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Hey Big Spenders!
Record ad spending. The world’s 100 largest advertisers spent $347 billion in 2022 according to a recent AdAge report. That’s up a 2.3% from 2021 and sets a new record. The U.S. share of that total was up 8.7% over the previous year.
Record spooky spending. The National Retail Federation is predicting spending on Halloween will reach a record $12.2 billion this year. That number partially owing to the fact that a record level of intended participation in activities. 73% of consumers surveyed say they will be getting their spooky on this year.
Record holiday spending? The International Council of Shopping Centers (ICSC) is predicting a 3.8% increase in October through December retail sales in their annual Holiday Shopping Forecast. They report that 87% of consumers plan to shop at brick-and-mortar stores and that about 80% expect their budget to remain the same or increase from last year, besting a 73% figure for the same metric for 2022.
Record holiday spending, too? Forecasts from Deloitte agree with the ICSC (or is it the other way around?). The renowned accounting firm is predicting holidays spending to surpass pre-pandemic levels for the first time. Consumers they surveyed expected to spend an average of $1,652, a 14% YOY increase.
The pause that refreshes? No, not that one. This one is now on Hulu, Peacock, and Max where an ad appears as an overlay to the screen when users pause the streaming. “Pause Ads” turn up a few seconds after a viewer has decided to halt the programming, but not necessarily every time. Streamers are experimenting with the format to boost revenue.
Needling the thread. Meta has taken to promoting its Threads app by cross-posting Threads posts to Facebook users’ feeds with no option for opting out of the unrequested content. The strategy is not unprecedented. The platform has previously used similar tactics to boost Instagram Reels.
YouTube Beats Netflix. In a recent poll from investment bank Piper Sandler, teenagers consume more with YouTube than video champion Netflix for the first time. The data shows teens spend 29.1% of their daily video consumption with YouTube with Netflix following in second place at 28.7%. With a more competitive streaming space, YouTube stands strong as a free entertainment platform.
Netflix Adds Live Sports (kind of). Netflix unveils its latest tactic in the media world – live sports of a sort. By using stars of their documentary series “Formula 1: Drive to Survive” and “Full Swing”, Netflix hopes to attract fans to the “Netflix Cup”. This golf match ties together the pro-athletes, the series, and a new sponsorship format through the event.
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