Talking Shop July 2024

Veritone – a powerful new way to measure the impact of radio advertising

Attribution is crucial for measuring ad effectiveness, but the UK lacks a widely-used audio attribution tool. Bauer Radio is partnering with Veritone, an AI and analytics technology leader, to trial a new audio attribution model. This model aims to link radio advertising with web traffic, by measuring the immediate impact of radio ads on web visits.

The new tool, Attribute, allows advertisers to evaluate both advertising and promotional airtime placements in depth, demonstrating ad effectiveness within a custom attribution span of around 8 minutes and within specific geographic locations. It will provide insight into the best performing stations, timebands, days of week and ad lengths. The tool is available on Bauer’s national stations and now also on several regional stations, including Clyde 1and Forth 1 in Scotland; Cool FM in Northern Ireland; and Hits and GHR stations in Manchester, Liverpool, Birmingham, Lancashire, Staffordshire & Cheshire.

Contact your Campaign Manager at The Media Shop for more information on implementing Veritone’s attribution tool with your radio ads.

Global – Culture Vultures 2024 Study

Global is spotlighting industry insights with new research on the arts sector through their ‘Culture Vultures’ study. This study examines the market’s stability amidst rising living costs, surveying 1200 people nationwide.

Last year’s research highlighted the arts sector’s recovery post-pandemic and the impact of rising living costs. Since then, consumer spending is expected to have increased by 4%, with 90% of the UK visiting at least one arts venue in the past year (-1% vs 2023), and 41% prioritising arts and attractions this year (stable vs 2023).

For those wondering when best to run campaigns, the research highlighted that only 7% of people booked a visit less than 7 days in advance, continuing a trend of decreased spontaneity. Consumers also continue to prioritise budget considerations, with nearly a third (29%) seeking free events and 40% actively comparing costs

This research offers actionable insights to refine marketing strategies, ensuring effective engagement with the arts sector audience. Ask your Campaign Manager to share the research if you would like more detail.

Meta’s AI advancements drive double-digit growth in ad performance

Meta is increasingly leveraging AI, resulting in a double-digit rise in return on ad spend (ROAS). In a press event on the first day of the Cannes Lions International Festival of Creativity, Meta shared that new research found ROAS in the US reached $3.71 in 2024, up from $3.31 in 2022. Significant AI-driven improvements across its ad products have contributed to this boost. Meta’s Advantage+ shopping campaigns are delivering strong results, while AI advancements in ad targeting and delivery are enhancing performance.

They also announced that AI functionalities will be introduced to Messenger, facilitating the sending of paid marketing messages on the platform. It is currently being tested in the US and Asia-Pacific. In addition, Mark Zuckerberg in a preview of Meta Connect 2024 this week, indicated that technologies such as powerful AR smart glasses and neural wristbands will be a key focus of their announcements later this year.

TikTok introduces ‘Notes’ for text-based updates

Just when you thought you were on top of all your social media platforms, TikTok has launched a new social app called Notes, in Canada and Australia (for now). A competitor for Instagram, Notes allows users to post short text and image updates of up to 1000 characters, which disappear after 24 hours. This feature aims to foster more personal and casual interactions amongst users, differing from TikTok’s traditional video content focus. Notes can include text, emojis, and hashtags, enabling more casual and frequent brand engagement.

TikTok’s move comes as social media platforms increasingly compete for user engagement through diverse content formats. By introducing Notes, TikTok seeks to broaden its appeal and keep users engaged within its ecosystem.

UK SVOD platforms facing subscriber plateau

The number of UK households with one or multiple streaming subscriptions has reached a plateau, according to BARB’s latest Establishment Survey. 19.5m UK homes, or 67.9% of the population, had access to a subscription VOD (SVOD) platform in Q1, according the to the study. This is an increase from 18.8m households (or 65.4%) in Q4 2023, but it is almost flat compared with Q1 2023, when SVOD penetration was at 68.4%.

The proportion of homes with two or more services hit 13.6m (47.3%). Again, while this marked growth on the previous quarter, this was flat year on year. Netflix remained the most popular service, present in 16.7m (58%) of UK homes, followed by Amazon Prime.

SVOD platforms in the UK are banking on economic recovery and ad-supported tiers to drive growth amid subscriber plateaus. The new ad tiers offer lower-cost options, attracting budget-conscious consumers, and providing advertisers with new opportunities to reach engaged audiences, who may have abandoned linear TV channels. This enables targeted advertising within premium content, allowing for precise audience segmentation and tailored campaigns.

How advertising can lead the way to a sustainable future

The Advertising Association’s new book, “Sustainable Advertising – How advertising can support a better future,” outlines a comprehensive action plan for how the advertising industry can accelerate a sustainable economy.

Featuring insights and case studies from over 70 global organisations, the book emphasises the critical role advertising can play in combating climate change. The book provides strategies for reducing carbon footprints and promoting sustainable behaviours, aiming to help the industry transition rapidly to more sustainable practices. Profits from the book support the Ad Net Zero initiative.

IAB Engage: The Joy of Digital

This month, we attended the IAB Engage conference where the theme this year was Joy! As digital marketers, we can often get preoccupied with data, analytics, tracking and troubleshooting so it was a good reminder that ‘digital ads are a conduit to joy’, as James Chandler, IAB CMO, put it.

And whilst there was a lot of entertainment and laughter in the room, it is clear from the conference that important subjects such as attention, sustainability and effectiveness are still a priority for the industry, with all three subjects featuring heavily on the agenda.

You can read a summary of the 11 key highlights here.