As we find ourselves just over the halfway mark for 2024, it's time to take a peek at how the Australian media landscape is shaping up against the predictions many of us made back in January. Are we seeing the future unfold before our eyes, or are some trends still stuck in the "loading" phase? Let’s take a look at some of the most popular trends that were set across the industry.
Gen AI in marketing and media: The robot invasion is (not really) here
Generative AI has certainly made its presence known in the industry and uptake has been soaring this year, with WARC reporting in April that 95% of Australian businesses are leveraging more AI to create more targeted, personalised marketing efforts. Thankfully, however, the few that predicted that Gen AI would leave us all jobless has not come to fruition and as AI becomes a part of our everyday lives, we’re becoming more positive about its role and how we’ll work with the technology and not need to deal with the robot uprising that some first thought. it's not quite the job-stealing scenario some feared. Deloittle noted in itsQ2 State of Gen AI report that 70% of high Gen AI use companies felt that their product or service had improved since utilising Gen AI in the short term, with 39% also expecting an increase in headcount, due to needing increased data and technology expertise.
Social Commerce: From Scrolling to Shopping
The integration of shopping features into social media platforms has gained significant momentum. This trend has seen notable growth, and while an exact number on how much consumers have spent through social commerce so far this year is hard to establish, the continuing development of social commerce features by platforms suggests that it’s remaining an important and lucrative area of growth.
The big opportunity of note as we dive into the second half of this year could be TikTok Shop. TikTok is already a leader in the social commerce space, driven by #tiktokmademebuyit (one billion views globally per week!) and the platform is really positioning itself as the place for consumers to be inspired, search and purchase. However, it is still uncertain whether TikTok Shop will make it fully to Australian shores, with representatives confirming there are no plans to launch the e-commerce platform in 2024, despite many creators on the platform saying that their sources have confirmed that it’s happening. It’s definitely a space to watch over the coming months for marketers and brands alike. In the meantime, brands should be focusing on optimising their social media presence to capitalise on this trend, creating more seamless shopping experiences within the platforms where consumers already spend much of their time.
Podcasts: The audio achievement of the year
If there's one trend that's hit the bullseye, it's the continued rise of podcasts. The latest Edison Research Infinite Dial Australia report shows Australia has experienced a 20% increase in podcast listenership with almost half of Australians now listening to podcasts at least once a month.
Podcasts’ growth in popularity has multiple reasons but many are putting it down to an increase in the breadth of content, meaning that almost anyone can find something that appeals to them. In addition, it’s seen as a more intimate experience, by creating a platform where you can listen to someone talk about content that you love, with the bonus of being able to consume the content on the go. It can be used for entertainment, education or personal development, making podcasts a place where people can go for their fix, whatever that may be.
Privacy: The digital age's new currency
Privacy concerns are definitely in full swing and I can’t see this being a trend that is going to go away anytime soon. Recent research by Honeycomb Strategy found that 77% of Australians prefer privacy over personalisation. This means that we can no longer rely on offering personalised experiences as a way to get consumers to share their data with us. Alongside this, consumers are getting smarter about the challenges around data privacy and they’re speaking up. The research by Honeycomb Strategy also found that nearly 88% of Australians demand greater clarity on data usage intentions by the brands they engage with, and many will switch brands if they feel their data is mishandled. In addition, the Privacy Act is due to be overhauled with no less than 166 reforms, designed to strengthen individuals’ rights and control over their personal information. Brands need to make sure they have clear, consumer facing, data privacy policies in place that can reassure consumers that their data is safe and being used in a way that is acceptable, and more importantly, that they’re aware of. Now is not the time to just hope that a data breach doesn't happen - it’s very much ‘fail to prepare, prepare to fail’ when it comes to privacy and data security. The time to act is now.
Streaming Services: The growth platform
The streaming revolution continues to reshape the advertising landscape, creating new opportunities and access to consumers who have been hard to reach across other video formats. Netflix has always been a barometer of the success of ad supported subscriptions since it introduced its ad supported membership tier in 2022, and while we didn’t see a lot of traction initially, we’re starting to see growth, potentially driven by the cost of living and consumers opting for cheaper streaming options. Netflix said its ad tier membership grew 34% in Q2 from the prior quarter and they’re expecting it to be a primary revenue growth driver for the business towards the end of the year and into 2025.
We've also seen more platforms introduce ad supported memberships, with Amazon Prime being the most notable. In May, the streaming platform introduced “limited advertisements” on its standard membership, with members needing to now pay more for ad-free content. Given how recent the change has been, we haven’t seen how it will impact Prime’s membership volumes, but regardless, it’s good news for advertisers, especially those who sell through Amazon, with a new platform available and expanding ad opportunities as a part of their wider marketing strategy.
While some of our predicted trends haven’t quite reached their full potential just yet, they're certainly making waves across the industry. Marketers, now is a great time to assess your strategies and direction for the remainder of the year to make sure that you’re capitalising on these trends. If you feel that you could be doing more, then test. Don’t be afraid to push the boundaries, as long as you have a robust testing framework in place to ensure you’re getting the most out of everything you try.
We’ve still got a way to go before the end of the year so there is still time for these trends to peak or plunge but that's the nature of trend-watching – sometimes you catch the perfect wave, and sometimes you're left paddling. One thing's for sure: the Aussie media landscape is anything but boring, and we can't wait to see what the rest of the year brings. Stay tuned!
Emilia Chambers, Head of Strategy, The Pistol