2023: What You Will See
Audio will continue to reign, and streaming giants will compete for ears. Time spent with audio continues to increase YoY, driven by streaming and podcast consumption.Streaming giants Spotify, Pandora and Apple Music have made it effortless for anyone to listen to any available content. Streaming companies will continue to find ways to attract and retain listeners through diverse and exclusive content, lower monthly subscriptions, and an increase in multilingual options.
Listeners can now consume music, podcasts, and audiobooks in the same place with no need to seek content elsewhere. We can expect to see the same from other streaming giants, fighting for listeners and the advertising dollars that follow.
2023: What You Won’t See
Brand reliance on macro and celebrity influencers. With the rise of attention-seeking outlets paired with an increasing public distrust in media, consumers are focusing their attention on a smaller set of outlets they deem trustworthy.
In the influencer realm, this translates to consumers spending less time with macro-influencers and celebrities, as engagement can feel unrelatable and inauthentic there. On the contrary, consumers are spending more time with micro-influencers that they relate to through common interests, life stages, and lifestyles. Brands will follow the engagement and attention by investing in these relatable micro-influencers
The metaverse becoming mainstream. Since Facebook rebranded to Meta in October 2021, you’ve heard the term metaverse mentioned just about everywhere. While the word metaverse has infiltrated our inboxes, actually interacting with it is far from a mainstream activity. With graphics that Fast Company compares to those of Second Life from 2003 and the need to use a chunky (and expensive) VR headset to experience the virtual world, people are not as enticed to participate.
According to this year’s Global Media Intelligence Report, only 8.6% of respondents own a VR headset. Engaging in a virtual world may be more common in the future, but there is currently a large disconnect between metaverse expectations and the reality of the technology.