As 2023 comes to a close, we share some valuable cross-platform insights to better inform and optimize your decision making in 2024.
Fragmentation to Consolidation Streaming providers are continuing to shift from a landscape of fragmentation to one focused on consolidation, the market has also become more economically friendly to fit the needs of the average consumer.
During the Top Cross-Platform Insights of 2023 presentation delivered at the virtual Cynopsis event, Reaching Audience in 2024, Comscore’s James Muldrow explained that consolidation is happening on both fronts, whether it be a personal decision on the part of the consumer or at the level of the streaming providers who are continuing to consolidate their own platforms. On the same topic of media consumption Comscore’s 2023 TV data has proven that while there is a switch to digital viewing, linear TV remains strong. This can be particularly attributed to the widespread popularity of live programming such as live sports and newscasts, which Comscore predicts will hold steady in the coming year.
Mobile E-Commerce The online retail space is also evolving. During Comscore’s annual Top 23 Insights of 2023 webinar, we showcased that mobile now accounts for over one-third of total online retail spend – a share that has been increasing year-over-year. Social Media has also proven to be a successful channel for e-commerce, with Comscore data illustrating strong visitation growth on social platforms, such as TikTok and Instagram. According to 2023 Comscore research, 46% of online shoppers indicated that they are interested in buying products via social media - a strong 21-point increase from 2021. And as we close off 2023, online retail spending is anticipated to surpass the 1st-ever $1T year in 2022!
Building a Community with Audiences Another trend we have seen is the ongoing and growing consumer need for meaningful connection. Julia Goorin, Senior Director of Marketing and Sales Research at Vox Media, highlighted that “This quest for connection…” may be “… the driving force behind Barbenheimer, it’s the reason people shelled out thousands of dollars to go see Taylor Swift [and] Beyonce.” At the end of the day, as we emerge from the COVID-19 pandemic, this need for a sense of community has grown. As we head into the new year, she predicts that this trend “will only grow in 2024 as social media continues to evolve, as algorithms evolve.” We are equally excited to see the kinds of media moments in the new year that bring people together.
Data continues to show that consumers seek out like-minded communities online. Julia Goorin explains that in a 2023 Vox Media x Carat study titled “The Duality of Media” it was uncovered that 78% of consumers want the media and content they consume to bring people closer together, as opposed to personalized media that celebrates them specifically. This is particularly evident when looking at the power of influencers who have been able to strike a chord and bring fans together.
State of Influence In 2023, Influencers represented 97% of the total 15.4MM engagements for the films Barbie and Oppenheimer, with only 3% stemming from owned media for each film. These online fandoms and communities are a valuable tool that can drive, shift, and push momentum for any event, not just a film, well before the opening day – and well after. There are multiple tentpole moments to drive engagement through influence in 2024, such as the Paris Olympics, which we will be watching closely to see how publishers and brands alike leverage the opportunities.
Influencers are not the only way we see fans engaging online though, as sites like Reddit also drive significant discussion and encourage peer-to-peer influence.
Audiences are actively drawn to conversations they can listen to and engage with, driving them towards specific topics that pique their interest and therefore placing them within these niche groups. Often when consumers are trying to find reliable answers, they will turn to each other for advice or reviews on products and brands within a community they’ve built and trust.
Who is driving the conversation? Next Generation/Gen Z Targeting In Comscore’s Top 23 Insights of 2023 webinar, Comscore’s Danan Ren, Senior Vice President of Client Insights described the unique consumption habits of the Gen Z population and how it differs from the general population.
On TikTok and Instagram 7 out of 10 Gen Z are seen using these channels - but only half of the general population are doing the same. Whereas 8 out of 10 of the general population are seen on Facebook but only a little over half of Gen Z use Facebook. This pushes companies to get a bit more creative when it comes to targeting the general population vs. the Gen Z crowd. However, Gen Z seems to be driving the conversation for many up & coming topics of interest, such as AI. Comscore recently announced AI in qSearch, and in our Top 23 Insights of 2023 webinar it was announced that Gen Z drove up 128% growth in traffic to OpenAi.com.
As the new year unfolds, we will be watching for these key trends around consolidation, community building and engagement, and influence culture. Keep an eye on our insights page for more information as it is released. If you have any further questions or would like to speak with a Comscore’s representative, please visit this link.