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Can you believe it, 2022 is almost over. As a marketer, you are looking to grow your brand, you want to good advice on how to spend your advertising budget. What you really want to know is how to grow your brand in 2023. We turned to Bruce Neve, President Canada Of True Media [TCO] to discuss the changing landscape of media and ask him for his predictions for 2023.
When you hear the word ‘media’ - what or who really impressed you in 2022?
- TikTok, the growth, the expanded usage across all demographics, the innovation it has transformed social media , to be more about broadcasting , videos, and people consuming those vs a discussion, viewpoint platform.
What disappointed you?
- The twitter drama ; Elon created a sense of concern about TW but also social media in general, Brand Safety, TikTok and the China data connection, negative impact on younger audiences.
What obstacle (s) will keep marketers up at night in 2023?
- We are entering 2023 with inflationary impact ( food, gas prices , borrowing costs, mortgage costs) placing massive pressure on the average household to shop smartly, look for sales, trade down, eat out less, drop as subscription service, postpone or simplify travel plans. Marketers need to navigate this with a possible recession on the horizon, while not diluting brand health, making the case not juts to maintain budgets but also for investment in test & learn /innovation.
Podcasting - any predictions?
- Podcast listening and weekly reach continues to grow. Spotify has captured a large share of media spend in this channel ( MTM ) but it still represents a small share of “audio” revenue. Increasingly, audio strategies ( vs radio strategy) will include podcasts, streaming audio and even in retail audio.
Metaverse - what does this look like in 2023?
- The Metaverse is overhyped, over cost and I am over it. Talk to me in 10 years.
- Clients/agencies would be better to invest time, testing dollars in e-sports and gaming immersive initiatives.
Streaming video services - any predictions?
- The market has shifted , moving forward to more ad supported streaming services, either FAST or a hybrid subscription plus ads models. Expect Disney+ with ads, a Bell FAST service . This good news for media is we can repatriate viewers from formerly ad free environments, increase reach of younger audiences and access more quality video placements. Longer term , the consolidation of the large global streaming services seems likely .
Here are Bruce's predictions from 2022.
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