Campaign Middle East : 2020-06-28

NEWS : 9 : 09

NEWS

June 28, 2020 09 STREAMING INTO THE FUTURE Rakesh Patel Spotify’s asks what the future looks like for audio innovation and what marketers can do right now RAKESH PATEL, By head of sales UK and pan-EMEA at Spotify A What quickly followed was an industry-wide investment in tools and resources that helped brands easily (and quickly) to create beautiful and effective video assets, made just for that platform. And now, today, digital video generates 34 per cent of all video ad revenue. udio is the most innovative place an advertiser can be right now. Amid a transforma­tive landscape, audio proves itself to be a formidable force in the space through its growing consumptio­n, innovation and impact. With this in mind it is unquestion­able that audio will continue to be a dominant force in the marketing space. And as its reach expands, we have more opportunit­y for relevant and timely advertisin­g to benefit the customer and the advertiser. To that point and looking to the future, we expect to see programmat­ic audio advertisin­g continue its rise. This approach allows advertiser­s to set up their own target markets on the platform and get the reach they are looking for, while the listener gets served ads that are more relevant and ideally more impactful. Investment­s in self-serve platforms, like our own Ad Studio, will play an important role here, too. This is because audio provides creative opportunit­ies for marketers that other mediums cannot. It can be taken anywhere with very little equipment and requiremen­ts, while audio ads can be created easily and efficientl­y outside of a studio, while still offering high- quality production and distributi­on. The same thing is happening in audio: consumptio­n is rising and ad revenue is ticking up – and we are driving this innovation in streaming and digital audio. Next is monetisati­on. We’re actively investing in a suite of audio creative tools, services and resources that will make it easier than ever to build for our platform – and native audio experience­s that can only be found on Spotify. And for me, that’s the future. Audio is the medium for 2020 and beyond. This has been accelerate­d by recent events, and I believe the momentum is just getting started. We can also find further clues about the future of the audio industry by looking back at the early days of video. There it was the evolution of the screen, followed by smart screens across all devices. This allowed new video experience­s like Netflix and YouTube to emerge, introducin­g on-demand and personalis­ed viewing experience. The result was the rise of digital video consumptio­n – now 27 per cent of all watch time – but it took time for video monetisati­on to catch up. Ads went from forced to skippable and personable; broad delivery to narrow targeting; unmeasurab­le to measurable. Today, audio is present in our lives in more ways than we think. Smart speakers, cars and Bluetoothp­owered wearables all support that growth. Further, now more than ever, the content itself is seeing an extraordin­ary increase in developmen­t with more music and podcasts (On Purpose with Jay Shetty is my top pick of the moment) being released by the minute. There truly is something for everyone. New technology and approaches also mean that the opportunit­y to discover new audio content and personalis­e listening is engaging audiences and keeping them hooked through the likes of Discover Weekly on Spotify, Daily Mixes, Release Radar, Your Daily Podcasts and much, much more. ‘‘AUDIO CAN BE TAKEN ANYWHERE WITH VERY LITTLE EQUIPMENT, WHILE ADS CAN BE CREATED OUTSIDE A STUDIO.”

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