In its annual Media Trends and Predictions report, which provides predictions for 2024 and beyond, Kantar Media suggests media and advertising companies could witness an ironic predicament — an abundance of tech solutions, but a potential uptick in ad wastage.
The report states that with numerous technological advancements at their fingertips, businesses could struggle to identify the most effective tools for their operations.
An inability to navigate through the tech ‘noise’ may lead to poorly allocated resources and investments, it adds.
The report suggests companies should emphasise sorting out the essential from the nonessential, and knowing when and where to deploy specific technologies to their maximum potential.
The report also looks at other trends it predicts will shape 2024, including ad-supported streaming, the opportunities and challenges of AI, and how integrating multiple data sources will supercharge audience insight.
Speaking about the report’s findings, Patrick Béhar, Global CEO, Kantar Media, said: “We live in an era where data is plentiful, not just the volume of data, but how effectively we harness it to make meaningful and timely decisions. More insight can unlock greater foresight, and I am certain that the industry can adapt, anticipate and navigate the forces proactively. That is a huge challenge and opportunity for the industry to grapple with as we head into 2024.”
Kantar’s Media Trends and Predictions report is available to download here.