Media Trends: Social Algorithms Give Users What They Don’t Know They Want: Report, ET BrandEquity

Social Media Trending (representative image)

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Social media trends (representative image)

Economic uncertainty always brings out creativity in business and media. Previous cycles have launched or energized radio, television and social media, and in the coming year we will likely see the emergence or acceleration of communication channels.

Dentsu International has collectively collected and published insights and forecasts from all of its global media agencies in the “2023 Media Trends” guide for marketers worldwide.

Drawing on experts and specialists from Carat, dentsu X and iProspect, the report explores the biggest media trends to watch in the coming year.

The report examined industry trends that will shape how brands take advantage of changing consumer behavior and have important implications for future campaigns and budget allocations.

The report conveniently groups these key trends for 2023 into three overarching categories reflecting the central themes of “content, commerce and community.”

According to the new dental report, the key predictions for the direction of the media industry in 2023 and beyond are:

Contents

According to the report, 2023 will bring changes to the content people consume and how they do it. He mentions that the speed of shifting to digital platforms shows no signs of slowing down, especially in the video-on-demand and gaming sector.

Changes in the general economic landscape will lead consumers to evaluate the number of platforms and the associated costs related to subscriptions, the report reveals.

The advancement of ad streams can not only provide an alternative for consumers, but it will also provide brands with an opportunity to capture consumer attention and capitalize on ad streams, the report says.

The report pointed out that AVOD eats SVOD – The ad-supported video platform is expected to overtake subscription channels over time as major streaming platforms add ad-supported tiers. Forrester predicts that the percentage of streaming platform revenue coming from
advertising will increase from 21% in 2020 to 38% in 2027.

The report states that with an estimated 3.2 billion video game players worldwide in 2022, ten and 75% of US households containing a gamer, there are games everywhere – Gaming is going mainstream. Games are becoming increasingly important on content sites to attract regular users.

The report found that attention brings back the essence of advertising – Interest in attention is growing as brands look beyond reach and viewability metrics to gauge consumer engagement and take more effective decisions.

Trade

The report mentions that digital commerce continues to evolve, both in importance and in the diversification of sites, applications and platforms. Consumers can now shop anytime from almost anywhere, paving the way for retail sites and apps to expand their services and offerings to meet changing consumer demand and flexibility.

The challenge for brands is to engage directly with consumers while planning and adapting to a cookie-free future and respecting data privacy, the report reveals.

The report indicated the adaptation of “from going shopping to always shopping” – Consumers can shop anywhere and anytime. As a result, retail sites are evolving into content sites and commerce sites are turning into media sites. Grand View Research values ​​the
the global social commerce market size to be USD 584.91 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 30.8% from 2022 to 2030, across B2C, B2B and C2C, where consumers buy directly from each other.

The report highlighted that retail media is disrupting the adland – Retail platforms and sites are transforming into advertising platforms and becoming attractive propositions for brands due to the enormous wealth of first-party data from retailers . The report stated that e-marketers’ projects retail media spending to reach $61.15 billion in 2024 in the US alone, accounting for nearly 20% of digital ad spending.

The report mentions the rise of super apps – Apps evolve and continue to build ecosystems offering a wide range of services, to anticipate and meet the needs of users.

The report found that there is no turning back for third-party cookies – Brands continue to navigate a cookie-free future and advertisers will explore and test the solutions best suited to their brands.

Community

The report mentions that digitalized communities are now a mainstay. They continue to change and reflect both technological and societal changes, the report says.

social media platforms are adopting their algorithms to encourage engagement and in social media “live” events are spilling over onto other platforms forming new communitiesaccording to the study.

The report highlighted that consumers are now able to join global communities by aligning with their personal views on sustainability and responsibility.

The study suggested that brands should understand the motivations and formation of online communities, to encourage engagement and adaptations to future campaigns to better connect with their chosen audience in the context most suited to the intended message.

The report pointed out that “going online” is very useful: brands and platforms are increasingly using “going online” functions to create a community to generate interest through online events. direct. Not only to bring consumers together, but also to encourage active, live engagement.

The report mentions that responsibility takes center stage – Communities emerge through a common focus on brand responsibility. Platforms are opportunities to share relevant content and increasingly measure the impact of campaigns. According to the UK’s National Center for Social Research, in 2022 a majority of the country’s population agrees with liberal positions on issues such as racial equality, immigration and gender identity and gender. trend is towards greater inclusion.

Similarly, in Kantar’s 2022 Sustainability Sector Index, 97% of consumers in 32 countries say they want to live a sustainable lifestyle, and nearly half (47%) globally say they have stopped buying. certain products and services due to their impact on the environment or society, the report points out.

The report states that social algorithms give users what they don’t know they want – It’s not about who you follow as much as what social media platforms want you to see.

Peter Huijboom, Global Managing Director, Global Media and Customers, dentsu international, said: “This year we have witnessed a very different geopolitical landscape and new and challenging economic outlook, which has forced brands and people to really stop and reassess a lot of things. . Through all of this uncertainty, we have seen the emergence of new consumer behaviors, exciting technological innovations, and the spark of profitable new media opportunities for brands.

“As a leading agency network, we pride ourselves on knowing people better than anyone and understanding what lies ahead. It couldn’t be clearer than in this 2023 Media Trends Report: our media scholars around the world have once again identified these burgeoning societal changes impacting the industry and brought them to light. light,” added Huijboom.

About 50% of Indian consumers are now open to buying electric vehicles, but with a caveat, while 54% of consumers are still concerned about the quality of electric vehicles, according to a report on Monday, adding that the Electric vehicle range anxiety now seems to be a misperception.

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  • Posted Nov 10, 2022 12:30 PM IST

Sharon D. Cole