Marketers stay confident with bigger budgets in H2 2024
In the second half of 2024, the ad industry projects a strong sense of optimism, as marketers remain committed to expanding their budgets across different channels, according to Mediaocean’s 2024 H2 report.
Optimism here follows a positive first half of the year, where businesses witnessed stable economic conditions and promising returns on investment from their advertising efforts.
As a result, a majority of advertisers plan to either maintain or increase their spending across all channels, signaling confidence in continued growth and consumer engagement. Readiness to invest further indicates an industry-wide belief that advertising is still a top driver of business performance, even in competitive markets.
Advertisers set to ramp up spending across all media channels
Marketers are allocating increased budgets to every advertising channel to reach diverse audiences. Social media, digital display/video, and Connected TV (CTV) lead the charge, driven by their proven effectiveness in capturing consumer attention.
Advertisers are maintaining their current levels of investment while actively looking to expand their reach and engagement by upping their spend.
Continuation of this trend into the second half of 2024 reinforces the deliberate strategies to optimize brand visibility and influence across multiple platforms, guaranteeing comprehensive coverage across consumer touchpoints.
Top tech and media trends marketers are betting on in H2 2024
Marketers are closely monitoring key consumer technology and media trends that could shape their strategies for the remainder of 2024.
Connected TV (CTV) and streaming platforms are at the leading edge, with 56% of marketers identifying them as the most impactful trend—pointing to the shifting consumer behavior toward on-demand content consumption, where streaming services continue to grow in dominance.
Generative AI, closely following CTV, captures the attention of 55% of marketers. Its potential to automate content creation, improve customer interactions, and refine data analysis makes it a powerful tool for modern marketing strategies. At the same time, 47% of marketers are prioritizing TikTok and social video, recognizing their ability to engage younger audiences with short-form, visually driven content.
Omnichannel advertising gains momentum
Marketers are leaning heavily into an omnichannel approach, integrating different platforms and channels to create cohesive and consistent consumer experiences. This approach is concerned with more than building presence, and rather on optimizing each channel’s role in the customer journey.
The rise in omnichannel media investments indicates growing understanding that consumers interact with brands across multiple touchpoints, and that a unified experience can greatly influence purchasing decisions.
Social media, digital video, and CTV lead ad spend increases
In the second half of 2024, two-thirds (66%) of marketers plan to increase their social media spending, capitalizing on the platform’s enormous reach and targeting capabilities. Social media is still seen as a powerful tool for brands to engage with their audience, build communities, and drive conversions.
64% of marketers are set to boost their investment in digital display and video ads, recognizing the visual impact and storytelling potential of these formats. With digital video consumption on the rise, particularly among younger demographics, this increase in spending is a calculated move to stay relevant and top-of-mind.
CTV, another major area of focus, sees 55% of marketers planning to increase their spending. CTVs combine the mass reach of traditional TV with the precision targeting of digital ads, making it an attractive option for brands looking to engage viewers in a more controlled and measurable environment.
A large portion of marketers also intend to maintain their current spending levels in these channels, indicating sustained confidence in their effectiveness.
CTV now seen as a powerhouse
Connected TV (CTV) is increasingly seen as a major driving force in the media market. Its importance was highlighted by Nielsen’s The Gauge, which reports a more than 40% increase in time spent streaming in June 2024.
This surge was the highest share of TV usage ever recorded, pointing to growing consumer preferences for streaming over traditional broadcast TV.
Marketers are responding to this shift by prioritizing CTV in their media strategies, leveraging its ability to deliver targeted and interactive ads to engaged audiences. The scalability and flexibility of CTV campaigns helps advertisers reach a wide range of demographics while maintaining control over their messaging and spending.
As streaming continues to capture more viewer attention, CTV’s role in advertising will likely expand further, becoming a core component of leading digital marketing strategies.
