The proliferation of content fueled by the streaming wars has made it more difficult than ever for brands to break through the clutter and grab audiences' attention. At the Variety Entertainment Marketing Summit, industry leaders from major studios and streamers discussed the challenges marketers face in this current economy and competitive landscape.
Amidst the acronyms and marketing buzzwords, we've distilled what we observed into these 5 key takeaways:
A.I. is not slowing down
Snapchat recently released My AI for Snapchat+ subscribers, a new chatbot running the latest version of OpenAI's GPT technology. It provides recommendations for things like what to watch in theaters, must see TV, and more.
Our approach: As A.I. becomes increasingly integrated into our everyday lives, AGM is doubling down on Artificial Collective Intelligence which refers to the integration of artificial intelligence with human intelligence essentially supercharging our humans to support decision-making, collaboration and knowledge management.
TikTok: It's time to rethink social media investment
TikTok is a top social media platform for marketing teams, and the best place to quickly build followings. US adults will spend 18.6% of their social media time on TikTok by 2024, tying it with Instagram.
Our approach: for clients like AMC Networks, AGM has found success using Spark Ads to boost organic posts from brand accounts and influencers, knowing audiences on the platform are more responsive to content that feels native.
Competition requires a creative approach to break through
NEON promotes small independent films through a digital-only media approach, combined with stunt like activations to generate buzz - such as offering free botox to Triangle of Sadness ticket purchasers.
Our approach: AGM worked with HBO Max (soon to be Max) to promote the newest season of Gentleman Jack, by hosting a themed dinner experience and screening for LGBTQ influencers in New York. The event exclusively featured queer vendors including dancers, musicians, florists, decorators, and celebrity chef Melissa King.
Multicultural audiences are not monolithic
Using the word "targeting" feels predatory; instead we should be "inviting" people into the conversation. Multicultural marketing cannot be seen as an afterthought anymore. Case in point... 41% of the Super Mario moviegoers opening weekend were Latino and Hispanic.
Our approach: AGM integrates multicultural experts into the media planning process from the start, and tailors creative as well as messaging to ensure it feels authentic.
Streaming service retention takes top priority
Millennials spend more than any other generation on paid streaming video services. However, they churn through SVOD services at the highest rates. As the entertainment industry shifts its focus from subscriber growth to profitability, retention becomes more important. It is much more costly to acquire a new user than retain one.
Our approach: AGM successfully decreased churn for ALLBLK by showcasing controversial "must see" clips from popular titles. This fostered subscriber engagement and drove viewership.
As the entertainment economy begins to contract after the pandemic-driven boom, and increased inflation impacts consumer discretionary spending, it is more important than ever for marketers to use emerging tech to improve efficiency, find creative ways to break through the clutter and prioritize diverse audiences. Want to know more about how AGM can help your brand navigate these challenges? Get in touch.