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Cashing In On The Opportunities

Monetisation opportunities for new-age media agencies have increased exponentially, and with 5G, there will be another exponential leap in these opportunities

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Traditional media involved limited consumer touchpoints and limited share-of-consumer attention span: maybe a few minutes every day reading a newspaper, or a couple of hours of television, and some outdoor opportunities in form of billboards or cinema advertising.

The role of a traditional media planner was also limited. There were only so many content publishers in print or TV. And in any case, the lion’s share of media monies had to go to the biggies, since 80 per cent of traditional media market share was commanded by 20 per cent of the publishers. Data such as TRP and print media surveys were always questionable. And the value of a media agency was purely on being able to negotiate better rates basis volumes. It was truly the world of spray, pray and volumes. However digital media has changed the value proposition. And here are some reasons why.

Consumer attention 
Every time a consumer reaches out to his phone and spends time on the phone, there is a brand communication opportunity that can be leveraged.

Multiple channels
The number of communication channels like apps, websites, gaming platforms, email, podcast, OTT platforms and alike has increased exponentially, each being a brand communication opportunity. Thus, a brand planner has many more choices while making recommendations to clients.
Access to rich data
Digital media is rich with consumer data. How to thread this data to decipher consumer journey, create media-attribution-models, track multiple parameters, micro-targeting… all this has substantially enhanced the value proposition for a media agency.

Real-time tracking

Digital media execution is not just sending a release order to a publisher. Using self-service platforms for real-time-bidding; being on top of data; constantly tweaking the campaign, using tools to analyse data and create reports: all this creates an invaluable role for a new-age-media agency

Intelligent planning
While there are big boys like Google and Facebook, who take a chunk of digital media spend, it is not just rates that will determine how much bang you get for your money. It is really intelligent selection of keywords and audiences, and personalised messaging that creates best return on investment for the brand.

Advent of ad-tech
Technology starts playing a very important role in new-age media execution. Ad-tech platforms help understand customer behavior, over millions of data points, and provide insights, as well as map the audiences to thousands of disparate publishers, thereby assisting in targeting the right audience with the right message in real-time.

Thus, monetisation opportunities for new-age media agencies have now increased exponentially. Media planning, execution, understanding of data, analytics and technology, have all made the role of a media agency more complex and thereby more relevant to a brand. And with 5G and ARVR just around the corner, we will see one more exponential leap in these opportunities.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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October Magazine 2021 Monetisation

Hareesh Tibrewala

Joint CEO of Mirum India

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