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The TV ad market is changing FAST-er than ever.
From the Hollywood strikes to a soft ad market, advertisers had to contend with several obstacles in 2023. Those obstacles are having a lasting impact, accelerating the move to streaming and FAST channels, firmly cementing sports and live events as coveted inventory, and changing how the TV upfronts and NewFronts will run in the future.
To understand the shifting dynamics in the marketplace, Adweek caught up with 17 ad sales chiefs, buyers and insiders to learn how the TV ad market changed in 2023.
Dani Benowitz, president, U.S. and global, Magna: An audience- and content-led strategy has replaced the era of following a daypart approach. In a world where streaming is comparable in reach and notably excelling in content, ensuring a mix of video that mirrors consumption is necessary to grow reach, consideration and purchase intent. All of this is why a holistic video strategy is vital!
Diana Bernstein, evp and managing director of investment, Havas Media Network: The ability to find ways to connect with an audience while being mindful of context and content continues to expand beyond the TV marketplace. Advertiser spending moving away from traditional TV into more digital mediums is not new, but areas as to where those ad dollars are now shifting has expanded and put an emphasis on retail media, which is an area of great opportunity.
Geoffrey Calabrese, chief investment officer, Omnicom Media Group North America: Redundant, but clearly, the overall softness in ad spend and the influx of new streaming inventory have impacted the marketplace significantly, and it has generally benefited the streaming marketplace because the CPMs have rightfully come down, which makes it more viable for advertisers at vastly different spend levels to engage. What looked to be a negative will actually be positive in that a more diverse set of our portfolio is now engaging in TV advertising because it is digital, it is addressable, and it is now more affordable.
David Campanelli, evp and chief investment officer, Horizon Media: I wish I could answer this by saying the biggest change is that we are now transacting on alternative currencies in the way we are with Nielsen. But that still hasn’t happened yet. So, I think the biggest change in the last year is that we have pivoted to a sports- and streaming-first marketplace. Broadcast TV and cable TV no longer are the lead dayparts in the market.
