AdNews asked industry figures for their assessment of 2022 and outlook for next year
Mark Frain, CEO, Foxtel Media
2022 was a very strong year for the advertising industry, with momentum continuing all the way through the year as previously dormant categories such as travel and tourism came back big. Media companies benefitted from the new consumer habits accelerated by the pandemic and more brands invested in growth.
2023 will be a year of continued opportunity characterised by major shifts both within the media sector, but also in the overall economy. We’re all aware of the cost-of-living crisis, as the RBA and government grapples with inflationary pressures and everyday Australians feel the effects in their wallets. Advertising arguably becomes even more important in this environment. Slashing marketing budgets is proven to amplify the effects of a downturn on a business.
2023 will also herald the arrival of new “TV” advertising inventory across Netflix, Disney+ and of course Binge. This represents the opening salvo in what will, in time, redefine how advertisers look at TV. The language around TV will need to evolve to stay relevant, as will how brands measure audiences (and therefore assign budgets). Within three years, the very idea of average audiences and average ratings will likely be a distant memory.
In the coming twelve months, the industry will face continued pressure when it comes to talent. To keep the best talent, organisations will need to take their people along the journey with them by providing training and advancement opportunities.
Another key issue will be ESG – and how the media sector at large can become a better corporate citizen. We’ve made some strong strides in this area by reducing our own environmental footprint at the Foxtel Group in line with our sustainability goals and are also committed to use our reach and programming to raise awareness of environmental issues. I believe coming into negotiations for 2024, it will be critical to have your house in order or at least a detailed plan for change.
Our mantra for 2023 will be three key words: Watchability, Connectivity and Useability. This means providing the best viewer experience, making data work-harder to empower intelligent media decision-making, and of course delivering the most effective advertising environments to our partners.
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