Around 63% of the marketers say they’ve already started engaging with generative AI in their line of work; 91% of the CMOs believe this technology is the future and not a fad, and 78% of consumers agree, says a new report from Dentsu titled ‘The Pace of Progress: dentsu 2024 Media Trends’. In other words, the media industry is heading towards a future that heavily involves generative artificial intelligence (AI), sustainable marketing, and improved monetisation strategies for a better future, says the report, which focuses on emerging advertising behaviours and technologies expected to transform the industry in the coming years.
A major area of focus for the report was generative AI. “From search to creativity to media planning and production, generative AI takes media effectiveness to new heights,” says the report. The rise of generative AI includes three major media trends: The rise of generative search, the augmentation of human creativity through the technology’s use in fields such as copywriting, image production and content; and generative optimisation through simplifying advertising production, targeting, and effectiveness at scale and pace.
Embedded concierges have bubbled up everywhere, the report says, citing the rise of chatbots using AI after they were “pronounced dead” in 2018. “For brands, this represents an opportunity to elevate their customer experience, especially those with large product catalogues,” it states.
One major concern that the report predicted for 2024 relates to intellectual property rights when it comes to content created by generative AI models and used by marketers. “Artists and image libraries argue that models must have been trained on their data without permission to generate new pictures. Marketers must guard against exposing their brands to legal and reputational challenges,” it says.
The second major area of focus is the race to monetisation. The report predicts that 2024 will see intense competition between tech platforms. In a world of lookalike apps, platforms will become more protective of their data, understanding their users, and stepping up their advertising offerings. This will especially take place as third-party cookies approach the end of the line next year. Further, as uniformity becomes the norm, it is key for brands to invest in attention to stand out.
Also, as more platforms adopt protective measures (in the form of API protectionism and anti-data scraping rules) to prevent involuntary contributions to the development of services competing for their audiences’ attention, new opportunities open for advertisers to better reach these audiences through advertising. This could open data partnership possibilities for brands as well.
Moreover, advertising on connected television is forecast to experience a spectacular 32.2% growth in 2024, fueled by the rise of ad-funded video on demand and free ad-supported television. This boom offers many new opportunities for brands to engage with audiences, the report said.
Finally, the report states that growth in the next year will not only be about hard economics but also about brands’ sustainable contributions to society. “Amid rising societal and political polarisation and climate emergency, building more carbon efficient, diverse, and safe online spaces for people and brands will be central to success,” the report concluded.