2022 is ending and it's time to analyze what will be the 2023 media industry trends. At VSN, we have selected four keys that we believe will mark the next twelve months. Some of them are related to what happened this last year, when we finally managed to get out of the turbulent times of the pandemic. However, we wanted to focus on how important it is to be prepared for the future. Therefore, we invite you to learn about the 2023 media technology trends in this article or by reviewing the webinar recently held on our VSNPlay platform. Find out which technological innovations should not be missing in your business in 2023. Ads management, one of the 2023 media industry trends
Advertising has been a successful business for years. 2022 has been the year of the recovery of the advertising market. By 2023, according to advertising agency WARC, advertising spending will rise by 2.6% globally. According to the advertising agency Zenith and its Advertising Expenditure Forecast report, online video will be the fastest-growing channel in the next three years. If in 2021, global advertising investment in this format stood at $62 billion, in 2024 it's expected to reach $95 billion, with a growth of 15.4%, driven by advertising-financed video on demand, better known as AVoD. According to forecasts collected by Digital TV Research in its study on this model, AVoD will be a $70 billion business by 2027. With such a growing business, managing this advertising and content will be one of the 2023 media trends.
VSNCrea solving one of the 2023 media technology trends
We already talked in this article about how Netflix is entering into the AVoD market. This move can drag other giants that will need to respond to the first of our 2023 media industry trends. They will need to find a way to manage all their advertising, in addition to their content catalog. At VSN we believe using a Broadcast Management System (BMS) is the smartest solution. In addition, the use of such a system should allow these businesses to control and manage commercial contracts and provide performance reporting. Therefore, if you want to know how to manage all your advertising and content, you shouldn't miss this video in which our Product Development Director, Toni Vilalta, shows us all the capabilities of our traffic and planning system, VSNCrea.
The treasure of media archives
With the whole world at a standstill during the pandemic, viewers turned their attention to series, movies or shows they had already seen. According to Nielsen, 54% of respondents to a survey said they decided to re-watch an old series or show For example, Family Matters, with Steve Urkel, increased 392% in terms of consumption compared to 2019. This trend turned the audiovisual archives into a treasure to be taken care of.
We must add the proliferation of media that makes us have more content than ever to this already existing treasure. Some data: according to IABM, the number of series premiered in the United States reached a new absolute record with 559 new shows. In 2021 the city of Los Angeles accumulated 37,709 days of filming accumulating all the productions made in town. All of these assets must be archived, cataloged and easily found in order to exploit their potential, in what we believe will be the second most important of our 2023 media industry trends.
Media industry trends in 2023: Archives management
If we analyze the investment trends of the Broadcast and Media sector, companies are responding to the increase in the number of audiovisual assets. According to IABM data, 52% of them increased their investment in archive solutions and another 40% maintained their level of spending in 2021. This is a trend that is expected to continue to grow in 2023, with the application of Artificial Intelligence as a major driver. 38% percent of the industry's AI investments are directed at solutions for automation in metadata extraction. We have already seen the value that companies like RTVE give to a MAM System with AI capabilities like VSNExplorer MAM, but if you want to learn more about this technology, we invite you to watch the recording of this webinar.
The Cloud is not the future, it is the present
And why do we say that it is something that is part of the present and not the future? According to the IABM report concerning this technology, 54% of companies in the sector are already working in cloud environments. To visualize the progress of this technology, we have to take into account that, in 2017, only 30% of companies were working in the cloud. If we take the data on investment in cloud infrastructure we see how in 2018, it barely exceeded $60 billion. In 2021, we have been bordering 180 billion in investment. Therefore, we believe it will be one of the media trends of 2023. For VSN it won't be a problem, since the flexibility of all our products allows them to adapt to any type of environment, whether on-premise, hybrid or 100% in the cloud.
The return of the big trade shows and their future in 2023
2022 was the year of the return of big media events such as NAB Show 2022 in Las Vegas or IBC Show 2022 in Amsterdam. After two years without such events, we wanted to analyze a comeback that will undoubtedly affect the 2023 editions. Our diagnosis is that in 2023 we will see smaller delegations, but with more decision makers, a greater presence of companies in medium-sized events and an increase in collaborations for these shows between commercial and technological partners. If you want to know these data in more depth and don't want to miss anything about the media trends in 2023, check the recording of this webinar in which we break them down point by point. See you in 2023!
