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This study conducted by IAB aims to provide a vision of the ad spend market in 2023 (spend levels and strategies) being developed by investors.
This report provides:
- A view of the overall spending level.
- A perspective on opportunities and strategies for growth.
- Dive into two strong growth factors: Retail Media Networks (AKA RMNs) and Emerging Technologies (Emerging Technologies) such as Metaverse, NFTs, augmented reality technology,...
The report helps both buyers and sellers:
- Planning for the next year
- Assessment of competitive position and competitive strategy in the market
- Identify market gaps, distribution channels, opportunities and ideas for new product/service launches, find new targets, and find ways to increase ROI.
Report summary:
1. Ad Spend:
- Ad spend in 2023 grew by 5.9% over the same period last year.
- While most categories are projected to see an increase in ad spend, the growth has been uneven:
+ Categories such as B2B (+20.8%), travel (+20.6%), restaurant/beer (+17.1%), financial services (+11.1%). predict double-digit growth year-over-year. Meanwhile other categories are expected to decline, not increase, or grow in single digits.
+ Led by CTV (+14.4%), all digital channels are predicted to grow in ad spend in 2023, while traditional channels will see a decrease in growth year-on-year.
2. Opportunities and strategies for growth:
- Acquiring customers is by far the top goal of buyers (Buyers) for media investments (61%), followed by increased brand value (43%) and enhanced brand equity. communication results (35%)
- More than half of buyers (52-55%) wish to focus more time and resources on measurement, marketing mix and modeling, first-party data and creators in 2023.
- 6 out of 10 buyers (63%) will re-evaluate their plans or communications more often in 2023, most of them doing so at least monthly.
3. In-depth study: Retail Media Network - Retail Media Network AKA RMNs
- 6 out of 10 buyers (Buyers) are investing in or are considering investing in RMN advertising.
- Among those investments include:
+ RMN 2023 ad spend is predicted to increase by 28.4% YoY.
+ RMN advertising investment spread across many types of partners, including general market (82%), retailer owned (75%) and owned by e-commerce (64%)
- Onsite advertising investment (owned and operated) is by far the top RMN advertising tactic being leveraged (by 91% of RMN buyers)
4. In-depth Research: Metaverse
- More than half of buyers (56%) are investing in or are considering investing in advertising or marketing Metaverse.
+ The top reasons why buyers invest in Metaverse advertising are: Building brand awareness (52%), engaging existing customers in new ways (48%), boosting brand awareness (46%) ), access to hard-to-find customers (42%).
- Buyers do not invest in Metaverse advertising for a variety of reasons such as: Metaverse is an emerging trend (41%) and is not relevant to their audience (37%) or does not fit the brand (35% ).
Source: IAB
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