Ayzenberg junior strategist Ashley Otah surfaces the latest trends at play in the world of culture and entertainment.
Let’s get digital. Out-of-home (OOH) advertising has seen a consistent increase in digital outdoor advertising. Digital OOH jumped almost 80 percent with notable recent usage that includes Drake’s Certified Lover Boy rollout, Madhappy’s, and We’re Not Really Strangers. OOH is expected to increase 14.5% for a total of 6.96 billion, but some continue to wonder whether the IRL translates URLs.
Buy Now, Pay Later
Klarna and financing apps alike are taking the shopping space by storm. With over 50% of Gen Z shoppers using “buy now, pay later” apps and a notable 26% of users missing payments at least once this year, higher consumer debt may be afoot.
The FTC sends over 700 letters before it takes action on unfair or deceptive advertising practices. The letter alerted companies that they may be subjected to civil penalties of up to $43,792 for fake or misleading endorsements and/or reviews. The agency stated that it is “widely distributing letters and the notice to large companies, top advertisers, leading retailers, top consumer product companies, and major advertising agencies.”
Lowe’s is the latest retailer launching an ad platform with its One Roof Media Network. From the home improvement retailers’ most recent step into advertising to Ulta Beauty and beyond, the ad platform launch showcases a greater shift in the data stratosphere. As data privacy laws and ad practices regarding third-party data rollout, the foray into valuable first-party data will continue.
TikTok made me buy it. Kantar’s research previously stated almost half of Gen Z relies on influencers for purchase decisions, but TikTok videos are giving them a run for their money. With over 5 billion views on the #TikTokMadeMeBuyIt hashtag, items selling out after promotions and the app averaging more time monthly by users, shopping and selling on TikTok are here to stay.