We are living in a fast-paced world where everything is changing every day for better or for worse. The same thing applies to digital publishing. With changes in human behaviour and priorities, different changes are also being seen in the digital publishing market. Brands that are associated with digital publishing will have to embrace all these changes in the upcoming times to get the maximum advantage.
Trends in digital media
In Digital media platforms, there have been a lot of new trends that can prove to be beneficial or destructive for your business and that totally depends on how fast a business adapts those trends.
Now let’s dive deep into all those trends,
1. Interactive video content –
Demand for creative, captivating, and unobtrusive interactive video content skyrocketed in 2023. Video content is becoming important with each passing day because of the decreasing attention span of users and it also helps the creator to convey their message more clearly. In order to improve the user experience in 2024, collaborating with partners who can efficiently deliver this kind of content will be essential. Since interactive content engages viewers 52.6% more than static content, it’s crucial for drawing in and holding the interest of viewers. Furthermore, by gathering insightful information about audience behaviour through interactive content, future content strategies can be developed without the need for cookies.
2. Less dependency on cookies –
The digital advertising landscape has undergone a transformation due to the decline of third-party cookies, which has forced publishers to adopt contextual advertising strategies and first-party data. With more than half (53%) of digital marketing campaigns still depending on third-party data, development is still sluggish. As 2024 draws near, it’s critical to have your cookie-less strategy prepared to guarantee a seamless transition and ongoing advertising efficacy. Without a cookie-less approach, publishers run the risk of having their ad targeting and personalisation capabilities significantly disrupted, which could result in lower advertising revenue and effectiveness.
3. Shift to a subscription model –
From social media platforms to newsletters and websites, the subscription model is expanding its footprints to nearly every industry. The necessity of striking a balance between revenue generation and user experience has been brought to light by the rise of subscription models. The goal for the upcoming year should be to deliver high-quality content while maintaining a smooth and interesting user experience. As an illustration of the significant reach and influence of subscription models on advertising revenue, one publisher, with over 9.3 million subscribers, successfully embraced subscriber audiences to power ad revenue in 2023.
4. Focusing on the brand safety –
The importance of brand safety has increased in tandem with the demand for reliable and high-quality journalism. In 2024, upholding strict editorial standards will be crucial to guaranteeing a trustworthy and secure platform for users and advertisers alike. About 40% of marketers anticipate a rise in brand safety concerns in relation to this problem, underscoring the vital role publishers play in creating a transparent and safe environment for advertising.
5. Following sustainable practices –
The new generation is more socially conscious and they care about whether the brands they’re buying from are also doing the same or not. To get more Gen-Z customers on board through your digital platform, talking about and following sustainable practices is very important. There is clear evidence that consumers are becoming more interested in ethical and sustainable advertising.Customers clearly want businesses that prioritise ethical and sustainable practices, as evidenced by the 81% of shoppers who actively seek out eco-friendly marketing and advertising and the 92% of consumers who express confidence in such businesses. In 2024, establishing alliances with companies dedicated to environmentally friendly business practices and careful carbon footprint tracking will be crucial for capitalising on this change.
6. Spotting the algorithm changes –
One of the most important things required to win the digital game is understanding the algorithm of the platform. Big tech platforms’ algorithm changes in 2023 caused publishers to face serious difficulties because they decreased inventory and revenue. Declining CPM rates also made publishers’ profitability even more precarious. In order to reclaim control over data and revenue streams, publishers should concentrate on creating high-quality content that their audiences value. This is especially important because it was recently discovered that social media platforms in the US owe news publishers anywhere from US$11 billion to US$14 billion annually, underscoring the need for more equitable revenue-sharing arrangements.
7. Monetizing CTV inventory –
As CTV’s exponential growth, fueled by an astounding 19.6% increase in ad spend in 2023 alone opens up new revenue streams, striking the right mix between monetization and supplier selection becomes crucial. Brands may more successfully target their intended audience and deliver compelling, relevant advertisements that resonate with viewers by selecting the correct CTV supply partners. This will increase viewer engagement and brand awareness.
Conclusion
Change is the only constant – this is not just a philosophical quote but also a business quote. Businesses will have to adapt to those changes that are happening in the market to make sure they stay relevant and run their business fluently.