What the new media buying economy means for your advertising strategy
The media buying economy has undoubtedly evolved over the years, but with the consumption of content continuing to increase by the day, our landscape today is battling just how exponential these changes are. Dave Mooney, head of planning at BCM Group, explains why brands need to see media planning as a creative act, in order to keep up.
In recent conversations with clients, it doesn’t take long for the topic to drift towards the proliferation of content. Access is practically limitless. Streaming services, online libraries, social media, forums, blogs, wikis, websites… the list goes on. From classic films and documentaries to niche podcasts and interactive experiences, there is something out there for everyone… yes, even you… you weirdo.
With access at an all-time high and the ability for anyone with half an idea and an iPhone to create something, is there any surprise that the traditional content capitals of terrestrial TV are beginning to fall flat? As we enter the content renascence, the time has come for a new media buying economy.
Every single day, 70,000 new tracks are uploaded to Spotify. YouTube sees 30,000 hours of new content uploaded each hour. There are roughly 3 million unique podcasts, while on Twitch 7.5M streamers are broadcast globally. The explosion of content has created new channels to democratise access and through channels such as TikTok, specificity prospers.
This is the idea that the shallow and obscure finally has an avenue to connect to its niche. In this environment aggregators are power brokers allowing the odd to thrive, and anyone caught on the edges can finally celebrate as creators connect to their 1,000 true fans.
The ease of access to content isn’t limited to the algorithmic efficiency of TikTok either. Access to streaming services such as Apple TV, Kayo, Disney+ and Netflix has never been simpler. Every smart TV is being sold with the apps pre-installed out of the box.
The moment you turn on your TV for the first time, the default action is to log-in to your services, not tune your TV. Can we have a minute’s silence for the millions of TVs in Australian homes that will never receive a free-to-air signal because of the internet.
But the opportunity to watch doesn’t directly equate to more time watching. Last year, Netflix users spent an average of 103 hours just deciding what to put on – that’s the equivalent to watching all nine seasons of Seinfeld one and a half times over.
Actually, that sounds alright to me. Where streaming services give you decision fatigue, the likes of TikTok allow you to spend that time simply watching. And watch we do! In fact, it’s estimated in 24hrs we actually live out a 32hr day. This is underpinned by multi-tasking behaviours with over 40% of that time spent engaged with some form of media.
Despite this shift in consumption, the rise of video on demand services and the move towards video first content strategies (ad spend on video strategies has increased 50% in just two years), there is an advertising gap in CTV/BVOD with many ad slots left empty.
For the inventory that is sold, it’s often sold two or three times, to the same advertiser, in the same ad break. So, the audience that brands spend their precious marketing dollars targeting with their carefully crafted communications has to endure the same 30-second spot running every 3 minutes, on repeat through every program.
However, a solution to this problem may not be as hard as it sounds. Ultimately it comes down to the new media buying economy which is actually a new value economy. I’m talking about something that is banded around regularly but rarely actioned well… audience first strategies. It’s about buying attention, not eyeballs. Making the right impression, not just renting the cheapest one and being exceptional not expected when it comes to linking media to creative.
Dave Mooney
Within this economy, new creative principles also apply. We must stop planning in silos. You cannot separate your creative strategy from your media strategy. Every opportunity to place an idea is an opportunity to make an impact. Media planning should be a creative act.
It allows you to build greater context to the idea through the use of the very place people will see your ad. This approach ensures that an ad is not just remembered but talked about. It does this because it connects with people in the right way.
This can only be done with media teams working more closely with creative teams. By bolting the channel and the idea together around its intended audience. Working with people who have an unwavering appreciation of how to connect – both creatively and through media.
To be able to do this you need teams that work hand in glove. You need media and creative teams walking in-step and doing what’s best for the client and the brief, not their own bottom line.
Presented with an avalanche of opportunity, we tend to stick to what we know. After all, what we know feels good. The challenge is to step outside of what feels good and become comfortable approaching old problems in new ways. This means removing the blinkers of the past and opening up to a new way of approaching the new media economy.
Dave Mooney is head of planning at BCM
