SOCIAL
TikTok and Short-Form Video Rivals Take Spotlight at NewFronts
The annual IAB NewFronts kicks off its four-day event Monday, and all eyes are on short-form video heavyweights TikTok, Meta and YouTube.
Over the past few years, TikTok was an easy sell to advertisers because it was undeniably the dominant short-form video platform. However, given its recent drama with U.S. regulators and the increasing competition from rivals like Reels and Shorts, it will be facing a far greater challenge this time around.
While most advertising channels are estimated to see slower growth in 2022 compared with 2021, short-form video is expected to maintain the same growth rate year-over-year, according to Magna Global. Because of the increasing popularity and reach of apps such as TikTok, Reels and Shorts, advertisers and marketers are seeing more value in marketing across the platforms.
According to HubSpot’s latest social media report, social media marketers plan to invest the most in short-form video this year. From a marketing perspective, short-form video advertising is considered lower budget and cost saving because ads on TikTok, Reels and Shorts don’t always require as much expensive production behind them. Lower-cost advertising strategies will be key this year as companies look to get more for fewer dollars spent.
Even as advertisers continue to see value in short-form video platforms, the platform that they see the most opportunity this year has shifted. TikTok remains popular, but marketers view Instagram as a platform with far greater return on investment long term. According to HubSpot’s report, marketers said they think Instagram has a more accurate algorithm and thus makes it a better place to grow a brand’s audience.
Last week, Meta reported a strong Q1, with revenue growth of 3% from last year. The company attributed part of that to higher engagement across Reels, TikTok’s biggest rival. On the company earnings call, CEO Mark Zuckerberg said that since Reels’ launch, time spent on Instagram increased 24%, with users sharing Reels more than two billion times every day.
That being said, consumers are still choosing TikTok as their most used platform for short-form video content. But the growing competition is undeniable with Instagram Reels right on TikTok’s heels.
However, even as short-form video content grows in popularity among both advertisers and consumers, there are still challenges in the space including issues regarding monetization for content creators. Creators understand that having a presence on TikTok, Reels and Shorts is almost necessary to grow their brands, but the lack of proper monetization has been weighing on the space.
When short-form video was just beginning to gain traction, companies like TikTok, Meta and YouTube launched creator funds with the promise that they would be revenue sharing with creators on their platforms, giving them a means to make money aside from sponsorship deals. Still, the promise seems to have been greater than the reality.
Short-form video is still a massive growth area, but the space has a lot of kinks to iron out. As TikTok begins to lose some of its dominance and the ad dollars get dispersed across other platforms, the narrative around short-form video at NewFronts this year could be very telling about what to expect from the space going forward.
SOCIAL
Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?
In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.
The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.
According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.
Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.
Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.
The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.
This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.
Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.
As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?
Only time will tell.
SOCIAL
Catering to specific audience boosts your business, says accountant turned coach
While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.
When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.
“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.
Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.
“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.”Â
“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.
“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.
Watch the video for more of Sandra Parker’s biggest lessons.
SOCIAL
Instagram Tests Live-Stream Games to Enhance Engagement
Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.
As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.
That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.
Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.
That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.
Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.
Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.
We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.
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