From a consumer perspective, U.S. TV audiences are down 11% this year, and 87% of viewers use another device while watching the big screen. From a marketer perspective, the percentage of decisions made using analytics is up 22% in the past year, with 80% of companies now able to demonstrate the impact of marketing spending.
So it makes sense that budgets are migrating. But where within the digital world is all that money going?
Brands have moved past the first wave of multiscreen marketing, which simply meant running your 30-second spots during other online video content based on reach and frequency metrics. Now budgets are being (re)allocated to platforms that can deliver the reach and resonance of TV accompanied by the targeting and tracking of digital. They’re going to platforms that can amplify TV brand messaging and extend the value of TV advertising investment. They’re going to platforms that can reach audiences that are cutting the cord or never even had a cord to begin with. They’re going to social media.
Why? Consider these stats:
Against this backdrop, is it any wonder Facebook added eight new featrues for live video, including a dedicated video tab on mobile? And now can you see why Twitter paid $10 million to stream NFL games this season.
When it comes to the future of TV advertising, social is where it’s at. In fact, social advertising will see the largest growth of any marketing channel over the next 12 months. But social media is more than just a happy home for TV budgets. It’s a platform poised to make TV great again.
Social makes TV more relevant (and valuable) through real-time interaction. Through social, viewers can engage with other viewers or even directors, cast and crew. They can watch social media posts stream across the bottom of their screens. They can be part of a live, limitless water-cooler conversation. But – spoiler alert! – it’s not the same when content is time-shifted. So social puts a premium on sports, awards, premieres and other must-see-live TV.
Social makes TV advertising more relevant (and valuable) through real-time insights. Marketers can use social data to determine affinities among brands, networks, programs and celebrities. They can use social engagement metrics to measure the impact of their commercials and sponsorships. And they can buy addressable TV audiences using social media segments. In this sense, social puts a premium on TV transactional formats and currencies.
Bottom line, TV ain’t going anywhere -- except down to the #2 slot in total media spend. And it’s still #1 for mass reach and emotional resonance. There’s simply no better channel for building a brand.
But there’s simply no better TV without social these days. To capitalize on the future of TV advertising, marketers would be wise to seize the moment and make TV strategies more social -- and vice versa.