Streann’s Outlook 2024: Trends for the Coming Year in Streaming
The landscape of TV streaming is poised for significant transformation.
Trend #1: Focus on User Engagement and Loyalty
A notable trend in the streaming world will be the heightened focus on building and maintaining audience loyalty. Streaming services are moving away from unsustainable growth-centric strategies to prioritize profitability. The emphasis in 2024 is to boost authentic connections with users, connecting hearts and screens.
The emphasis will be on surfacing outstanding TV shows from the vast catalog of older content. On average, streamers actively search for series that are nearly 14 years old, and only a mere 16% of series searches are for shows currently airing on broadcast TV. This presents a clear opportunity for streaming services to promote beloved shows and elevate them above the noise, reducing the average time it takes viewers to find something to watch.
The challenge? Enhancing user engagement for a more immersive content experience.
Trend #2: Niche sports become mainstream
In 2024, we anticipate a notable shift in sports, focusing on niche events breaking through to the mainstream. While tier-one sporting events like the Olympics and World Cup soccer have traditionally held sway as prime advertising opportunities, their scarcity, limited advertising inventory, and locked-down sponsorship deals have created challenges for advertisers and consumers alike. On the consumer front, there is a growing frustration with the difficulty of discovering sports content, requiring subscriptions to multiple platforms for a comprehensive sports viewing experience.
Sports like Formula 1 and the Tour de France are expected to gain mass audiences globally. As the sports audience pie expands, new opportunities emerge for savvy advertisers to engage with sports fans both on and off the playing field.
The challenge? Mastering live content multi-screen experiences.
Trend #3: Shoppable Storefronts for Smart TVs
A significant trend in 2024 involves retailers venturing into the creation of shoppable storefronts for streaming campaigns. The emergence of interactive features like QR codes, shoppable TV overlays, and multi-product storefronts is anticipated. Shoppable TV advertising is becoming a reality, with retail media-connected TV ad spending predicted to reach $8.64 billion by the end of 2025.
The challenge? Launching QR codes for Smart TVs.
Trend #4: Advertisers cut the cord
As of July 2024, linear TV usage will have plummeted below the 50% mark for the first time, while streaming will achieve a remarkable milestone by constituting 40% of all TV usage.
Amidst this shift in streaming behavior, the world’s biggest brands are reallocating 10 billion dollars in advertising budgets from linear TV to Smart TVs, recognizing it as the most important platform to engage audiences. The dynamic landscape of 2024 heralds a new era where TV streaming takes center stage in audiences' evolving preferences and advertising strategies.
The challenge? Tackling irrelevant ads that fans loathe.
The streaming landscape is poised for continuous evolution in 2024. Advertisers in the streaming domain will leverage these pillars to connect with their target audiences on a large scale, utilizing data-driven precision and creative impact that outshines traditional linear TV advertising.
With Streann’s unparalleled scale, performance, and storytelling capabilities, our focus is unwaveringly dedicated to ensuring brands become unmissable throughout the entire TV streaming journey. As we navigate the streaming landscape together, we eagerly anticipate utilizing our data and insights to guide you through the dynamic opportunities unfolding in 2024 and beyond.
