Earlier this month I had the opportunity to attend Advertising Week Australia.
Nestled amidst the nostalgic charm of the iconic amusement park, the event was a pulsating hub of innovative ideas, offering glimpses into the future of advertising. The week's conversations hovered around three groundbreaking topics: the rising prowess of retail media, the transformative data in TV, and the omnipresence of generative AI in the advertising sphere.
In an era where consumer behaviour has drastically evolved due to pandemic-driven circumstances, retail media is witnessing a remarkable surge. Dubbed as the third wave of digital advertising, it follows search and social media, promising an anticipated growth in the Australian market to AU$2 billion by mid-2026. As Chloe Hunter from LiveRamp ANZ poignantly stated, businesses in this evolving landscape should build stronger connections with their customers by leveraging first-party data, creating more tailored consumer experiences. Hayden Skelton's statement underscored this sentiment, emphasizing the value retail media brings, especially with the waning reliance on third-party cookies.
Then there's the TV industry, experiencing a metamorphosis driven by new-age video analytics. A term that frequently popped up was Automatic Content Recognition (ACR). This cutting-edge tech, present in almost every smart TV, unlocks precise audience insights by analyzing their content preferences and viewing patterns. Fiona Roberts of MiQ highlighted the surge in the utilization of ACR data, emphasizing its importance in understanding a holistic TV perspective, encompassing linear TV, broadcast video on demand, connected TV, and platforms like YouTube.
However, the buzz that dominated many conversations was generative AI. If you're acquainted with Open AI's ChatGPT or Google’s Bart, you've stepped into the world of generative AI. The potential of this tech in revolutionizing the advertising world has polarized opinions. Helen Girdlestone of LinkedIn mentioned that most marketers are yet to harness the power of AI in their strategies, while Rose Herceg from WPP talked about how AI tools like ChatGPT have become integral in their daily operations. She detailed how WPP’s venture, Hogarth, integrates AI into its shoots, highlighting the innovative potential it holds in the advertising realm.