The advertising landscape is changing, BUT HOW?
Why matters: We like it or not, but advertising is fuelling our economy. It allows us (people) to have access to cool stuff for free or for less than we would like to pay (incl. movies, series, information, social media, maps).
Today: Google and Meta are the leaders in online advertising. The market size for TV and newspaper/magazine ads has steadily shrunk.
What's changing: Today, we can see new players emerging.
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Retailers (Amazon, Walmart, Carrefour) have created their own advertising platforms and started doing this at scale
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Streamers (Netflix, Disney, HBO, CBS) realised that they need to fund their movie and series with advertising (subscription isn't enough)
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TikTok shows that the social media landscape isn't set for good. Facebook, Instagram, and YouTube are being challenged by the growth of TikTok
Some questions remain:
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How will Meta and Google respond?
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What new formats will emerge?
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What will be the role of influencers and content creators in that new landscape?
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How will platforms balance privacy and performance?
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Will new formats benefit more multinational enterprises or small and medium businesses?
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How will sustainability concerns impact how we advertise and what we advertise?
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What will advertising look like if the UX for searching online looks like discussing with a chatbot?
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When it comes to innovation, you probably *shouldn’t* leave it to the professionals
Here's an interesting article by innovation practitioner, Toby Rooney, about building a culture that fosters innovation.
Why it matters: Toby argues that relying solely on professionals may no longer be an effective approach to running businesses in the digital age.
The big picture: The pace of change in technology is faster than ever, and this creates a business environment that is constantly evolving. But, businesses are still clinging to legacy models of professionalism and expertise. This approach stifles innovation and creativity, which are essential to thriving in the digital age.
Details: The professional model of business has many flaws.
What's next:
You can have a read of the full article here. and subscribe to Toby Rooney's innovation newsletter.