This year’s Advertising Week was unlike any other: a global, completely reimagined virtual event set against the backdrop of an unprecedented worldwide pandemic. As leaders across the technology, media, creative and marketing industries came together to discuss trends, challenges and predictions, we’ve gathered ten of the top takeaways pertaining to the evolving world of TV and video advertising:
OTT Ad Spend Needs to Catch Up– Even as viewership across streaming platforms continues to rise, advertisers are still not taking advantage of OTT as much as they should—especially in addition to existing linear TV buys. In fact, when OTT is added to linear campaigns, the incremental reach it brings is enormously impactful.
2. Keep a Close Eye on AVOD – Across continents, ad-supported video on demand (AVOD) viewership and ad revenue are growing steadily. Since these services are free to users and provide a valuable engagement opportunity for brands, they can be a “win-win” for audiences and advertisers alike.
3. TV Garners Trust – With the majority of individuals spending more time at home, TV viewership has skyrocketed. In addition to people turning to TV for entertainment and comfort, it also remains viewers’ most trusted medium for news and information.
4. “The New Normal is the New Nimble” – VAB’s CEO and President, Sean Cunningham, stated this during a panel, referring to the need to adapt to faster ad buying and selling times. This has heightened the importance of flexibility from all sides of the industry.
5. Audience Data Gives TV New Opportunities – Audience activation (beyond age and gender) is critical to driving ROI in an efficient and accurate way that reveals exactly who took action based on an ad. TV needs to be an impression-based marketplace that is both addressable and measurable.
6. TV Needs Greater Accountability– COVID-19 has accelerated the need for transparency and accountability. Every ad dollar has to work, and advertisers are increasingly recognizing the need for cross-platform measurement and real-time performance analytics in order to identify what is working (and what is not) and then optimize accordingly.
7. Fragmentation Brings Opportunity – The continual fragmentation across screens provides advertisers with more ways to test media mixes and find what works best for their specific business goals.
8. Accessibility for Addressability is a Must – Advertisers need to start experimenting to find the ideal role for addressable TV ad campaigns. To make addressability a reality at scale, there has to be next-level collaboration between the programmers and distributors and sellers have to make it an easy and accessible option for advertisers.
9. COVID-19 Put TV Front and Center … – During the pandemic, TV has proven to be viewers’ preferred medium and the focal point of households. Meanwhile, advertisers are further embracing TV as a powerful medium for driving performance and awareness across screens and devices, proving that it’s well-positioned to thrive, not just survive.
10. … And The Future of TV is Now – We cannot forget how far the TV advertising industry has already come. Real-time, cross-platform TV measurement that provides accurate data insights in a privacy compliant way is not a future state yet to be realized; it is happening right now.
Check out our recap video of the top Advertising Week 2020 takeaways below, or right here.