Internet outstripping print as preferred medium
by Jeni Bone on 24 Jan 2012
Around the world, as internet connectivity leaps ahead with the popularity of Smart phones and tablet technology, as well as soon to be commonplace web-enabled TV, online advertising is outstripping all print media.
Its not just iPads, low cost Tablets have dramatically expanded Internet access - they are read on the train, on the bus, in the smallest rooms, while watching TV MarineBusiness-World.com . http://www.marinebusiness-world.com
According to the latest report from eMarketer, for the first time ever, online advertising will surpass print in terms of spend, growing 23.3% to US$39.5 billion during 2012. In the US alone, online ad spending will post growth well above 20% this year to reach nearly US$40 billion, as the internet continues to prove its worth to advertisers in a tough economic climate.
Online is where the consumers research, compare and converse about products, from CDs to boats, and it's where advertisers are seeking to pitch their offering.
'Advertisers’ comfort level with integrated marketing is greater than ever, and this is helping more advertisers, and more large brands, put a greater share of dollars online,' said David Hallerman, eMarketer principal analyst.
Double-digit growth is expected through 2014, when US online ad spending will reach US$52.8 billion. In 2016, the eMarketer study anticipates advertisers will spend US$62 billion online.
Fast growth has put online ahead of some traditional media, especially print newspapers and magazines. This year, US online ad spending will exceed the total spent on print magazines and newspapers for the first time, at US$39.5 billion vs US$33.8 billion. And as online shoots up, the print total will continue to drop.
Technology is leading the push for online advertising. The share of adults in the US who own tablet computers nearly doubled from 10% to 19% between mid-December and early January and the same surge in growth also applied to e-book readers, which also jumped from 10% to 19% over the same time period - thanks to Christmas gift giving and the flow on by word-of-mouth recommendation.
The number of Americans owning at least one of these digital reading devices jumped from 18% in December to 29% in January.
From a marine industry perspective, advertisers are migrating in rising numbers, turning their ad budgets upside down. Analysts are adamant that to avoid losing market influence and share of consumer attention, brands and retailers need to invest their ad dollars online.
Steve Allen, media analyst and MD at Fusion Strategy, says that in Australia, online advertising surpassed magazines 'two or three years ago' and is likely to overtake newspapers this year.
Allen asserts that in the marine sector, consumer activity and confidence online depends entirely on how people buy goods. 'They may research at a bricks and mortar retail level, then go online and compare, then buy, as long as they know they have the security of warranty or being able to get help if something goes wrong. There are many people who wouldn't be confident to buy online, but many, younger consumers who know what they're doing and do purchase from the net.'
The key to successful e-tail sites, says Allen, is that they are engineered with the consumer in mind. 'Some are clearly falling short, but the new generation of e-tail sites are putting consumers at ease.'
Allen says it's not all about buying online, as branding advertising 'is coming in to its own' amd advertisers become more adept at tailoring campaigns, including more frequently, video components, to the online space.
Thanks to the popularity of smart phones, tablets, laptops,netbooks and connected TV, the stature of the Internet as the number one media and information source is an absolute reality. Commentators and analysts forecast the net will overtake newspapers this year in Australia for their share of ad revenue, having already outstripped magazines three years ago.
While there is still a sentimentality for traditional media among consumers, advertisers are moving away in droves as circulations fall.
Advertisers who have yet to dip a toe in online advertising are missing out on the consumer wave of technology that accommodates branding, campaign and retail advertising, reaching the tech-savvy, cashed-up consumers who are confident to research and buy online. If you don't have at least 50% of your ad budget online, you are missing out on the key market growth area.
Marine industry groups wanting to reach the online market - are in the right place right now.
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