What does 2024 have in store for the marketing and communications sphere? What trends should we keep an eye on, and what are the main challenges to face? Here are some insights on the subject.
The Era of Never Normal
Economic crises, pandemics, and successive technological revolutions—Google describes the current era as the “never normal,” a state of perpetual evolution, turbulence, and instability.
After the significant inflation experienced in recent years, 2024 could signify a significant economic slowdown. In this context, organizations will once again need to demonstrate flexibility to adapt to a political and economic landscape that can change in the blink of an eye. This year, the acronym VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) will continue to describe the environment in which we operate.
The Challenge of Customer Data
The collection and use of customer data will be more challenging than ever this year. On one hand, there is a gradual disappearance of third-party cookies. On the other hand, Law-25 complicates matters for organizations in terms of collecting, sharing, and retaining personal information about their customers.
These changes have a definite impact on the marketing strategies of organizations. In 2024, they will need to implement everything necessary to remain relevant to their current and future customers, ensuring that customers see the added value in consenting to share their personal information.
Integration of New Technologies
In 2023, there was more talk than ever about artificial intelligence, especially generative AI. Like any new technology that becomes widespread, organizations will want to leverage its benefits. However, many of them do not fully understand the added value of these technologies, lack implementation strategies, and sometimes even a clear need to address.
This year will be interesting to see which organizations will best take advantage of the continuing development of new technologies, including generative AI. In 2024, the release of Vision Pro, Apple’s new mixed reality headset, will also be observed. It remains to be seen how successful it will be, considering that many similar devices have not achieved the expected success in the past.
The Battle for TV
Traditional television is facing challenges, both in Quebec and globally. The rise of streaming television is one of the causes of the observed decline. In addition to competing in terms of fiction shows, they are now targeting professional sports, one of the few types of content for which people still watch traditional television in large numbers.
In 2024, it will also be necessary to follow the fierce competition among these streaming TV channels and the place each will give to advertising. Starting in February, Amazon Prime will integrate advertising content on its platform. An additional $2.99 will be required to opt-out.
Challenges and Opportunities in the Media
In 2023, there were numerous layoffs media sector, along with a showdown between the Canadian government, Meta, and Google under Bill C-18. At the end of the year, Google announced it would finally pay $100 million to Canadian media. In 2024, it remains to be seen not only how this sum will be distributed but also if Meta will follow suit.
It will also be relevant to see to what extent the quality and variety of content offered by the media will suffer from the numerous job cuts and revenue losses in recent years. Like all other organizations, the media will also have to continue adapting to a turbulent and uncertain environment.
The Marriage of Sports and Entertainment
In 2023, we witnessed various successful marriages between professional sports and multimillionaires from the entertainment world. Think of the array of stars attending Lionel Messi’s first games with Inter Miami and its famous co-owner, David Beckham, or Taylor Swift, who made a sensation at each of her appearances at Kansas City Chiefs games. In both cases, we saw how the presence of these stars was beneficial in attracting media and public attention. While some artists are content with attending professional sports games, others have chosen to invest in them.
The marriage between sports and the entertainment world seems to be a win-win. On the one hand, several artists are now multimillionaires, even billionaires, seeking opportunities to grow their wealth. For the owners of professional teams, the presence of mega-stars represents an opportunity to attract a new audience more interested in entertainment than the sport itself. In 2024, let’s see in what forms this closeness between artists and professional sports will continue.
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