The AdNews end of year Perspectives, looking back at 2023 and forward to next year.
2023 was a big year for me personally as I left the dentsu network after 16 years to go back to an indie; joining The Media Store in March. Transformation and creation are two of my favourite parts of my job so creating product and bringing it to life (and living) with The Media Store’s ‘Media Reimagined’ has been very rewarding.
I feel like the media industry came alive this year, so many incredible events for good causes, we’ve just come out of upfront season, SXSW arrived in Australia for the first time ever outside of Texas, the UnLtd’s big dream ball came to Melbourne for the first time and who can forget the hall of fame!
Alongside that we saw big account moves and more consolidation, we’ve seen some really great disruptive media and the growth of AI. Many Australians kept revenge spending even in the wake of the worse cost of living crisis we’ve seen, and we’ve been reminded that we have a long way to go in terms of reconciliation with our First Nations people.
I have loved seeing brands and media companies living their sustainability goals but at the same time feel an incredible sense of sadness at the continued conflict that we see around the world from the Ukraine to Gaza and across the African continent. It makes me realise how rich in health and life we are here in Australia and how lucky I am to have safe and happy children.
2024 is going to be the year of the crunch; we haven’t truly realised the full effects of the cost-of-living crisis on Australians and soon to be pressures on business. I think we’re about to see the rise of ‘hermit culture’ and even bigger stress on the majority of Australians (even the affluent) which is going to affect purchasing power.
Mortgage stress is going to become a real problem for consumers and banks which will have a knock on effect into other categories. Our clients and brands are going to need their agencies more than ever, but with less spend in the market, agencies will also need to get more creative. I think we’ll see the rise in brands maximizing spaces like AI and CGI, retail media, fandom, immersive spaces and activations and wider and more improved sponsorship ecosystems.
I’m looking forward to growing our business and our client base and stretching what we do for them. Next year my daughter enters grade 6 and I want to have time to soak up those final moments in our beautiful local primary school and keep building memories for both of my kids.
One thing that has been eye opening joining an indie is the speed and ease of finding good talent! With budgets shrinking, holdcos and media companies consolidating, it’s actually an employers’ market. There are a lot of really good people in market and unfortunately not enough jobs.
I think there is a different talent crisis now and that’s keeping hold of our older experienced talent, hopefully we can start to make a difference in businesses recognising talent over the age of 55.
I’m still seeing a gap in the middle management capability levels as a hangover from the talent crisis of three years ago where we saw super high salaries and promotions to retain and attract staff (sometimes out of desperation) who probably weren’t ready for that level of responsibility. That’s on all of us to rectify.
Sam Cousins is Chief Strategy Officer of The Media Store
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.