Five Key Themes Driving the 2023-24 TV Marketplace

1 Share of MarketThe first core driver is share of market and accessibility CTV has witnessed rapid adoption across various categories becoming a critical part of almost every media plan With 87 of households streaming Corsinita understands the reasons behind this move quotConsumer habits are shifting that39s why advertisers are shiftingquot she saysAs of 2023 the number of cable TV subscribers decreased to 722 million In Q1 2023 alone analysts at MoffettNathanson estimated 23 million households cut the cord marking the most significant drop to dateWith a plethora of great content through streaming platforms it39s no wonder eyeballs are on the move The audiences are there because the content is there Add on the accessibility of CTV content when consumers want it on the screen they want it on and it39s evident with both viewership and advertising The democratization of content and the availability of selfserve advertising platforms have also made TV advertising more accessible to a broader range of industriesDespite the rise of CTV Corsinita suggests that it39s important not to overlook the advantages of linear TV such as its scale and immediacy Linear TV still fosters a sense of community and familiarity in routine programming like morning news and familiar sitcoms that viewers embrace as quotchicken souptypequot content Additionally live breaking news remains exclusive to linear TV making it relevant to diverse audiences2 Sports RightsThe year 2024 holds great significance for sports enthusiasts primarily due to major events like NBCU39s extensive coverage of the Summer Olympics in Paris Furthermore prominent players like YouTube Amazon and Apple TV are increasingly exploring opportunities to stream live sports eventsquotThere39s never been a more interesting time in sports than nowquot Corsinita notes quotThe fragmentation of sports means you may have to go Dave ampamp Buster39s to watch live sports because you may not subscribe to all the platforms you needquotThis challenge is particularly disruptive for regional sports networks RSNs that cater to local market fans39 demand to watch their home teams The erosion of cable bundles has further diminished the value proposition for traditional sports viewershipAs a fan the conundrum of how many subscriptions will be required to watch all of their favorite teams is daunting and potentially cost prohibitive Layer on the additional subscriptions that might be needed for things in the entertainment space and it forces consumers to make tough choices on what subscriptions they can affordquotWith the casual fan no longer subsidizing the cost of live sports true sports fans are going to have to pay for all the content themselvesamp8221 Corsinita says amp8220That39ll be very interesting to see play out and a little scaryquot3 Marketplace ConditionsThe ongoing WGA and SAG strikes have added another dimension of disruption to the primetime ad market For many marketers the strikes continue to bring up questions around whether a Upfront is even necessaryDue to the strikes consumers can expect to see a lot more reality shows this fall as well as game shows and overseas content like NCIS Sydney With an election year coming up consumers can also anticipate more news to fill the programming gapsquotOf course sports will continue to winquot Corsinita asserts about the strikes39 implications quotIt39ll be that much more valuable driving costs up even morequot4 Marketing of SpecialsThe strikes are also the driving force behind two other core updates If the strikes resolve marketers can expect linear TV to make its comeback with significant marketing of Specials theatricallike releases such as Daredevil Born Again or popular series spinoffs like The Walking Dead Dead City and season five of Stranger Things Networks will rely on these big programming events to bring viewers back after a long summer and delayed Fall Season startIf the strikes resolve marketers can expect both linear and streaming TV to make a comeback with significant marketing of Specials theatricallike releases such as Daredevil Born Again or popular series spinoffs like The Walking Dead Dead City AMC Percy Jackson and the Olympians Disney and season five of Stranger Things Netflix This promotional effort would focus on boosting subscriber growth as the lack of new fall content could stall already slowing growth5 quotThequot Year for Linear TV to Shift to StreamingWhile the strikes may make the prediction that 2024 will be quotthequot year for linear TV to shift to streaming even more true there is still a lot of convergence that needs to occur which is the final core driver As the marketplace continues to evolve marketers will need to adapt their creative workflows define common metrics and refine their strategies and execution Corsinita emphasizes that approaches taken by programmatic traders and those handling large sports deals are vastly different requiring harmonization in the industryTo sum it up The media landscape is experiencing a transformative shift with the rise of CTV and streaming platforms while linear TV maintains its unique strengths Sports content continues to be a significant driving force but marketers face challenges and opportunities due to ongoing strikes and evolving consumer preferencesClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Five Key Themes Driving the 2023-24 TV Marketplace

Author

Publish date

Channel

Brandie Feuer

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Five Key Themes Driving the 2023-24 TV Marketplace

Enjoying This Commentary? There's More to Love

Brandie Feuer

TAGS:

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

Cookies