Digital media is growing and will continue to grow
Before COVID-19, there were things that we were certain of, 2020 opening day for the MLB was March 26th, Tiger Woods was going to defend his Masters title starting on April 9th 2020 and digital media was going to continue its upward growth. Based on a study from August 2019, US digital advertising spend is projected to increase 36% between 2020 and 2023 going from 151.3 billion to over 201 billion. We are seeing the same projections form some of the most widely used platforms. Over the next 2 years, YouTube is projected to increase 40%, Hulu is projected to increase 38% and Facebook is projected to increase 37%. So, what do these numbers tell us as we are seeing our own clients start to shift budgets into digital? That there is growth and opportunity within digital adverting and if you are a brand with a marketing budget, this is where you need to be.
The impact of COVID-19
Due to the COVID-19 situation, we know that projections and forecast will have to be adjusted. For example, YouTube revenues have been adjusted, and are now softer than originally expected, yet they are still expected to grow over 106% from 2018-2021. COVID-19 has also have an impact on media consumption with recent surveys showing kids daily screen-time has grown as much as 50%, with adult streaming habits increasing as much as 74%.
More then one way to consume media
So, the numbers are telling us that people are spending more time consuming media, and doing it in different ways. TV screens are no longer just “LIVE TV Screens” they are a window into what seems to be an endless library of content. We also watch on our mobile devices, laptops, tablets and desktops. Consuming content in the form of VOD, FEP, OTT, OLV, Native, and more, all providing an opportunity to reach an engaged consumer.
When’s the right time to get back in the game?
All the research and data that we are seeing is saying NOW. A recent consumer survey, found that 88% of US consumers want to hear from brands during these uncertain times. Consumers are looking for brand messaging to be informative and talk about how they are being helpful in the new everyday life, so it’s not just what you say, but how you say it that is key during these times.
So as the consumer looks to adjust to what is now the new normal, looking for things that give them comfort, make them smile, and occupy their time, there is opportunity for your brand in partnership with the Chizcomm Beacon Media team to provide guidance and expertise. If you have questions, concerns or thoughts that you would like to discuss, the ChizComm Beacon Media team is here to provide guidance and support.