In 2024, 'Buy Local' Takes on New Urgency For CTV Advertisers

The industry is responding to these challenges Locality the preeminent local ad solutions provider across streaming and broadcast inventory is at the forefront of navigating this fragmented streaming space The company offers a unified spectrum of premium streaming inventory across 150 Publishers including vMVPDs FreetoConsumer services Local Station Groups and TV Manufacturers enabling advertisers to effectively reach local markets even within precise zip codes Their strategy aims to streamline the complex process of local ad buying and measurement making it more efficient and impactfulIn 2024 as political advertising ramps up to a forecasted 11 billion and streaming gains more market share the local TV ad market is expected to be in high demand According to BIA Advantage39s October 2023 forecast local CTV ad spending not including political spending will jump 118 percent from 2023 to 2024 while network broadcast spending will inch up 17 percent and cable will dip 04 percentAmid the frenzy Locality is poised to help marketers navigate the complexities of local CTV ad delivery The company works with top publishers and platforms like vMVPDs TV Everywhere Publishers TV Manufactures FreetoConsumer Services and Local Station Groups to place ads within widely viewed national local and original streaming programs at the local level This ensures that brands can effectively reach local audiences immersed in their favorite content It39s a unique blend of local precision in ad targeting set within the context of popular highengagement programmingHeading into the new year Locality39s Executive Vice President of Sales Steve DeMain shared his predictions for local streaming advertising with MediaVillagePrediction 1 Continued Shift in Video HabitsThe great streaming migration isn39t slowing down Streaming audiences are up seven percent since 2020 per Inside IntelligenceeMarketer39s September 2023 analysis Consumers are strongly moving to alternate video services including vMVPDs like Roku TV and Sling with an audience up 34 percent from 2020 to 2023 and FAST channels which increased 32 percent in the same period according to eMarketer39s reportTo meet the demand for content DeMain said more local broadcasters are making their content available on streaming services They39re activating Free AdSupported streaming channels also called FAST channels and providing content to adsupported subscription streaming services including YouTube TV and FuboTV and Virtual Multichannel Video Programming Distributors vMVPDsLocal news and sports are leading the charge In many markets viewers are loyal to their favorite news broadcasters and sports teams and willing to travel to new platforms to find them As more local content becomes available advertisers will allocate more local dollars DeMain notedquotAs you see a lot of consumer adoption it ultimately drives more interest from advertisersquot he said quotAnd the services will attract more viewers as the content offerings growquotPrediction 2 More Personalized Ad ExperiencesBy advertising on streaming brands can deliver customized messages to the most appropriate audiencesWhen brands can tailor their messages based on viewer preferences demographics and behavior it helps capture viewers39 attention and drives engagement and conversionquotI think we39ll see a lot more innovation around personalized creative over the next yearquot DeMain saidArtificial intelligence is helping create these opportunities Locality is at the forefront of this trend enabling brands to localize ads in ways that resonate deeply with specific consumer segments for instance a retailer inserts locations local vernacular or cultural nuances into ads with text specific to each marketDeMain said he expects those efforts to double next year as advertisers use video graphic and text elements to personalize adsThese efforts pay dividends Consumers tend to respond more positively to ads tailored to their interests and preferences According to Twilio Segment39s The State of Personalization Report 2023 80 percent of business leaders say consumers spend more 38 on average when their experience is personalizedPrediction 3 Advancement in Local Measurement ToolsToday39s marketers are under more pressure than ever to show return on investment and local TV needs to step up its measurement offerings This year DeMain expects advancements which are sorely neededThe migration of viewers to streaming platforms heralds a change in how local advertising is bought and measured The traditional reliance on dayparts and ratings in local TV is giving way to impressionbased transactions a method already prevalent in national markets Streaming publishers with their capability to provide detailed audience data are leading this transformationquotIn the national market we39ve seen a move to impressions across platforms As streaming enables these capabilities at the local level I expect to see a very similar pattern across all local mediaquot DeMain saidPrediction 4 Enhanced Protection from Ad FraudAs more advertisers venture into streaming they39re seeking assurances regarding ad fraud and brand safety DeMain said brands can safeguard their investment in local streaming by working with credible partners rather than smaller unproven appsLocality for instance works with top publishers and directly integrates into their systems which he said increases validity and security quotWe know where we39re placing the inventory or accessing the inventory and how we39re executing the buys and it39s proven to work really wellquot he said quotWe have a very select group of partnersquotThis concern is widespread in the industry A Juniper Research report projects global advertisers could lose 84 billion to digital ad fraud in 2023 In response companies are seeking robust solutionsLocality39s partnership with HUMAN Security exemplifies this trend By incorporating HUMAN39s MediaGuard Locality strengthens its defenses against ad fraud reflecting an industrywide movement towards more secure advertising platforms quotThis collaboration is part of our commitment to offer a secure and trustworthy environment for our advertisers ensuring that their campaigns reach real audiences which is essential for maximizing ROI and maintaining trust in the digital advertising ecosystemquot DeMain addsPrediction 5 Viewer Engagement Increases with Local Streaming ContentIn today39s media landscape where audiences are overwhelmed with video content finding engaged viewers remains a challenge for advertisers This is where the unique value of local content especially in its streaming form comes into play according to DeMain quotThere39s a loyal viewership for local stations39 news and sports broadcasts As these offerings shift to streaming they maintain that personal connection with their audiencequot he saysWhile local TV offers enticing audiences it can be difficult for brands to buy if they have to buy market by market With local streaming inventory in hit primetime shows local news and the biggest sports events Locality facilitates more access to local viewers DeMain notedquotWe can access the top content whether local news sports or any of the top streaming shows across toptier publishersquot he explained quotIt39s broad and brandsafe and gives the scale they need within local markets That39s really hard to do going one publisher at a timequotPrediction 6 Buying CTV Gets Easier for Small BusinessesDeMain sheds light on the rising accessibility of local streaming advertising for small businesses quotAs streaming grows local businesses want to reach their audiences across streaming in an approachable and costeffective wayquot he says This shift coincides with more local broadcasters making their inventory available on streaming platforms simplifying the ad buying processAt the forefront of this change is Locality39s Channel Partnership business This initiative features a whitelabeled selfservice platform that offers small businesses straightforward access to local streaming inventory This development empowers these businesses to efficiently target their local customer baseA key aspect of Locality39s strategy involves leveraging AI technology for ad creation significantly reducing the cost and complexity of producing compelling advertising content quotOur AIdriven tools are tailored to help small businesses craft impactful ads without the heavy investment typically associated with highquality production This levels the playing field allowing them to create ads that truly resonate with their local audiencesquot explains DeMainPrediction 7 More National Brands Think LocallyIf history is an accurate guide national and local inventory will become more expensive and scarce as the 2024 political season heats up National brands still need to reach consumers and DeMain said they39re turning to local streaming as an alternative Locality is already seeing a rush of businessquotWe have several major brands that have put in RFPs for avails in many markets across the US due to their expectations for political next yearquot DeMain saidWhen national brands target their buys locally DeMain said they can break through the clutter and make valuable connections quotPolitical advertising has underscored the impact of local targetingquot says DeMain quotWe expect to continue to see national brands apply these insights more broadly realizing the benefits of connecting personally with diverse local audiencesquotquotBrands of all sizes want to get messages in front of engaged audiences that will take action Local does thatquot he saidClick 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

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In 2024, 'Buy Local' Takes on New Urgency For CTV Advertisers

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Alli Romano

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