MARKETING
Cord cutting gains steam after 4% drop last year
Cord cutting is gaining steam again, with 30% of US cable users saying it’s likely they will end their subscriptions in the next six months. That’s up from 26% last year and about the same as in 2020, according to a new poll from YouGov.
Cable subscriptions down. Overall, there are about 30 million fewer cable subscribers in the US this year than in 2020 where there were slightly more 140 million. People who have both cable and OTT subscriptions are the largest segment of US TV viewers at 32%. Next up are the cord cutters who are 19%, then 13% who only have cable and 11% who subscribe to streaming services but never had cable.
Read next: Cable TV subscriptions set to drop below 50% of all US households
Top streamers. For all the hand-wringing (and stock-price falling) about the drop in Netflix subscriptions, the company still has 63% of the US streaming market, followed by YouTube (44%), Hulu (42%) and Amazon Prime (39%). Fast-growing Disney+ has 27%. And you know YouTube’s pop-up ads for its TV service? Apparently they’re not doing the trick, as only 9% of viewers have signed on.
Live TV. The pandemic has been hard on live TV. There’s been an 11% drop since 2018, with only 79% of Americans now saying they watch it at least once a week. That’s nearly tied with on-demand, which jumped from 68% four years ago to 78% in 2021.
Netflix news. Other good news/bad news for Netflix from the survey: Only 25% of Americans say they share passwords for streaming services. That’s pretty good, considering 36% say it’s OK. On the other hand, the company had only two of the top 10 most popular new series last year, while Disney + had six. CBS and The CW had the other two.
Odd fact. 8% of viewers say they enjoy watching TV/videos more when it has commercials.
Why we care. Despite slowing last year, it’s clear that cord-cutting is going to keep going. This is really bad news if you’re a cable company and really useful if you’re trying to plan your ad-spend. The 8% not above is truly an outlier, 62% of viewers say commercials make viewing less enjoyable. This is not a hopeful sign for Netflix ad-supported viewing plans.
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MARKETING
Trends in Content Localization – Moz
Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.
Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.
Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.
MARKETING
How AI Is Redefining Startup GTM Strategy
MARKETING
More promotions and more layoffs
For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.
The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.
Dig deeper: How to overcome marketing budget cuts and hiring freezes
Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643.
Here are the median salaries by role:
- Senior management $199,653
- Director $157,776
- Manager $99,510
- Staff $89,126
Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.
One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%).
Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.
Dig deeper: Skills-based hiring for modern marketing teams
Employee turnover
In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”
Men and Women
This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.
In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.
Methodology
The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents.
Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.
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