Marketing Report
[Marketing Week] Bob Koigi: Online video industry takes market by storm column

[Marketing Week] Bob Koigi: Online video industry takes market by storm

The unprecedented rise in use of smart devices and mobile data subscriptions, increase in popularity of live streaming and rise in number of streaming services is opening up the video on demand market which generated $84.6 billion in 2022. That growth is poised to reach $387.5 billion by 2032 according to reports.

Analysis firms like Omdia say that following a decade of cord-cutting, that has seen pay-TV subscribers churning to paid online video services, 2024 will bring a new stage of market evolution, with users of paid online video services moving to free online video.

Already companies are lining up to tap into this emerging opportunity.

Paramount Global has announced the global expansion of EyeQ, bringing one of the biggest premium video advertising platforms in digital media to regional and multinational marketers worldwide.

In mergers and acquisition news making headlines this week, Kantar Group announced the sale of its North American Advertising Intelligence unit, Vivvix, to MediaRadar, the advertising intelligence and sales enablement platform backed by Thompson Street Capital Partners and Endicott Capital.

Accenture has also completed its acquisition of ConcentricLife, a  healthcare marketing agency with expertise in helping Life Sciences brands build an optimal brand experience at any stage of the health journey.

Havas recently announced it had acquired a majority stake in PR Pundit, one of India’s foremost PR consultancy firms. This strategic move marks the debut of Havas Red, a Havas global PR network, into the vibrant Indian market. On closing, the firm will be rebranded PR Pundit Havas Red.

And MiQ announced the acquisition of French media governance and data quality company, Grasp. This marks MiQ’s third significant financial investment to date, as part of its long-standing commitment to making the digital advertising ecosystem and experience better for all advertisers.

In appointments, GroupM, WPP’s media investment group, appointed Alexandra Chabanne to lead GroupM France as CEO, effective 6th November 2023.

Chabanne will focus on the ongoing transformation of GroupM France by capitalizing on the value GroupM brings to advertisers, across the entire media investment landscape. 

At the same time, WPP announced the appointment of Lindsay Pattison as Global Chief People Officer, with responsibility for the company’s people strategy and operations.

Lindsay succeeds Jennifer Remling, who is leaving to become Chief People Officer at Warner Bros. Discovery.

In other notable news that made headlines this week, The 2023 Local SEO Benchmark Report published by blended agency iO reveals that the majority of Dutch and Belgian retailers are missing opportunities in the field of local SEO. Although the optimisation scores have increased compared to previous research, there is still a lot to be gained for retail chains in the Netherlands and Belgium.

Peugeot has announced that it has appointed Accenture Song, the tech-powered creative group of Accenture, as its global creative agency of record from January 2024, as part of a competitive pitch. 

And, Hill & Knowlton, the global strategic communications player for transformation, has announced a comprehensive rebrand initiative that marks a return to its original name of Hill & Knowlton, reflecting the company’s near 100-year equity.

The new brand features a refreshed visual identity, website and social presence and key innovation announcements that mark the next phase of Hill & Knowlton’s evolution as a strategic partner to today’s leading innovators.

Bob Koigi is an editor at Marketing Report One