For Variety VIP+ subscribers: Why TikTok and short-form video rivals are taking the spotlight at the 2023 NewFronts
The annual IAB NewFronts kicks off its four-day event Monday, and all eyes are on short-form video heavyweights TikTok, Meta and YouTube.
While most advertising channels are estimated to see slower growth in 2022 compared with 2021, short-form video is expected to maintain the same growth rate year-over-year, according to Magna Global. Because of the increasing popularity and reach of apps such as TikTok, Reels and Shorts, advertisers and marketers are seeing more value in marketing across the platforms.
Even as advertisers continue to see value in short-form video platforms, the platform that they see the most opportunity this year has shifted. TikTok remains popular, but marketers view Instagram as a platform with far greater return on investment long term. According to HubSpot’s report, marketers said they think Instagram has a more accurate algorithm and thus makes it a better place to grow a brand’s audience. , with revenue growth of 3% from last year.
However, even as short-form video content grows in popularity among both advertisers and consumers, there are still challenges in the space including issues regarding. Creators understand that having a presence on TikTok, Reels and Shorts is almost necessary to grow their brands, but the lack of proper monetization has been weighing on the space.
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