Page 16 - Adnews Nov-Dec 2022

Perspectives
Mark Frain,
2CEO, Foxtel Media
022 was a very strong year for
the advertising industry, with momentum continuing all the way through the year as previously dormant categories such as travel and tourism came back big. Media companies benefitted from the new consumer habits accelerated by the pandemic and more brands invested in growth.
2023 will be a year of continued opportunity characterised by major shifts both within the media sector, but also in the overall economy. We’re all aware of the cost-of-living crisis, as the RBA and government grapples with inflationary pressures and everyday Australians feel the effects in their wallets. Advertising arguably becomes even more important in this environ- ment. Slashing marketing budgets is proven to amplify
the effects of a downturn on a business.
2023 will also herald the arrival of new “TV” advertising inventory across Netflix, Disney+ and of course Binge. This represents the opening salvo in what will, in time, redefine how advertisers look at TV. The lan- guage around TV will need to evolve to stay relevant, as will how brands measure audiences (and therefore assign budgets). Within three years, the very idea of average audiences and average ratings will likely be a distant memory.
In the coming twelve months, the industry will face continued pressure when it comes to talent. To keep the best talent, organisations will need to take their people along the journey with them by providing
Mark Frain and (far right Sally Kissane)
WORDS BY
CHRIS PASH
Industry outlook for 2023
We asked industry leaders for a rundown on the year
past and the prospects for the one ahead. 2022 was by all accounts a bumper year for agencies but 2023 is not so clear.