WPP’s media investment division, GroupM, has announced the first-to-market GroupM Ad Innovation Accelerator, a program designed to redefine audience and advertiser engagement. Working together with a team of highly skilled TV/video programmers and developers, the company is investigating and creating new video ad formats that will be widely used in ad-supported streaming environments. Participating in the initiative are interactive TV developers BrightLine and KERV, as well as streaming providers Disney, Peacock, Roku, Telly, and YouTube.
Ad Innovation Accelerator
The goal of the Ad Innovation Accelerator, led by GroupM’s investment team that leads the industry, is to transform the 30-second ad spot for streaming audiences while improving brand-viewer relationships and producing quantifiable outcomes for participating GroupM advertisers. The working group will plan and develop scalable ad formats that are intended to be widely used in ad-supported streaming environments with a shared vision. The first users of this program will be Mindshare, Wavemaker, and EssenceMediacom clients of GroupM in North America.
GroupM described the initiative as a “first-to-market program aimed at redefining engagement between advertisers and audiences,” but it was unclear how long use of the formats would remain exclusive to GroupM clients and if/when they would be made available to other advertisers and agencies. This program discusses evolving viewer preferences and suggests a possible way to advertise streaming services more successfully. Additionally, it aims to improve the relationship between viewers and brands, providing advertisers who work with GroupM with quantifiable results.
GroupM’s Ad Innovation Accelerator plans
This Year, Next Year 2023 End-of-Year Forecast from GroupM predicts that CTV advertising in North America will rise 14.9% in 2024, up from 9.4% in 2023. Early in 2024, the newly established working group will meet. GroupM’s Ad Innovation Accelerator partners have mutually decided to:
- Arrange quarterly meetings and recurring innovation sessions to set objectives. Decide on outputs for newly developed advertising models and techniques.
- In Q1 2024, start pilot projects.
- Utilizing test-and-learn methods, co-create advertising formats for agnostic use throughout the media ecosystem.
- Examine the effectiveness and efficiency of media campaigns by applying the most recent standards and procedures.
Members of the working group will work closely with GroupM advertisers. They indicate a desire to test novel formats and procedures. Early in 2024, benchmark testing will be completed in advance of 2024-2025 upfront planning. Throughout 2024, GroupM’s Ad Innovation Accelerator will expand to additional markets. It will create and test novel ad formats for both established and new media.
Here’s what they said
Andrew Meaden, Global Head of Investment, GroupM said,
We have to craft a future of our industry where engagement, innovation, and outcomes converge. As we shape the next era of media where advertising works better for people, it is critical we continue to innovate new advertising experiences with our partners around the world to ensure brands are meeting audiences where they are. With more ad-supported options emerging, advertisers must respect audiences’ preferences and use cutting-edge technology to deliver more personalized content.
Mike Fisher, Executive Director, Investment Innovation, GroupM U.S. commented,
Brands advertising in ad-supported streaming environments have an incredible opportunity to engage with attentive consumers, but the rapidly evolving media landscape makes it difficult for advertisers to efficiently and resourcefully launch interactive advertising campaigns. Our clients need a simple way to activate interoperable and attributable campaigns across the ad-supported streaming ecosystem. With key stakeholders at the same table, we will shape impactful outcomes that allow advertisers to execute creative, engaging and effective campaigns.
Matt Sweeney, Chief Investment Officer, GroupM U.S. added,
Building on a legacy of setting industry benchmarks and driving responsible media investment, our program is rooted in shared discovery, proven success and forward-thinking. We’re encouraged by our partners’ collective commitments to impactful advertising and their leadership in advancing new ad formats, specifically for streaming video. Uniting partners with varying objectives to streamline ad development will have a multitude of benefits for our advertisers, ultimately allowing for quick iteration and better interoperability across platforms. That’s a win-win for our industry.
- Netra is a Dual Masters graduate in International Business and Marketing. She is a content-writing enthusiast and a social media addict. In her downtime, you will find her headbanging to Pop songs from around the world. She is also a sports fanatic and especially loves F1, Volleyball, and Cricket. Her hobbies are baking and watching Anime.
- MediaFebruary 26, 2024Reliance and Disney Ink Binding Agreement to Combine Media Business in India
- TechnologyFebruary 26, 2024Saudi Ministry of Culture Introduces World’s First VR History Tours in Metaverse
- MediaFebruary 23, 2024M&C Saatchi Names Zaid Al-Qassab As New Global CEO
- MediaFebruary 22, 2024MCN, Part of IPG, Bolsters Leadership Team in MENAT; Appoints Lizzie Dewhurst as Chief Communications Officer