If video is part of your comprehensive marketing strategy, Newfronts is likely your Superbowl. Last week, a handful of our employee-owners attended NewFronts in NYC alongside our esteemed client, State Farm. Collaborating with one of the most renowned brands, we immersed ourselves in updates from industry giants in digital advertising. From the latest in trending video tactics, to seeing what’s on the horizon with some of the biggest streaming services, we are sharing their top takeaways. Check them out below.
What are the top takeaways from the Newfronts?
- We were interested to hear that CTV viewing and ad-spend is on track to outpace linear for the first time this year. According to IABs 2024 Digital Video Ad Spend & Strategy Report, the current breakdown is 52% digital video, 48% linear. We heard that digital video is projected to grow 16% from 52B in 2023 to 63B in 2024. Overall, the growth breakdown is as follows:
- Social video growing 20% (23.4B)
- CTV growing 12% (22.7B)
- OLV growing 18% to (16.8B)
- Home screen and “discoverability” were big topics discussed across big streaming brands, Roku, Vizio, Samsung, and LG. Vizio gave the example that their curated home screen has viewers spending an average of 44 minutes per day there. LG noted average users spend 11-15 minutes on the home screen before streaming content. To join in on this trend, Roku introduced “Showrooms” as a user interactive branded content hub.
- With AI on the top of every marketer’s mind, we heard from brands about the growth of AI and data. New AI technology is giving way to new targeting attribution and data techniques. We are hearing that data modeling and probabilistic methodology is very important as we continue to face data privacy restrictions. Overall, AI emerged as a prevalent theme in nearly every presentation and meeting, showcasing its pivotal role in enhancing efficiency and effectiveness.
- Short form video continues to outperform long form across the board, and brands stated that users are staying on their platforms because of video. We heard from Meta that over 60% of time on Facebook and Instagram is spent watching video.
Were there any talk tracks that surprised you?
- Snapchat continued to position itself as “not social media,” boasting that Snapchat was intentionally built differently as an alternative to social media with the goal of nourishing connections while on a platform. Snapchat reported making people happiest compared to their competitor apps, with 90% of users reporting feeling comfortable, happy, and connected when using the app.
- During Google’s session, they continued to push cookieless targeting options despite their recent delay in phasing out third-party cookies.
- Meta shared during their session that the tech company is focused on going forward, faster. They view video as a huge piece of the future of human connection, and they understand how the market shifts, with the need to “move at the speed of culture.” This encompasses short form viewing, the rise of AI, and shifting consumer behavior.
- Telly shared some emerging technology during their session, including the ability to measure when someone is in front of the TV and a new feature where the platform is free after you answer 50+ survey questions.
Was there any major industry updates or news?
- Samsung announced its fast channel growth and gaming experiences. This included Rivals Arena, a cinematic card game from Return Entertainment coming exclusively to Samsung TVs using any smartphone as a controller. Players can jump right in by grabbing their phone and scanning a QR code. Advertisers can sponsor Rivals Arena with interstitials in between gameplay, and endemic brands will have an opportunity to cobrand the entire gaming experience. Another gaming experience was The Six, an interactive trivia game built directly into a Samsung connected device. Anyone with a Samsung TV remote can play The Six directly on their TV, while advertisers can cobrand the entire experience to drive brand engagement and recall.
- Snapchat mentioned AR Extensions, which allows brands to integrate AR lenses and filters directly into all ad products. Users can enter the branded world directly from ads, turning passive viewing into active participation.
- The Head of Instagram, Adam Mosseri, announced an investment into the creator marketplace, with new tools making it easier to better match brands and creators. Users spent over two trillion minutes on creator content globally across Meta in 2023.
After the conference how are you feeling about the future of our industry?
After attending the IAB 2024 Newfronts, there is overall positivity around the future of our industry. The projected growth in CTV viewing and digital video ad spend indicates a promising trajectory towards reaching an even more qualified audience. Shifting towards performance metrics reflects a necessary evolution in how we measure advertising effectiveness. The emphasis on home screen discoverability highlights exciting opportunities for brands to engage with audiences, while combating viewership fragmentation. Social media platforms continue to invest in improvements within platform, AI, and creators as they promise to deliver more effective and efficient platforms. Overall, the conference has underscored the industry’s momentum towards more relevant, engaging, and innovative digital media strategies.
Staying ahead of market changes for our clients means attending top industry events like Newfronts. If you have any questions on our event takeaways, please connect with our team today!
Contributors: Melissa Yacuzzo, Andrew McClelland, Kristie Murphy
