also show that even with such uncertainty, the three media investments and advertising capabilities cited by respondents as most essential have not changed since Mediaocean’s prior survey, conducted in October 2022: performance-driven paid media, measurement and attribution capabilities, and brand advertising.
“This reflects stabilization across the industry,” the report states. “[While] direct response advertising and proving ROI remain top of mind for marketers…it’s important to note that brand advertising was in the top three for the second survey in a row, as support for upper- funnel awareness is also critical.”
Moving from seventh to fourth, with a 27% increase, is creative testing and analysis. “This upward trend…shows advertisers boosting their focus on producing compelling content that resonates with their target audiences,” says Mediaocean’s report, “[and that] creative is becoming a key variable for improving campaign performance.”
Not surprisingly, AI – specifically, ChatGPT – tops the consumer trends most watched by advertisers in 2023, mentioned by nearly six in 10 participants (59%). “Generative AI tools are quickly becoming an essential resource for marketers looking to optimize their content and engage their target audiences,” the report says. “The impact made by ChatGPT is changing the way we think about marketing.”
Noted by 57% of respondents, TikTok ranks a close second among closely-watched consumer trends, as Mediaocean points out that its “usage continues to grow, and the platform is fast becoming a mainstay on media plans for many advertisers.”
Taking stock of the year so far, the report concludes that “2023 has reinforced many patterns that started taking shape last year, and thrown a few curveballs. In advertising, as in life, change is the only constant, and while the past six months have brought more of the same in both respects, it appears that marketers have embraced solutions that are leading the change rather than feeling its impact.”
