Global Streaming Revenues Will Increase by 14% in 2023
by Frankie Karrer
3 Min Read
Hollywood’s elite are signing their names to companies focused on ad measurement and creative
3 Min Read
Headlines have been filled with celebrity names like Edward Norton and Kristen Bell lately–but not because of a new film release. No, instead, they are throwing their hats in the advertising ring, investing their time and connections into bettering the measurement and creative available to brands. And while we may be partial to our own Chief Creative Officer, Ryan Reynolds, this news signals the importance of the shifting advertising landscape.
EDO Inc., a data and measurement company co-founded by actor Edward Norton recently announced that they have raised another $80MM investment. EDO helps advertisers measure the impact of both their linear and streaming advertising, tracking whether those who viewed an ad spot ended up converting on another device. While TV has often been thought of as an upper-funnel awareness tool, it can now capture the full funnel, especially as viewers watch with a second device in hand. Advertisers are looking to quantify those conversions and track performance the way they would on their other channels.
“CMOs feel the pressure from their internal C-suite colleagues, especially the CFO office, to measure all their channels and tactics against a financial outcome, like how marketing and media drove incremental revenue, or how a specific television spot drove a purchase,” said Tina Moffett, principal analyst for business-to-consumer marketing at Forrester Research Inc.
EDO was founded in 2015 and the continued interest from investors highlights the importance of measurement within the evolving landscape of advertising. A landscape that has seen dramatic shifts in measurement over the past few years, as the former measurement company of choice, Nielsen, was called into question and ultimately lost the Media Rating Council’s accreditation (Nielsen has since been acquired by a private equity group). Brands are continuing to seek out reliable ways to measure the impact of their advertising efforts.
Edward Norton isn’t the only celebrity getting into the advertising sphere. Kristen Bell recently announced the launch of her newest venture, Dunshire Productions. Partnering with some of her longtime Hollywood partners, Bell is looking to bring her lauded humor to the ad space, creating traditional ad spots as well as short-form content. Bell and team’s value prop is simple – not only do they know the world of comedy, but they also have connections to others within the space, a key resource for brands to tap into.
Of course, we’re no stranger to the ad-wise celebrity or the importance of measurement. Ryan Reynolds’ creative agency, Maximum Effort, joined MNTN last year. Well known for their marketing of Deadpool, Aviation Gin, and Mint Mobile, Ryan and team have continued to lead the way in the advertising world. Their “fastvertising” model allows them to tap into current cultural moments and distribute a response in a timely fashion. To make it work for television advertising, it’s only possible thanks to CTV/OTT and a platform like Performance TV as it allows advertisers to launch these spots before the zeitgeist has moved on.
Not only does Connected TV enable brands to launch quickly, but it also allows them to track their campaigns in real-time. From site visits to conversions, the impact of these ads on CTV is fully measurable. As such, CTV has changed the conversation surrounding TV in all its forms, including linear TV. The rise of measurable CTV has pushed advertisers’ expectations of what should be trackable, creating an opportunity in the market. Norton’s EDO promises parity across both linear and CTV in response to that call for better measurement. Measurement is an increasingly vital part of the advertising industry, in part thanks to CTV, and even celebrities are jumping in to find the necessary solutions.
The growth of the advertising industry is not relegated to new technology. New players, including beloved celebrities, are entering the arena and putting the spotlight on the changing tides.