Making Time for Time-Spent Measurement

OK Iamp8217ll grant you This is not the first time Iamp8217ve quoted this legendary line from more than a century ago delivered by marketing pioneer John Wanamaker But boy is it ever relevant in the context of todayamp8217s columneMarketer recently published a report that we found highly interesting amp8211 maybe even somewhat startling in parts amp8211 addressing what can fairly be called the misalignment of media spend with actual timespent with mediaIn fact in their recent report eMarketer researchers wrote amp8220Our analysis reveals significantamp8212and sometimes extremeamp8212imbalances between where consumers spend their media time and where marketers put their ad dollarsamp8221Per the report amp8220US Ad Spending vs Time Spent 2024amp8221 marketers will spend almost 390 billion on ads in the US this year with more than half going to media and entertainment platforms amp8220that are constantly competing for consumersamp8217 time and attentionamp8221 US adults will spend an average of 12 hours 37 minutes per day with those platforms it notesLetamp8217s look at some of the platforms expected to benefit from that spending and how that lines up with the time consumers spend on these platformsSpending on connected TV CTV is projected to increase 188 this yearamp8212one of the highest rates of any medium eMarketer tracks amp8220Yet the gap between CTVamp8217s share of consumer attention and its share of total ad spending continues to widenamp8221 the report assertsPerhaps counterintuitively eMarketer researchers find that linear TV will claim just 151 of all 2024 US ad spending though US adults will spend amp8220almost a quarteramp8221 of their daily media time with amp8220old fashioned cable satellite and broadcast TV servicesamp8221 As eMarketer observes amp8220Traditional TV is more popular than advertisers seem to think it isamp8221The irony here actually is that CTVamp8217s growth this year will owe much to the rapid growth of political spending on that format amp8211 and yet at the same time the lionamp8217s share of political will continue to go to linear TV primarily leading local broadcast TV stations and secondarily targeted spot cableAnd yet despite the predictably heavy concentration of political spending on these linear and CTV platforms social media by contrast commands north of 20 of total ad spendingWhich takes us to where the disparity appears in the other direction eMarketer finds time spent with social media is amp8220stagnatingamp8221 yet ad spending on those platforms amp8211 led by Facebook and Instagram collectively receiving 75 of social ad money is still rising Social time has amp8220peakedamp8221 eMarketer forecasts and will start to decline next year amp8220Nonethelessamp8221 the report notes amp8220social network ad spending will increase by 160 this year and 114 next yearamp8221In fact among beneficiaries of misalignment between timespent and ad dollars received Facebook and Instagram parent Meta is King amp8220The adult population will spend 36 minutes per day with Meta properties this year roughly the same as with YouTube or Netflixamp8221 the report notes amp8220But Meta will turn those minutes into 6463 billion in ad revenues nearly four times YouTubeamp8217s gross revenuesamp8221And in terms of audience reach YouTube is certainly on a roll It vaulted into the lead among media distributors in the July 2024 Media Distributor Gauge report Nielsenamp8217s monthly view of total TV consumption by media company Time spent watching YouTube on television sets was up 7 compared to June and it accounted for 104 of total TV in July amp8211 actually surpassing Disney whose collection of linear networks and streaming services was second with a 99 shareWhich leads me to another observation What do we mean today by the term amp8220primetimeamp8221 When the leading aggregator of amp8220TVamp8221 audience is YouTube is the traditional amp8220primetimeamp8221 window of 8to10pm Eastern on weeknights even relevant As regards linear TV one could argue the actual amp8220primetimeamp8221 today is 1to7pm SundaysBut to look at it more broadly amp8220primetimeamp8221 today is whatever time the most people are consuming video across all platforms and devices amp8211 and as measurement firms get increasingly sophisticated in their ability to track this comprehensively we might find some surprising dataWhile the full eMarketer report is available to its clients there is a freeofcharge avenue to additional insights in the form of this August 29 episode of eMarketeramp8217s amp8220Behind the Numbersamp8221 podcastLetamp8217s face it social media has long been an attractive draw to marketers on the surface itamp8217s a relatively inexpensive buy with eyecatching ROI in terms of the metrics social platforms provide clients But is all the disproportionate spending on the platforms truly moving the needle for marketersIn recent columns weamp8217ve a discussed a diverse array of emerging marketing platforms amp8211including Free AdSupported Streaming Television FAST channels and digitaloutofhome DOOH displays Each platform has merit and offers opportunities for marketers amp8211 and depending on their objectives we encourage clients to utilize a diverse mix of options that may include these andor others amp8230 yes depending on the circumstances even social mediaThe key is reaching the target consumers where they are and when they are viewing screens on platforms proven to command a substantial portion of their everfleeting attentionPlanning where when and how to spend advertising budgets is highly time and laborintensive These new eMarketer findings underscore the complexity and intricacy of the process Marketers have enough on their plates managing internal tasks and processes and they need expert partners to help them navigate this evershifting media landscapeMediaconsumption and leisuretime habits are ever evolving and marketing plans must evolve accordingly To fail to do so simply puts the marketer in the same position as John Wanamaker found himselfamp8230 more than a century agoamp8230Posted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Making Time for Time-Spent Measurement

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