The 2023 Video Marketing Landscape: What To Expect
As we head into the new year, many marketers are eager to understand the 2023 video marketing landscape and how to make the most of their advertising spend.
Watch the webinar below to see QuickFrame by MNTN’s Managing Vice President of Commercial Sales Catharine Meketa-Poirot join eMarketer to discuss the trends, challenges, and opportunities ahead in 2023.
From Connected TV (CTV) and Over-the-Top (OTT) platforms to augmented reality (AR) updates, this webinar covers all the trends (and acronyms) you need to know as you head into the new year.
What Will Happen in 2023?
CTV and OTT Ad Spend Will Increase
As the time spent with digital video production increases, so will CTV and OTT ad spending. Even though they cut $5 billion from their overall digital advertising prediction, eMarketer increased their 2023 forecasted CTV advertising spend by $3.02 billion to a total of $26.92 billion.
While linear TV is still taking up a significant portion of the ad spend, CTV is expected to surpass half of all US TV ad spend by 2025.
When it comes to CTV and OTT, one of the most important aspects to note is the diversification of this ad spend. While it is increasing, it’s also being split between several platforms. According to eMarketer, Roku, Hulu, and YouTube combined will account for roughly 35% of the US CTV ad spending share. In 2020, these brands made up nearly 42% of the market.
Consistent, High-Quality Video Will Become Vital
As more streaming platforms offer ad-supported tiers, higher-quality video creative will become essential.
This is especially on our minds now, as Netflix has released its ad specs for the platform. To ensure viewers aren’t checking out as soon as an ad comes on, Netflix has implemented quality assurance guidelines to keep the ads the same quality as the platform’s content. While they’re certainly not the first platform to implement quality assurance, they are highlighting it more than others.
As we head into 2023, we can expect to see more of this quality control—especially across major platforms like Disney+ and Netflix. While this is an incredible opportunity to promote your brand, it will require living room quality video content.
Augmented Reality Will Remain Popular
Augmented reality (AR) advertisements will remain popular as one of the most interactive content types. AR features are found across platforms, including lenses on Snapchat and product try-on features on Pinterest.
While Gen Z users are most likely to use AR features, don’t count out the other generations! According to Statista, a majority of Silent Generation respondents were interested in using AR for various retail purposes, including testing out a piece of furniture or decor in your home (64%) and trying on new clothes, shoes, or accessories (57%).
In the upcoming year, we’re anticipating brands will take more advantage of these features to connect with consumers. As Catharine mentioned in the webinar, this is an incredible way for brands to interact with their customers in a more engaging way.
Trends Will Move Across Platforms
As we’ve seen over the last couple of years, TikTok significantly impacts other social media and digital video platforms. This is what caused Instagram to dive into their video-first revolution and YouTube to release its Shorts feature, both of which feature 9:16 videos (just like TikTok).
However, as Catharine explained, more brands will continue taking trends with them across platforms, even to CTV. However, she reminds us this has to be done skillfully.
You can’t just throw an unpolished UGC-like video onto your favorite streaming platform. Instead, you’ll need to take trends from TikTok, for example, and utilize them during higher-quality video production. We saw this done well earlier this year with Calpak. They took a trending social media audio and repurposed it in a living room quality video format.
QR Codes Will Be Used More Often on CTV and OTT Platforms
While Rams fans celebrated a huge win after the 2022 Super Bowl, marketers focused on something else: Coinbase’s creative (and effective) use of a QR code.
This ad featured a simple QR code bouncing around the screen, reminiscent of the old DVD logo. This ad was so popular that it crashed the Coinbase app. So, what’s the secret?
While it might look as simple as throwing a bit of nostalgia into the mix, it goes much deeper than that.
Yes, they used a revamped version of a beloved TV moment. But, once users got to the app, Coinbase offered them exclusivity. In this situation, it came in the form of a site credit for new customers or a contest entry for existing customers—offers only available for people who used the QR code during the game. As Catharine stated in the webinar, to make QR codes effective, giving viewers something they can’t otherwise get, like a discount or exclusive access, is critical.
Shape Your Marketing Strategy With 2023 Video Trends
As we make our way through the new year, these trends and opportunities can help you make the most of your ad spend. Watch the on-demand webinar above to get the tools you need to effectively navigate the 2023 video marketing landscape.
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