Digital Media Trends COVID-19
Like almost every other company, we are attempting to navigate these turbulent waters that COVID-19 has beset upon us. We all hope that this pandemic will be short and sharp, but you can’t help wonder what the lasting cultural impact will be, even if we manage to contain the disease in the short term.
This crisis has conscripted us to new ways of going about our daily lives. What seemed normal only weeks ago, now feels like another world. It has shone a light on what we take for granted, although it’s equally startling how quickly we are to adapt to our new realities.
It is astonishing really to think that only three weeks ago, most of us were in work as normal, socialising with friends and going where we wanted, when we wanted. Fast forward three weeks and the idea of physical contact with another human seems an alien concept and zoom table quizzes are the norm on a Saturday night.
With this in mind, we have kept a watchful eye on the hastily changing media landscape and pulled out a few of the key trends below:
Social Media consumption is up
This is an obvious one but as we isolate in the comfort of our homes, we are spending more time on our devices and on social media. Not only do we have more time on our hands, and less bosses looking over our shoulder, we also have an increased desire to stay connected with friends and family.
Various studies have shown that overall usage across the Facebook Network is up 37% since the outbreak and in countries that have been most acutely affected, that number has risen to as high as a 76% increase. These stats illustrate that if your brand is in a position to add value in this time or strike the right tone, the place to do it is on social.
CPMs are down
Whilst social media consumption is up, the cost of digital advertising is down. As the volume of usage has grown, there has been a parallel decline in the volume of advertisers. Industries like travel, entertainment and hospitality have effectively switched off advertising. The net result is that the auctions on the tech platforms are less competitive and so CPMs (cost per thousand impressions) are down.
Research highlighted by Campaign US illustrates a 22% increase in Instagram campaign impressions from Q4 2019 to Q1 2020 and technology companies specialising in programmatic display are also reporting a 15% drop in CPMs.
Although brands need to tread carefully in these complex times, there remains a need to engage with consumers. Even if your brand or industry is impacted by the virus and it doesn’t feel right to drive direct sales, consider switching to brand activity to remain top of mind. With an empathetic tone and the right message, it could positively impact the perception of your brand.
Home (& Health) is where the heart is
The other side of the coin is that some verticals are well placed as a result of the change in cultural trends and the therefore shift in consumer habits. This nifty tool shows the increase in consumer goods during the COVID-19 crisis. The common thread? Bringing your life into your home.
We know all about the acceleration in connective technology with Zoom now valued at $42 billion dollars - more than the top three American airlines combined. A month ago, the transition to working from home and connective technology made sense on a number of levels; the benefit to the environment, a more connected world and remote work. However, it was expected to be a slow burn over a sustained period of time. The events of the last month have obliterated that particular projection.
Zoom has experienced exponential growth in the last number of months
As we look to bring our former lives into our homes, companies who specialise in home fitness equipment, health products or indeed virtual exercise have been booming. Joe Wicks anyone? This trend looks set to continue as it becomes increasingly difficult to see us return in our swathes to gyms in the coming months. E-commerce and home delivery also remain robust, and are growing in certain industries, like FMCG.
Streaming uptick
Another to benefit from the increased time at home are streaming services like Netflix, Amazon Prime and the newly launched Disney+. Self isolation and boredom are the perfect combination for binge watching your new favourite show. The biggest challenge these companies face right now is reducing their output quality to standard definition to avoid breaking the internet.
The increase in streaming of course coincides with the stark reduction in live programming, and especially sport. Broadcasters and rights owners have turned to archive in a big way - an area we have form in (see below) - with nostalgia the enduring emotion.
It’s not just video, however, with podcast giant Acast reporting their biggest ever weekend for listens towards the end of March - up 7% globally. Spotify also noted significant changes in their listenership behaviour with an increase in cooking and housework-themed playlists, as well as self-improvement podcasts (wellness, meditation) also seeing an uptick. And yes, they saw a 135% spike in streams of the Police’s song ‘Don’t Stand So Close To Me.’
Conclusion:
The dramatic adjustment in our lives is having a significant impact on our media consumption and wider consumer trends. We’re at home, we’re online, we’re connected and we’re adapting quickly to the world that has emerged in front of us.
Fifty-Three Six is a full service sports marketing agency with expertise in video, digital strategy, performance marketing and creative design.
If you or your company need any support across these aforementioned services or just fancy a chat, please get in touch with us. We’d love to hear from you!
