Report: Marketers project continued growth in H2 ad spending with a focus on social media and CTV

Marketers are poised to maintain or even increase their ad spending across all channels in the second half of 2024, according to Mediaocean’s latest market report. This trend reflects the optimism that dominated the first half of the year, signaling strong confidence in the continued efficacy of digital advertising strategies.

The report, which surveyed over 1,200 marketing professionals in July, reveals that connected TV (CTV) and streaming services are at the forefront of media trends, with 56% of respondents identifying them as top priorities. Following closely, 55% of marketers view generative artificial intelligence (AI) as a key trend, while 47% highlight TikTok and social video as essential elements of their strategies. The growing importance of AI is particularly noted for its potential in data analysis and market research, with significant percentages of marketers planning to leverage these tools for better insights and decision-making.

The second half of 2024 will likely see a surge in omnichannel media investments, particularly in social media, digital display/video, and CTV. The report indicates that nearly two-thirds of marketers intend to boost their spending in these areas, with many also planning to maintain current levels of investment. This shift is underscored by Nielsen’s recent findings, which show a dramatic increase in streaming time, now capturing the largest share of TV usage ever recorded.

However, the integration of AI into marketing strategies is not just about content creation; it’s also about enhancing the analytical capabilities that drive performance. Survey respondents identified data analysis (45%) and market research (40%) as the primary uses of AI, demonstrating a clear focus on optimizing the effectiveness of their campaigns.

In terms of media investment, performance-driven paid media emerged as the most critical area, with 69% of marketers prioritizing it. The report also highlights a growing concern among advertisers about their proficiency in managing first-party data, a sentiment that has intensified following Google’s announcement to retain cookies while offering more prominent opt-out options for consumers. This development has led to an increased emphasis on adopting multi-ID approaches that balance cookies with other identifiers to deliver personalized brand experiences.