Amid a weaker market, positive signs include retail media networks, ad-supported video streaming and more car ads, per Magna's closely-watched note.
“Ad spend slowed down significantly through the second half, and fourth quarter ad sales were flat year-over-year,” Magna wrote in its forecast. “Looking at 2023, there are mixed economic signals , while financial turbulence is generating anxiety among consumers and businesses.
In that context, Magna also highlighted that “ad-supported long-form video streaming is expanding with the launch of ad tiers from Disney+ and Netflix , allowing brands to reconnect with demographics that are increasingly hard and expensive to reach through linear television.” Amid key ad categories, automotive is providing good news due to signs that it has finally turned a corner. “Car sales have started to grow again, and media owners already saw a rebound in ad spend in the fourth quarter,” Magna highlighted. “Travel and entertainment will also grow ad spending in 2023, while consumer packaged goods, restaurants and retail brands might struggle.”
Retail media networks are digital ad platforms offered by retail companies that tap into sales data and sell targeted ads on a collection of digital channels, such as websites and apps, to marketers that want to reach shoppers. According to the forecast, their ad revenue will jump 15 percent this year to $41 billion.
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