Ad has been the linchpin of Business Marketing and is having its heyday till now. The fact is that it hasn’t seen a dearth of demand over a century. But, the mediums in which they have been publicized change levels which lead to the confusion of its selection.
Your Ad might be great but it wouldn’t generate any results unless it is showcased on the trending medium to reach the right audience. This signifies that you have to popularise your business where the large crowd is sitting. To go more advanced, you have to know which Ad medium will the crowd go milling in the near future.
Glance through the study of past global Ad spending on different mediums first for a better understanding of our forecast.
A look back on the Global Ad Spend Chronology (1919 to 2019):
We have curated an interesting data that would reveal how conventional Ad mediums died out and new ad mediums found their space in time:
This initial period of Advertising had Newspapers, Out of Home (OOH) advertising and Magazines which were the prominent mediums for Advertising. Radio sprouted at the end phase of this decade. Newspapers ruled this time by acquiring $2301 million spends on it.
Newspaper was the popular realm of advertising followed by OOH, Radio, and magazines. But the investment in Newspapers got lowered to $1504 million comparing to the last decade. This clearly showed that other mediums were also making dynamic strides in the advertising sector.
This decennium marked the fluctuating state in the investments on Radio. Newspaper retained its dominant position with $3629 million deluged on it. Meanwhile, Television was gaining foothold silently amidst these already steaming mediums.
In this small stretch of years, Television gained great momentum and became the second most sought-after advertising mediums of the 50s next to newspapers. The splurged money on Newspaper ads was $6697 million.
1960s – 1980s:
This time span witnessed the strong rivalry between Newspapers and Television with the lavishing amount of $ 61314 and $51,962 million spent respectively at the end of 1989. OOH, Radios and Magazines were relatively less spent mediums over the past 30 years.
The water-shed moment came with the television taking over Newspapers which reigned the Ad sector for almost 70 years. The ad amount spent on television became $ 99604 million. But, little did we know that a massive contender was finding its way into this arena. Yes! Internet which had no address before was gradually incrementing its presence in this phase.
This period of time had a steady race between Television, Newspapers, and the Internet. Though Internet made a fast rise from rock bottom, Television topped the list with $140,271 million.
Ten years is an easy time to make things topsy-turvy. Indeed! This is the decade of the Internet. In 2017, the Internet became the No.1 Ad spending medium. At the end of 2019, a flourish of $248.688 million was spent on Internet Ads. Also, this is the time when extended reality took birth and began growing swiftly.
Which medium has the potential to attract much Ad spends in future?
This chronology depicts the faster transition period of Ad medium’s popularity. Nowadays, the positions change in a few years than in the previous decades. For Television to overcome Newspapers, it took 70 years. The Internet took over television in 30 years. So, Extended reality is gonna beat the internet sooner than we could expect.
Already in the span of 2016 to 2020, extended reality skipped a long way and is the third most-spent medium after the Internet and Television with a whopping spending of $50,000 million. This technology which witnessed lightning speed growth in just 4 years is going to be the future of the Advertising industry.
Why AR, VR, and XR are the future?
Innovation can be done zillion-fold with Augmented reality, Virtual Reality, and Mixed reality. They can create a revolution in marketing and branding. An Instant understanding of the product & services can be achieved by which you can witness a wide reach of the brand.
Get a better picture of XR with these examples:
Do you remember ‘The daily Prophet magazine’ from Harry Potter? It can be made real! You can watch the missed 6 of Virat Kohli live in a Magazine/newspaper. Isn’t that cool?
Digitally live brochures with all the marketing details including dynamic content is going to be the new dimension of Marketing. This is an illustration of the interactive branding of a product/service.
Invitations: An invitation card in which the groom and bride stand & invite virtually can be done with VR. This tech brings them to life as a hologram type of experience.
We can make visiting cards that virtually show the location, the company, and the products in 3D.
With VR, your customers can virtually put on the clothes and try them. Who on Earth wouldn’t love a feature like this?
An yearbook can be done in which you & your friends coming to life and standing on your yearbook talking about fun times and future plans for years to come.
Moreover, virtual images/videos can be created to give a realistic experience of your product. An instant impact is what these technologies make that gives an edge over other contenders.
XR to become the new normalcy
XR has the capability to knock down all other ad mediums in a twinkling of time. The AR/VR market is predicted to grow at a compound annual rate of growth (CAGR) of seventy-six p.c over the subsequent 5 years. The perfect infusion of AR & VR technologies has the prospect of excelling in the customer experience of all business sectors. This combination is robust with the huge potential to change the way of present business.
Extended reality is gonna stay and is about to make a quake in the Business sector. People are sure to lap it up. It is wise of Business leads to opt for this emerging technology and gain a massive edge over your competitors.
Tedroox is here for XR Aid!
Have you got any queries on XR? Want to take your business to the whole another level with XR? Tedroox Technologies, an XR Specialized digital firm can lend hands to you. We have boned up and possess a positive history of XR products. Give us a call or connect digitally with us to get an XR cognizance and assistance!