AI takes the spotlight in modern marketing strategies
Artificial Intelligence (AI) rapidly accelerated from a lofty futuristic concept to a present-day reality that’s impacting how marketers operate. Its applications are expansive, from data analysis and market research to creative processes like copywriting and image generation.
AI’s ability to process large volumes of data and derive actionable insights has made it key in the quest for more informed and efficient marketing decisions.
How AI is impacting data analysis and market research
Data analysis and market research stand out as the main areas where AI is making a great impact. According to the same Mediaocean survey data, 45% of AI use cases in marketing focus on data analysis, while 40% target market research—helping marketers sift through complex datasets, identify trends, and predict consumer behavior with greater accuracy.
AI-driven data analysis helps companies personalize their marketing efforts, tailoring messages to individual consumer preferences.
AI-enhanced market research provides deeper insights into market dynamics, competitor strategies, and emerging trends, helping marketers stay ahead in a fast-paced market.
Peering beyond these core applications, AI is also used in creative tasks, with 27% of marketers applying AI to copywriting and 22% using it for image generation, indicating its growing use for content creation.
Performance-driven ads and data expertise prioritized
Marketers are increasingly focused on performance-driven strategies that deliver measurable results—prioritizing investments that can be directly tied to business outcomes, such as conversions, sales, and return on investment (ROI). As the competition intensifies, the ability to track and optimize ad performance in real time has become key.
Performance-based media investments are top of mind
Performance-driven paid media continues to be a top priority for marketers, with 69% of survey respondents identifying it as the most important area of investment. This indicates a broader trend toward accountability in marketing, where every dollar spent must contribute to tangible business results.
Marketers are leveraging data and analytics to refine their strategies, making sure their campaigns are reaching audiences and driving meaningful actions that align with business goals.
First-party data becomes a key focus for marketers
Competently managing first-party data is becoming more important as marketers face a reality defined by rapidly evolving privacy regulations and consumer expectations.
In 2024, 35% of marketers consider first-party data a critical capability, a major increase from 2023—highlighting the growing reliance on data that is directly collected from customers, which offers more accurate and personalized insights compared to third-party sources.
Google’s recent changes to cookie policies, where cookies will not be deprecated but rather offer more prominent opt-out mechanisms, further reinforces the key importance of first-party data.
Marketers are encouraged to adopt a multi-ID approach, combining cookies with other identifiers to maintain the personalized brand experiences that consumers expect—helping businesses balance privacy concerns with the need for targeted and effective marketing.
Ad verification sees growing demand for transparency and trust
As digital advertising continues to evolve, marketers place a higher emphasis on transparency and trust in their ad verification processes. The ability to accurately measure ad performance, guarantee brand safety, and validate the authenticity of ad placements is becoming more and more important.
Real-time decisions and accurate measurement impact ad verification
When selecting ad verification partners, 33% of marketers prioritize measurement as the most important aspect, as there’s a pressing need for precise data that can inform real-time decisions and optimize campaign performance.
Accurate measurement makes sure ads are being delivered to the right audiences and that campaigns are achieving their intended objectives.
Actionability in real-time decision-making is also valued, with 23% of marketers considering it crucial. Brands can then adjust their strategies on the fly, responding to market changes and consumer behavior in real time, ultimately maximizing the effectiveness of their campaigns.
Ad verification needs broaden beyond basic metrics
Beyond this basic measurement, 16% of marketers emphasize the importance of comprehensive channel coverage in ad verification. This means that verification processes must account for all channels where ads are delivered, guaranteeing consistency and reliability across the board.
Integration and connectivity to media buying applications are also key considerations, with 15% of marketers reiterating their importance. Smooth and unified integration makes sure ad verification tools work in harmony with the broader media buying ecosystem, providing a cohesive and efficient workflow for managing campaigns.
Final thoughts
As you look ahead to your brand’s strategy, ask yourself: Are you fully leveraging social media, CTV, and AI to lead in a rapidly evolving market? Your next moves could define your brand’s position in this competitive market.
