For decades, the way TV advertisements have been bought and sold has not changed. To this day, there are still orders being handwritten. There is no widespread use of an automated technology solution to fix this antiquated process.
New research from Cox Media Group owned Videa, polled media agency, TV station members, and reps, revealing an overwhelming call to improve these inefficiencies. The sentiment is a cautiously optimistic view of how technology will change their roles in the industry.
Videa, an online marketplace for automated television advertising, today released new research from their Change Management survey, providing a number of insightful perspectives from 174 participants, comprised of Media Agency and TV Station Members and Reps, on the state of the TV advertising industry.
The study was conducted from September 2017 – March 2018
Key Findings
- Ad Investment Concerns Are Mounting – More than 80 percent of media agency members are concerned with whether their advertising dollars are being invested appropriately
- Transparency Is Key – More than 80% of participants indicated that pricing transparency is important
- Change Is Felt Across The Board – 75% of participants agreed that the nature of buying and selling local TV inventory has changed over the last several years
- TV Execs Are Ready For Change – 91% of respondents cited they are personally enthusiastic when it comes to trying new technology that is intended to create change in the TV advertising industry, while 84% cited their organizations are enthusiastic
- Automation is Essential – 88% of participants agreed that automation is inevitable and 72% of those surveyed cited that their organization is at least somewhat likely to implement automation solutions
“These findings validate the magnitude of the transformation underway, not just at an organizational level, but also in relation to larger, growing advertising demands,” said Shereta Williams, President, Videa. “The shift underway is not unique to the TV industry – it’s applicable to the larger advertising ecosystem as a whole. Advertisers want more relevant and impactful engagements than ever before, and technology provides them with that possibility. Platforms like ours are helping them do just that while providing greater transparency and enabling a higher ROI to help advertisers make the most of their overall investments.”
Change Management Survey Methodology:
The survey was conducted online and reached 174 participants, comprised of Media Agency and TV Station Members and Reps who answered substantive questions in the survey. The survey was fielded between September 2017 and March 2018. All results are based on a sample and are therefore subject to statistical errors normally associated with sample-based information.
About Videa
Videa is an automated TV marketplace that is pioneering the way full schedule, local television advertising spots are bought and sold. Through its platform, Videa provides buyers with direct access to broadcast station advertising inventory, enabling advertisers, agencies, and marketers to purchase media buys – within seconds and up to a year in advance. Videa can work with any traffic system or demand-side buying platform, aligning with the unique needs of each TV station’s sales strategy. Owned by Cox Media Group, Videa was founded in January 2014.