It’s another year already. Where has the time gone? 2023 was Earth’s hottest year on record, it was also the year that AI went mainstream, and sadly was a year defined by geopolitical conflict.
What does 2024 hold in store? Well, we know it will be a tad longer as 2024 is a leap year—366 days instead of the usual 365. Let’s hope it’s a good one for being that extra day longer. We also know it will be a big year for sport with the Summer Olympics taking place in Paris this July and the UEFA European Football championship in June.
As for the rest… Well, as we do our best to beat those January blues, 'tis the season for industry forecasts, outlooks, and a deluge of "expert takes." As much as we love research firms and agencies working overdrive to release their latest trend predictions to set the tone for the year ahead, the sheer volume can get overwhelming.
But fortunately, our editors are on hand to sift through the technical details, highlight the crucial information, and generally do all the legwork so that you don’t have to. Instead, you can just read our easy-to-digest overview that distils all the vital information from the reports into one handy outlook guide.
This month, we'll keep stoking your curiosity with new information by providing you with a critical insight worth following every day.
WHAT TO WATCH OUT FOR IN 2024
A return to joy
Source: Dentsu, Dentsu Creative 2024 Trends Report
Drawing on the collective research and insights of strategists, futurists and innovators from across its global network, Dentsu Creative’s 2024 Trends Report explores the power of hope in a volatile world. Among the five macro trends the report unpacks is an 'ode to joy':
1. Joyful Resistance
In a world where joy can seem in short supply, it becomes more important than ever. Moments of joyful surrealism emerge in response to a world in chaos, while advertising rediscovers the transformative power of humour.
2. Self-Care as Subversion
Be it the refuge of an “Everything Shower”, or the rise of the “soft life” and “lazy girl jobs” in rejection of hustle culture, a quiet rebellion against the fast-paced, high pressure, lifestyle is underway.
3. Unadulterated Play
Adult responsibilities are unattainable or being deferred in favour of play, as seen in the boom in “Kidult” toys, the popularity of a basic #GirlDinner or a new wave of experiences that merge art galleries and soft play.
As we enter 2024, it’s time to stop saying ‘social media’. The major platforms don’t exist simply to connect us publicly with friends and family—that behaviour has moved to private messaging apps and groups. By taking the emphasis off the ‘social’, brands can and will reassess how they distribute and syndicate content and messaging, while making big decisions on which platforms they focus their efforts on to achieve their objectives.
A rise in hermit culture
The report predicts a rise in hermit culture in 2024. With the ongoing cost-of-living crisis, more people choose to stay in, invest in, and entertain at home, along with the growth of knowledge culture —a steady resurgence of microlearning via online platforms. Advertisers will have to work hard to restore consumer and business confidence. Finding the right audience will become critical, harnessing targeting and first-party data to reach the right customer at the right time. Additionally, brands will need to know exactly where consumers are spending, to capitalise on moments of value, while also allowing campaigns to shift and flex to changing habits.
In-app purchases will be the next battleground for revenue in social media apps
Source: Data AI, Mobile App Predictions for 2024
Historically, social apps are monetised via advertisements, but in 2024, data.ai predicts that more platforms will monetise directly from consumers. TikTok led the way by introducing In-App Purchases to “tip” content creators. YouTube and Instagram have followed suit. The switch will represent a 152% increase in consumer spend for social media apps in 2024.
AI becoming the ultimate marketing assistant
HubSpot has observed marketers in SEA increasingly viewing AI as an assistant that augments their ability to better manage day-to-day tasks. This is especially true for generative AI applications, which helps marketers develop higher-quality, personalised content that resonates better with audiences, all at a quicker pace. These sentiments are reflected in a HubSpot study, where content creation emerged as the top use case for generative AI among 89% of marketers in the region’s business hub of Singapore.
(This article first appeared on Campaign Asia)
