AI is not an all-encompassing oracle because of its dependence on human inputs in the first place. Where it stands superior is the speed at which it can collate multi-faceted data points into a coherent whole. Here ChatGPT looks at what’s in store for the media industry in 2023.
Tucked away in Royal Tunbridge Wells, southern England, is a private media group with 200 senior executives belonging to all branches of the UK media industry. At the turn of 2022, members were asked about what they could foresee with regard to this year’s key media trends, disruptions, and opportunities. The results were then fed into ChatGPT to summarise all these comments into bullet points.
This is what was returned…
It is not possible for me to accurately predict media trends and disruptions for 2023, as my knowledge cutoff is 2021 and I do not have access to current information. Additionally, media trends and disruptions can vary significantly and are often influenced by a wide range of factors, including technological advancements, societal changes, and market dynamics. That being said, some potential media trends and disruptions that may emerge in 2023 could include:
- Video is expected to continue to be a major focus, with attention metrics and insights for video set to grow in demand from brands and agencies looking to improve their planning and measurement strategies. Meanwhile, the drive for consistent omnichannel media measurement is expected to gather momentum.
- One area of innovation that is generating a lot of interest is micropayments. With many publishers reaching their limit with subscriptions, there is a need to find ways to monetize content for the 98% of visitors who don’t want to subscribe. A number of publishers are exploring the use of micropayments, and it’s expected that several will launch this technology in 2023, including one of the largest newsgroups in Europe.
- Artificial intelligence (AI) is another area that is expected to make a big impact in 2023. Tools like ChatGPT and Midjourney are set to transform a range of industries, but there are concerns about the potential for an increase in “vanilla” content being produced as it becomes easier to create. If the next version of ChatGPT lives up to expectations, it could be a major success story in 2023.
- Retail media is predicted to see significant growth in 2023, with more retailers looking to monetize their online assets through the creation of their own marketplaces and the use of search-based targeting. This is likely to lead to significant changes in the way brands, particularly in the consumer packaged goods and consumer electronics sectors, approach digital transformation and allocate their trade and performance marketing budgets.
- The economic recession is expected to have an impact on the media industry in 2023, with a focus on doing more with less and the adoption of new technologies to drive innovation. However, there are also concerns about the slow return to office life, which could impact creativity and innovation. Budgets remain a concern for freelancers, who worry about the impact of work being brought in-house.
- In the gaming adtech space, there is excitement about the growing recognition by agencies and brands of the importance of connecting with Gen Z and millennial audiences through gaming. These audiences are maturing, with more disposable income, making them a valuable target for advertisers.
- Overall, 2023 looks set to be an exciting and dynamic year for the media industry, with a range of new technologies, trends, and challenges on the horizon. From the growth of video and AI to the potential of micropayments and the rise of retail media, there are plenty of opportunities for media professionals to stay ahead of the curve.
In summary, 2023 looks set to be a once-in-a-generation year for media professionals, heavy with disruption and uncertainty, but silver-lined with amazing potential. Indeed, as one commentator said in the RTW Media Group, “If v4 of ChatGPT is as good as they say it is it can’t be anything else”.
Footnote: The RTW Media Group is run by investor, advisor, and business mentor Andy Evans. If you work in media and live in Tunbridge Wells or its surrounding areas, you can apply to join at www.RTWMG.com