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Saturday, February 4, 2023

Why social ad will attract more spend in 2023 —Report –

Brand owners’ confidence in social advertising and its ability to positively impact profits could be one of the factors that will continue to attract ad spend this year for the channel.

Mediaocean, the mission-critical platform for omni-channel advertising, gives a clue in its recently released “Market Report 2022 and Outlook 2023”.

The semi-annual report highlights some of the factors that industry leaders believe are likely to drive the advertising economy, including significant changes in consumer behavior and the overall macroeconomic environment.

Based on a survey of more than 600 leaders from media providers, advertising agencies and technology companies, the platform gained insights focusing on key media and marketing trends and projected advertising investments through 2023.

One such insight is the surprising response to the various changes between social platforms.

“Social advertising — especially short video — will attract more year-over-year spending growth than any other channel in 2023,” the report reveals.

As for the biggest opportunity to improve paid social, more than half of respondents cited “better creative and production tools.”

A majority of respondents also pointed to improvements in measurement, integrated media planning and execution as some of the single technology innovations they believe will have the greatest impact on their advertising in 2023.

Another such finding is that despite a tumultuous year for marketers and many significant changes to navigate, brand owners are increasingly confident in the potential of emerging technology solutions to support their goals.

Some of the tools identified range from idea automation, machine learning, cross-platform integration to measurement.

The survey also revealed some concerns about safety and suitability in the media environment, with more than half of respondents expecting their brand safety concerns to remain the same over the next year, while around 40% expect them to increase.

Single-digit percentages expect these concerns to diminish.

In the report, Aaron Goldman, Chief Marketing Officer of Mediaocean, pointed to some changes in the digital and media landscape as some of the factors that will change consumer sentiment in 2022.

“In 2022, we see considerable change in the digital and media space, due in large part to the macroeconomic environment and rising inflation continuing to weigh on consumer sentiment.

“To meet the challenges of the future, our research shows that people will prioritize paid social, converged TV and video, creative automation and cross-platform measurement.

“At Mediaocean, we will continue to deliver mission-critical technology solutions that address critical needs in the advertising ecosystem,” he added.

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