Media agency professionals anticipate using more buying platforms to enable CTV and retail media campaigns, but they are losing time switching and aggregating data, a new survey finds.
Why it matters
Solving this ‘platform paralysis’ could unlock significant sums in revenue for agencies by 2026, according to Criteo, the commerce media company that conducted the study*. It found that respondents are losing almost 10% of the working week managing a growing number of media buying platforms.
Based on estimates that digital advertising spending worldwide will reach $835.8bn by 2026, Criteo suggests that the time lost switching between platforms and aggregating data equates to a multibillion dollar missed opportunity.
Takeaways
In markets where the hours lost through switching platforms is highest, such as the UK, almost a third (29%) of media agency professionals feel the current technology that they use for media buying is inefficient or unsuitable.
Most agencies in the US and EMEA (78%) expect to add at least two or more media buying platforms to their portfolio this year – meaning the average number of platforms in use is expected to rise from five to just over seven in 2023.
42% of media agencies across the US and EMEA attributed their platform growth to new retail media offerings, while 45% believe new streaming offerings such as ad-supported tiers on Disney+ and Netflix have contributed to the increase.
More than half (54%) expect their campaigns throughout 2023 will be predominantly based on first-party data which, in the case of retail media, enables advertisers to prove the impact of ad spend on purchase decisions, closing the measurement loop.
*Criteo surveyed 842 senior agency professionals across the US, UK, France and Germany to establish the various strengths and development areas of major digital media channels.
