Backslash Week #37 – News of the Week
Week 37 has ended and a lot of interesting things happened throughout this period. VaynerMedia was appointed as lead social media ads channel for TikTok, OTT arises as the new fontier for programmatic advertising, and firms seemingly appreciate digitalisation more after COVID-19.
Be sure to read on.
1. VaynerMedia Advertises TikTok
Social media advertising & news agency, VaynerMedia, was appointed as the lead media distribution channel for TikTok last week. The action is against Trump’s demands, as by doing so the social media platform is still owned by ByteDance, Chinese tech giant, and taking such action as a form of marketing expansion does not exactly suggest a sold-out soon.
TikTok’s and VaynerMedia’s CEOs step into the headlights and give their takes…
The story started as Trump believed that the Chinese company could be collecting US data, which ByteDance denied, claiming that the data is stored in the US and only a back-up service is available in Singapore. The expansion with VaynerMedia clearly makes acqusition of TikTok increasingly more difficult for any US companies.
“We are excited to continue connecting with our community through our social media channels and bringing more of TikTok’s brand and content to life off-platform. Culture starts on TikTok, and Vayner is now onboard to help us amplify that message.”– TikTok Head of Global Marketing, Nick Tran
TikTok is currently valued at approximately $30 billion, and despite the increasing pressure from Snapchat and Instagram, its main competitors, the platform still manages to grow especially amongst Gen-Zs.
#excited #about #what #will #come #tiktok
2. The OTT Industry Sees a Rise with Programmatic
Consumer behavior saw a major shift during the pandemic as a result of the fact that, for the majority of people, it was the time in their lives where they had to spend to most time at home. This resulted in an astonishing increase in mobile data usage, which helped the OTT industry see a rise.
New subscribers in the APAC region.
In the APAC, Asia-Pacific region where a major part of the population was forced into lockdown OTT players still kept adding more and more content and saw an increase in content consumption. This resulted in a genuine growth of the OTT industry, as both demand and consumption increased.
Mobile is the new home entertainment platform.
As a result of being forcefully locked at home, an upward pressure was placed on mobile media consumption which resulted in a major increase in both image and video consumption on the platform. The demand saw a rise and suppliers are trying to increasingly fulfil such desires.
#ott #programmatic #mobile #consumption #home
3. Many Firms Invested Into Digitalization Due To COVID-19
COVID-19 provided and still provides a great opportunity to boost the adoption and acceptance of general e-commerce. Due to the forceful lockdown presented by the pandemic e-payments and e-contracts saw an increase in the likelihood of being accepted as well.
According to SDPI Joint Executive Director of TDAP, Dr. Vaqar Ahmed “More paperless trade can also be made a norm through current and future free trade agreements”, which makes sense not only because of the advantages e-trading brings as compared to traditional exchange, but also due to the fact that COVID-19 led consumers into accepting the electronic form of exchange as a normal thing to do, including even sceptics.
As e-commerce and the overall idea of digitalization increased in acceptance brands and companies may see positives to doing commerce online as consumers are more willing to accept the idea. On the other hand, this may also lead to an increase in competition, saturation, as well as higher entry barriers.
#digitalization #go #digital #e-commerce #e-trading
4. Final Words
Last week’s news reached out to digilitazion and social media advertising. With TikTok’s marketing plan including VaynerMedia as a lead content distribution channel fulfilling Trump’s executive order remains a question mark. OTT saw a general rise as home-based and mobile media consumption increased, and digitalization positively impacted the social acceptance of e-commerce and e-trading.
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