Content consumption of viewers is shifting due to the increase of streaming services and social media platforms.
A recent report by Statista showed that 62% of adults are currently subscribed to a streaming service and there are 3.5 billion active users on social media worldwide across all platforms.
In 2020 streaming services saw a 37% increase of subscribers, with numbers continuing to rise.
So, what does this mean for advertisers? It means, you have access to exceptionally large audiences. More importantly, these platforms are a streamlined source of knowledge when it comes to user data. Viewing behaviors based on what the consumer is searching and watching allows advertisers to more efficiently reach their target audience and see higher conversion rates. Advertisers often see better traction as well – instead of running an ad at a certain time of day you can run an ad that can be streamed at any time.
It is up to you to think strategically and understand your audience – What are their interests? What is their age demographic and household income? How are they spending their time? Investing in audience data will help you allocate your marketing budget to best connect, convert and see a greater ad spend ROI. The data will help determine if you could benefit from being an early advertiser on one of the streaming or social media platforms below.
Here is our breakdown.
Hulu
Hulu has recently rolled out its own version of an advertising platform for consumers and brands alike to take full advantage of. Currently in a “Beta” or testing phase, the platform allows you to connect with your audience in a new way stating: “Your customers are streaming. Your ads can be too” (Hulu). Hulu allows you to connect with your audience, set flexible budgets, manage your campaign easily and view up-to-date ad performance. For now, you are able to RSVP for the Beta program by heading on over to https://home.admanager.hulu.com/.
Discovery+
As one of the newer streaming platforms, Discovery+ will be a hot place for those looking to get their advertisements onto national television and reach a niche audience. If your brand is in the home repair, science, space, nature, or motor industries, Discovery+ is for you. Advertisers have increasingly turned to streaming platforms as a source of marketing and in 2020 spent an estimated $8 billion across all networks according to the Wall Street Journal. Advertisers can click the following link to get started advertising on Discovery: https://corporate.discovery.com/contact/advertising/
Paramount+
Paramount+ was heavily advertised during the Super Bowl this year and featured a slew of big name celebrities to draw consumers to the platform. Formerly known as CBS All Access, the platform will certainly have a captive audience as a reported 80 million American households had the network in 2018 (Nielson). Advertising on Paramount+ can be done through working with your local network provider.
TikTok
Not without controversy, TikTok has risen to be one of the most popular social media apps today. With over 800 million monthly active users, your brand needs to seriously consider the upside of being a TikTok advertiser. With a backend and dashboard that very closely resemble Facebook’s Business Manager, the platform allows advertisers to get their video and/or still images in front of a multitude of demographics and interests pulled from their users. If your target audience skews younger, this may be the perfect place to get the most out of your advertising budget. Sign up at https://www.tiktok.com/business/en-US/
Clubhouse App
As the most recent juggernaut social media app, and an innovation within the entire industry, the Clubhouse App has seen monumental growth since its release a year ago in March 2020. The app does not currently have an advertising platform, however – It does have some great capabilities that other social media do not offer. These include the ability for podcast re-runs, or live long form digital audio, name dropping products in large groups and even mid-roll ad reads in conference rooms and discussions. Stay tuned as we keep up to date with all that is happening in the Clubhouse world.
Through the innovation of new technology and rise of digital media it is crucial as marketers to understand the latest trends in advertising. Stay connected and be prepared to adjust your strategy and budget based on your numbers. We will continue to monitor and update you throughout the year on current digital opportunities.