This spring, our PR agency hosted 2021’s first Women in Media event: a virtual but timely discussion leading into the NewFronts and Upfronts season – a hugely important annual moment for the advertising and media industries. The Women in Media event series is open to everyone in the media, entertainment, and ad tech industries. The panel of industry experts discussed how these events have evolved due to the impact of COVID-19, how they are faring in the wake of changing consumer habits, if they are really still relevant and everything in between.
Moderated by Jeanna Liu, Managing Director at CDX Advisors, panelists included Amy Emmerich, Brand Advisor and Strategist, Emmy-award winning producer and former Global President at Refinery29 and Rebecca Barr, EVP of Media at GainShare.
Unable to attend the live event? Tune into the recording here.
Here are some key findings from the discussion:
COVID-19 Impact on Digital Advertising
One challenge that brands have faced in the wake of COVID-19 is a necessary pivot away from experiential or in-person marketing strategies toward advertising strategies adopting mobile digital versus traditional media. The panelists agreed TikTok has been leading the way in gaining the attention of Gen Z and thus, creating a truly unique opportunity for brands to leverage for advertising purposes. With over 689 million users, TikTok has set high standards for its fellow digital and non-digital competitors alike. However, despite the digital shift, Generation X is still more likely to turn towards TV advertising instead of social media. Platforms such as Twitch and podcasts also have yet to measure up to the success of apps like TikTok in terms of advertising efforts.
The Shift in Consumer Behavior
COVID-19 accelerated already emerging consumer behaviors, and the impact of those shifts on advertising across all platforms continues to evolve. With advances in digital, more people spending time inside working remotely, screen time has been at an all-time high. Within the last year, video content watch time surpassed over 23,000 hours. Will this continue with normalcy on the horizon?
The Future of NewFronts & Upfronts
Pandemic or not, the world is going digital and technology is continuing to advance. Advertisers had already begun to move away from traditional presentation formats even before the pandemic. But while Barr and Emmerich agreed virtual events are more manageable from a scheduling perspective, people will begin to look for reasons to network in real life once again. Barr and Emmerich also predicted that both the NewFronts and the Upfronts will converge into one season, citing Hulu, which pulled out of the NewFronts and is teaming with Disney for its Upfronts.
COVID-19 Impact on the Media Buying Season
Brands are constantly updating their messaging and strategy to keep their consumers engaged. Many advertisers pulled out of Upfront deals due to the pandemic over the past year, however, Barr predicts brands will secure Upfront deals, creating a competitive marketplace, despite not knowing what the future holds for viewership.
While we might still be dealing with the impact of the pandemic, it is clear that the media industry is pushing forward.
Samantha O’Rourke