27 MAR 2024

What will be the top media trends of 2024?

A report by GWI revealed the top media trends of 2024 and the importance for companies to stay ahead of them to boost engagement.

27 MAR 2024

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Streaming represents 44% of consumers’ total TV time, compared to 26% a decade ago, according to a recent report by GWI. The report delves into the top media trends of 2024 and the shifting dynamics of consumer behavior and advertising strategies. According to the company, in a rapidly evolving media landscape, staying ahead of the curve is paramount for brands aiming to carve out their niche and connect with consumers effectively.

One of the most prominent trends highlighted in the report is the proliferation of smart products beyond smartphones. Ownership of smart home products has surged over the past decade, with a remarkable increase in the adoption of smart TVs, surpassing tablets and game consoles. Female ownership of Apple Watches has risen from 36% in 2015 to 57% today, marking a substantial shift in user demographics.

Despite the surge in popularity of streaming services, broadcast TV continues to maintain a strong foothold, particularly for reaching specific demographics. While streaming represents 44% of consumers' total TV time, broadcast TV still commands the largest share. TV ads remain a significant channel for brand discovery, with 31% of consumers citing them as their primary source for discovering new brands, compared to 17% who find them via pre-roll ads. Free Ad-Supported Streaming Television (FAST) models have experienced exponential growth, with a staggering 108% increase in American viewership since 2021. Marketers are increasingly drawn to these platforms due to lower ad rates and access to unique audience demographics, presenting lucrative opportunities for engagement.

The integration of AI into consumer search habits, particularly among Gen Z, signals a shift in how individuals seek information. With 28% expressing willingness to consider AI assistance while shopping online, brands must adapt their strategies to cater to evolving consumer preferences for personalized recommendations. E-commerce sites have become vital platforms for targeted advertising, witnessing a 17% year-on-year increase in the number of Americans hearing about products via ads on these platforms. Retail media networks offer brands opportunities to connect with diverse audiences through strategic partnerships, enhancing brand visibility and engagement.

The resurgence of VR devices, exemplified by Apple's Vision Pro, presents new opportunities for marketers to engage with consumers in immersive ways. More people in North America currently own a VR headset (9%) than those who owned a smartwatch before Apple’s entry into the market (7%). Understanding user motivations is key to leveraging VR devices effectively as a marketing channel, highlighting the importance of tailored strategies to cater to evolving consumer preferences.

Navigating the dynamic media landscape requires a nuanced understanding of consumer behavior and industry trends. Brands that adapt to these changes and leverage emerging opportunities will be well-positioned to connect with consumers effectively and drive success in an ever-evolving marketplace.