In the world of marketing, there’s a seismic shift happening. A change that many in the industry have been slow to acknowledge. The once mighty titan of advertising – television – is losing its value. And the situation seems only set to worsen.
It’s a curious paradox. On one hand, you see the audience for television dwindling year after year. On the other hand, advertisers are pumping more money into this shrinking medium. If we were to draw a parallel in the world of real estate, it would be like paying more for a house that’s losing value. It doesn’t make sense, does it?
So why are advertisers still betting big on television?
The answer lies in the inertia of old habits. For decades, television was the go-to medium for reaching mass audiences. But the landscape has changed drastically. Since around 2017, digital mediums have surpassed television and broadcast mediums in terms of reach and engagement. And this isn’t a temporary blip. The trend is only going to accelerate, as digital platforms offer more ways to be found or recognized than traditional broadcast methods.
If you ask me which medium has lost the most value, my answer would unequivocally be television. And there are a couple of reasons for this.
Firstly, we live in an age where time is a luxury most of us can’t afford. We’re all busy, juggling multiple roles and responsibilities. Who has the time to sit down and watch television?
Secondly, our viewing habits have evolved. Instead of being bound by the schedules of television programming, we prefer consuming content at our own pace. And our smartphones have become the primary screen for this consumption.
It’s clear that the golden age of television advertising is behind us. As marketers, we need to adapt to the changing times and embrace the opportunities that digital platforms offer. Because the truth is, TV advertising has lost its value, and it’s only going to get worse.