In this week of the Publisher Lab, Tyler Bishop and I talked about some major updates Google and Bing have been making to keep up in the growing AI wars.
The advertising landscape is witnessing significant growth, with digital video ad spend and ad rates on the rise. Additionally, Google Bard and Bing Chat are making notable strides in enhancing their capabilities. Furthermore, LinkedIn is surpassing Facebook as a preferred platform for content discovery. Let’s delve into the details of these developments.
Ad Rates Continue to Rise with Digital Video Ad Spend Surge
According to the “2022 Video Ad Spend & 2023 Outlook: Defining the Next Generation” report by the Interactive Advertising Bureau (IAB), digital video advertising spend experienced a remarkable 21% increase in 2022, reaching $47.1 billion. This upward trend is projected to continue, with an anticipated 17% surge to $55.2 billion in 2023.
Notably, 66% of video advertisement buyers employ the same measurement approaches for creator-driven video content as they do for traditional “Hollywood” productions. Furthermore, a substantial majority of TV/video buyers, approximately 64%, recognize creator-driven video as premium content, and this sentiment is even higher among the highest-spending buyers at 69%.
Google Bard and Bing Chat Enhancements:
Google Bard, a content summarization tool, has introduced several improvements to its functionality. The recent update aims to enhance the visibility of source content, making it easier for users to locate and navigate to the original material. With its weekly database updates and widespread accessibility through Google accounts, Bard provides concise summaries of various topics, serving as a valuable resource for users.
Similarly, Microsoft has rolled out new features for Bing Chat. These enhancements include eliminating the waitlist, allowing for an “Open Preview” experience. Bing Chat now offers more visual answers with rich images and videos, supports multi-session experiences with chat history, and enables the export and sharing of Bing Chats. Developers can also build third-party apps on top of Bing Chat, expanding its capabilities further.
LinkedIn Surpasses Facebook for Content Discovery:
In the realm of content discovery, LinkedIn has gained prominence, overtaking Facebook as the preferred choice for publishers to drive content visibility. With 60% of its user base falling between the ages of 25 and 34, LinkedIn’s audience is willing to pay for news content. It has surpassed other popular platforms like Twitter, Snapchat, TikTok, and Reddit in terms of adult user engagement. This growth is particularly evident following the decline of BuzzFeed News, where Facebook referrals significantly decreased.
The advertising industry continues to experience growth, with digital video ad spend and ad rates showing substantial increases. Google Bard and Bing Chat have enhanced their capabilities, offering improved summarization and chat features, respectively. Meanwhile, LinkedIn has emerged as the leading platform for content discovery, surpassing Facebook in driving visibility and engagement. These developments indicate the evolving landscape of digital advertising and content distribution in the digital era.
We hope you enjoy this week’s show!