The AdNews end of year Perspectives, looking back at 2023 and forward to next year.
2023 has been a year of transformation for Vinyl Group, culminating in the recent change that saw our three pillars - Jaxsta, Vampr and Vinyl.com - coming together under the new umbrella of Vinyl Group. Despite a general scaling back from advertisers in niche digital channels with higher CPMs this year, we were fortunate to maintain robust sales of our full inventory.
2023 also underscored the challenges inherent in a purely ad-based model, highlighting the value of, and justifying our current diversified business approach. Such diversification has proven instrumental in navigating the turbulent waters of the current market and will hold Vinyl Group in good stead in 2024 and beyond.
Looking ahead to 2024, we're optimistic about a resurgence in market confidence and a corresponding increase in corporate spending across the sector broadly. While a return to the pre-pandemic levels of expenditure might be idealistic, there's a collective eagerness to reignite a sense of enjoyment and prosperity in business, and we’re already seeing this shift take place across various channels. The new year presents an exciting opportunity, and we’ll be working hard to strike the right balance between cautious optimism and the pursuit of innovative, exciting ventures.
As we approach the end of this particularly challenging phase, the market presents a dual landscape. For early-stage startups, finding product-market fit in an ever-shifting business environment remains a formidable challenge. Conversely, for well-positioned companies, this is a prime time to acquire top talent and implement innovative ideas at previously unattainable values. It's a period ripe with potential, especially for those with the acumen to capitalise on these unique market conditions.
Josh Simons is CEO at Vinyl Group
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