Categories: Business

Why social ad will attract more spend in 2023 —Report

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2 years ago

THE confidence of brand owners in social advertising and its capacity to positively impact bottom-lines may be one of the factors the channel will continue to attract ad spend in this year.

Mediaocean, a mission-critical platform for omnichannel advertising, gave the clue in its ‘2022 Market Report and 2023 Outlook’ released recently.

The bi-annual report highlights some factors likely to drive the advertising economy as seen by industry leaders, including major changes in consumer behaviour and the overall macroeconomic environment.

In the survey featuring over 600 leaders from media providers, advertising agencies and tech companies, the platform garnered insights that focused on key media and marketing trends along with projected advertising investments for 2023.

One of such insights is the surprising response to various changes among social platforms.

“Social advertising — and short-form video in particular — will attract more year-over-year spend increases in 2023 than any other channel,” the report revealed.

On the biggest opportunities to improve paid social campaigns, more than half of respondents cited “better creative and production tools.”

Most of the respondents also identified measurement improvements, improvements in integrated media planning and execution, as some of the single tech innovations they think will be most impactful for their advertising in 2023.

Another of such findings is the revelation that despite a turbulent year for marketers, and a number of major changes to navigate, there is increasing confidence from brand owners in the potential for emerging technology solutions to support their objectives.

Some of the tools identified range from creative automation, machine learning, cross-platform integrations, to measurement.

The survey also revealed some concerns for the safety and suitability of media environment, with over half of those surveyed expecting their concerns around brand safety to remain the same, next year, while approximately 40% expect those concerns to increase.

A single-digit percentage expects those concerns to decrease.

Speaking on the report, CMO at Mediaocean, Aaron Goldman, identified some changes in digital and media landscape as some of the factors that changed consumer sentiment in 2022.

“In 2022, we saw a considerable amount of change in the digital and media landscape, in large part due to the macro-economic environment and rising inflation rates that continue to shape consumer sentiment.

“To combat the challenges ahead, our research shows priorities being placed on paid social, converged TV and video, creative automation, and cross-platform measurement.

“At Mediaocean, we will continue to deliver mission-critical technology solutions that address the key needs of the advertising ecosystem,” he added.

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