Unveiling the New Ad Powerhouse: Why TV Still Reigns Supreme in the Marketing World
TV's significance as an advertising medium has drastically diminished, as per Kantar's Media Reactions report Marketers' once favored channel has seen a sharp decline in importance over the past year
TV, despite still being the most trusted medium, has dropped out of marketers' list of preferred ad channels for the first time, according to research conducted by Kantar. According to the Media Reactions 2023 report, TV has gone from being the third preferred media channel to the 12th in 2022. The report, which surveyed 900 global senior marketers and 16,000 consumers, highlights that TV remains the most trusted ad channel. However, only a net 6% of marketers anticipate increasing their TV spend in 2024.
TV sponsorship's importance has decreased among marketers, dropping from 12th place last year to 20th. TV has never been highly rated by consumers and once again fails to make it into the top list. However, historically, it has been favored by marketers in this study.
Online video remains the top choice for marketers' preferred media channel, a position it has held for four consecutive years. A net balance of 74% of marketers plan to increase their media spend on online video in 2024. Despite this, online video does not rank among consumers' top five preferred media channels.
Sponsored events are highly regarded by both marketers and consumers, with consumers considering them as the top advertising channel and marketers ranking them second. Digital out-of-home advertising also holds a favorable position among both marketers (third preference) and consumers (fifth preference).
Although it does not appear on the ranking list for marketers, cinema advertising is the second most popular channel for consumers.
"According to Gonca Bubani, Kantar global thought leadership director for media, successful advertising now seamlessly incorporates itself into consumers' daily activities, whether they are scrolling through content, watching videos, or simply going about their day. In a recent study, consumers have expressed their strong preference for out-of-home advertising, such as sponsored events or cinema promotions."
"Although marketers may be inclined towards utilizing newer advertising channels, the research indicates that they tend to choose advertising platforms with caution."
Following a disorganized acquisition and rebranding led by owner Elon Musk, X (previously Twitter) currently holds a mere 7% trust rating. Given the tumultuous year it has endured, it comes as no surprise that it fails to appear on the preferred channels list for both marketers and consumers.
In fact, a significant majority of 14% of marketers state their intention to decrease advertising investments on X in 2024.
YouTube has been crowned as the marketers' favored ad channel, surpassing Instagram in 2022. Additionally, it is deemed as the most trusted advertising platform. Trust plays a significant role in marketers' preferences, evident in Google's second place ranking.
In contrast, YouTube ranks among the least captivating advertising channels for consumers. It fails to make it into the top five consumer-preferred ad channels. Instead, consumers favor Amazon as their preferred advertising platform.
TikTok is widely recognized as the top ad platform, capturing a significant amount of attention from both consumers and marketers. It is ranked third among consumers' preferred platforms and fourth among marketers'. Surprisingly, approximately half of marketers do not prioritize attention when considering media channels, instead focusing on brand and sales outcomes.
The marketing industry was abuzz with discussions about the potential of the metaverse last year. Despite 61% of marketers expressing their intention to increase spending in the metaverse in 2022, only a mere 12% actually followed through. Looking ahead, only 22% of marketers anticipate investing more in the metaverse by 2024.
