Results of a survey of nearly 1,100 marketing and advertising executives – representing brands, agencies, media companies, measurement firms, tech platforms, and other marketing industry constituents – show that 78% expect to increase or maintain their spend on audio advertising in 2024. That's up from 76% for 2023, while the decrease-spend slice of the pie shrunk from 24 to 22%.
The study, conducted last November by TechValidate, and commissioned by ad services and software company Mediaocean for its 2024 Advertising Outlook Report, also shows radio steady when it comes to respondents planning to increase ad spend, at 24% for 2024 vs. 24% and 25% for 2022 and 2023 respectively. That's a better place to be than print media, which since 2022 has seen expected increased spending down 3%, while both connected TV and retail media are down 4%, with national TV down 7% and local down 9%.
“Our research indicates a wave of optimism sweeping across the industry heading into 2024,” Mediaocean's report says. “Marketers are gearing up for an active year ahead, with a substantial majority expressing their intent to either maintain or increase their spending in every channel. Clearly this is a commitment among the advertising community to a diverse mix of media channels, and we’ve seen a focus on omnichannel execution emerge over the past few years.”
Generative AI (57%), CTV/streaming (53%), and TikTok/social video (49%) top the consumer trends survey participants are watching in 2024, while the metaverse is capturing far less attention than it did two years ago, when a third (34%) named it a key trend. Specific to AI, 39% of respondents report currently using it for data analysis, followed by 35% for market research, and 26% for copywriting.
As to the largest areas of concern in survey-takers' media and marketing initiatives, the decline in the ability to measure campaign effectiveness on tech platforms and the open web leads with 43%, while 61% of the sample names performance-driven paid media the most critical ad capability and media investment, given current macroeconomic conditions.
“2024 is shaping up to be a year of innovation and creativity,” Mediaocean Research Analyst Joanna O'Connell says in the report. “While direct-response campaign performance remains a top priority for marketers tasked with delivering tangible ROI, brand advertising is gaining momentum as companies take a longer-view approach to driving customer loyalty and lifetime value. The media community understands the intrinsic relationship among these things; if we over-rotate to short-term performance-oriented activities, we risk minimizing the longer-term benefits of investing in brand. As global head- and tailwinds ebb and flow, long-term thinking is paramount.”