Analyst Calls 2024 The Year Linear TV Advertising Officially Broke
Michael Nathanson, senior research analyst at MoffettNathanson, has declared 2024 will likely be the year linear TV advertising officially breaks. “It is now clear that outside of sports advertising, there should no longer be expectations of a recovery for linear TV advertising,“ Nathanson said. “Of course, there will always be noise in the ecosystem, with the Hollywood strikes and macro weakness appropriately taking some blame. That said, the strength digital advertising enjoyed throughout 2023 — with surprising macro strength helping propel a return to double-digit growth — limits any hope that a stronger economy may deliver a shift in momentum.” Read more from Next TV.
Instagram Launches ‘Ads with Promo Codes’
Instagram has officially launched a new “Ads with Promo Codes” option for all brands using Meta’s photo-sharing platform across the globe. The new ad product aims to provide marketers with a more visible way to highlight promotions and automatically apply them for interested consumers. Now, Instagram advertisers are able to persuade users with promo codes listed directly in the caption of an ad. When the user opens the ad, the format reminds them that the promo code will be automatically applied at checkout if they make a purchase. Read more from Media Post.
Google loses in local search to Instagram, TikTok among Gen Z
Google has been dethroned as the most popular platform among Gen Z when searching for local businesses to shop in-person, replaced by Instagram (67%) and TikTok (62%), according to a report from marketing platform SOCi shared with Marketing Dive. Google, which ranks third (61%) as Gen Z’s preferred local search engine, still maintains a stronghold among older generations, though social media is gaining share across the board as a resource for those seeking out local businesses, per the report. Read more from Marketing Dive.
Retail’s share of the sell side of digital advertising is approaching its share of the buy side
Retail will account for over a quarter (28.7%) of all US digital ad spending in 2024. By 2027, it will also account for over a quarter of the sell-side market through retail media networks. US retail media ad spend will reach $59.61 billion this year, according to a Insider Intelligence forecast. With retail media gaining so much of the digital ad landscape, it’s no surprise ad giants like Google and Microsoft are building out their own retail media tools. Read more from Insider Intelligence.
Utah Jazz Hybrid Viewing Model Holds Promise for Post-RSN Future
With a hybrid media strategy that embraces both old school rabbit-ears TV and the brave new world that is streaming, the Utah Jazz have given the sports world a sneak preview of how things might shake out in a post-RSN universe. As the Jazz approach the five-month mark under their new over-the-air/over-the-top distribution scheme, the gains the team has made on the reach front are hard to overstate. The jump to the Salt Lake City-based station KJZZ-TV has expanded the Jazz’s domain to include all in-state homes, as well as footholds in six neighboring states. As such, some 3 million homes now have access to the Jazz’s in and out of market TV telecasts. Read more from Sportico.
