GroupM, the world's largest buying company, launched the GroupM AD Innovation Accelerator last week, which aims to combine different roles in the streaming audio and video ecosystem to jointly develop the format and measurement standards of streaming audio and video ads, and promote them to the global market.
Companies already participating in the project include Brightline, which specializes in providing interactive advertising for connected TV, Kerv Interactive, which develops creative technology, Disney, NBCuniversal, Roku, a streaming equipment manufacturer, Telly, a streaming service provider in the Middle East and North Africa, and YouTube, the world's largest audio-visual sharing platform.
GroupM estimates that the North American market will grow by 14 percent in connected TV advertising this year9%, up from 9 in 20234%。According to the plan, the ad innovation accelerator program will develop ad formats that can support a variety of streaming platforms, will meet regularly to identify new advertising models and methods, launch a pilot program in the first quarter of this year, and will also adopt new standards and practices to analyze the effectiveness of the campaign.
In terms of actual actions, it will be piloted by GroupM customers Mindshare, W**eMaker and EssenceMediacom in North America, and then rolled out to other markets, with the goal of developing and testing new ad formats on existing and emerging platforms, with benchmarking expected to be completed early this year and pre-planning in 2024 and 2025.
Mike Fisher, executive director of investment innovation at GroupM, said that brand advertising in an ad-based stream** environment presents a great opportunity to engage with consumers, however, the fast-moving environment makes it difficult for advertisers to advertise efficiently, and clients need a simple way to create positive engagement and attributable campaigns.
Fisher explained to Ad Age that advertisers or vendors don't want to develop different ad formats for different streaming platforms, they want a format that works for various platforms, and the initiative hopes that participating companies can co-design ad formats that work across platforms by the first quarter of this year, ultimately bringing new industry standards and analyzing the performance of different formats.
At present, most advertisers only see ads on streaming platforms as an extension of TV advertising, forgetting that such platforms are actually more advanced in digital capabilities, and the project is also expected to lead to more creative and interactive ad formats.