TV Viewership Statistics & Trends to Watch for in 2024
by Cat Hausler
5 Min Read
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As a significant focus on consumer data privacy continues to spread across the globe, advertisers have their work cut out for them in interpreting what these changes will mean for their teams and strategies.
There’s no question these laws are necessary. Consumer data is in an incredibly vulnerable state without them. Companies and other organizations can use, sell, and share this information without consulting the consumer. But their necessity doesn’t mean they don’t still create challenges for marketing teams worldwide.
Many organizations have already become accustomed to using this data in their marketing strategies; there’s so much of it that its availability has changed precision targeting and personalization forever. Now, marketing teams are adjusting to ensure they can still reach their audience while remaining compliant with all relevant regulations.
Here, we’ll walk you through the current state of data, some fundamental regulations, and ways your marketing team can move forward with new tools and ideas.
With an increasing focus on data privacy around the globe, governments are implementing more regulations and laws to protect consumers. According to the United Nations Conference on Trade and Development, 71% of countries around the world now have some form of data privacy legislation.
For decades, consumers (particularly in the US) have been automatically opted into data sharing by default. The key to many of these new privacy laws is putting the power to release this data back into the hands of consumers.
As a Reuters article put it in early 2023, “The implications of this fundamental shift in the underlying philosophical framework regarding data privacy protection will be profound in the years and decades to come. 2023 will mark the shift.”
Which regulations are leading this shift?
As the most commonly known data privacy law, the European Union’s GDPR is a comprehensive set of regulations designed to protect the privacy of EU citizens.
In the simplest terms, the GDPR limits how organizations can harvest and commodify the personal data of European Union residents through seven key data protection principles. While this act was passed in Europe, it affects all organizations that “target or collect data related to people in the EU.” This includes many businesses, including social media platforms. With an emphasis on accountability, consent, and rights, the GDPR has firm penalties for breaking these regulations, including fines.
At this time, there is no comparable national policy in the US to the GDPR. Outside of regulations over federal agencies, children, certain financial institutions, and healthcare providers, the U.S. doesn’t have any general national protections for data privacy.
Since the GDPR went into effect, however, there has been increased interest in a national set of regulations. In the meantime, several states have taken it upon themselves to implement their own.
The California Consumer Privacy Act (CCPA) affects organizations that collect personal data from California residents — whether or not the business itself is located in California. (Much like the GDPR and EU citizens.) Amended in November 2020, the act provides residents with:
As the most comprehensive privacy and data protection act in the United States, the CCPA is setting the standard for other states across the country.
The Virginia Consumer Data Protection Act differs slightly, in terms of blanket applicability and remedy, but still aims to give customers the ability and right to:
The Virginia CDPA applies to any businesses that control or process data from at least 100,000 users or sell and collect personal data from 25,000 users while making 50% of their annual revenue from these personal data sales.
While California and Virginia’s regulations tend to be the most common, additional states are creating their own laws around data privacy, including:
As more laws and regulations form within the US, they will stitch together national guidelines for data privacy.
The truth is, these data privacy developments are far from over. As technology advances, organizations and governments around the world will need to advance these protections to maintain the rights of citizens.
As you’ve likely heard, Google’s cookie depreciation is moving forward. In early 2024, Google will disable 1% of Chrome users’ third-party cookies and migrate these users over to the Privacy Sandbox.
As we’ve seen, these changes could be delayed as we get closer, but marketers need to stay ahead of these changes and prepare for a post-cookie world before it’s actually here.
Google’s Privacy Sandbox program is, in short, a post-cookie solution for both consumers and advertisers. This initiative aims to create a safer online environment for consumers, while still helping advertisers reach their target audiences.
Right now, the three key goals for the program are:
The program will likely evolve to meet the changing needs of consumers and advertisers through this situation. Overall, it’s vital to remember that your marketing team isn’t losing all consumer data or the ability to reach your target audience. Instead, you can use this time as an opportunity to instill trust in your brand by ensuring your consumers’ data is handled with care.
Marketing teams have come to rely on customer data — especially third-party cookies — to reach and retarget customers efficiently. Now, as changes take place, it’s time to adjust your strategies and adapt to the changes to maintain a competitive advantage in the market.
As these regulations take effect and evolve, keeping up with the policies as they pop up is essential.
If you’re serving customers in several different areas, you might need to implement practices that abide by additional laws from around the globe. Like we mentioned above, the GDPR covers all European Union consumers, so if you have customers in that area, you’ll need to ensure you’re compliant with those policies.
For example, cookieless attribution tracks interactions and conversions securely with innovative technology. It also helps refine your target audience, which can lead to a more effective budget with less ad waste.
Despite these changes, you still have several options for reaching your target audience. In fact, you might already be using some of them.
If you’re already working with partners, discuss these changes with them and any concerns with your marketing strategy.
Here at MNTN, we’re staying ahead of data access and usage changes so our advertisers have the most up-to-date knowledge. When it comes to our advertising capabilities, we have the ability to continue collecting data without interruption — even after cookies have been deprecated. MNTN’s powerful CTV advertising platform allows you to confidently run Performance TV ads, taking the guesswork out of television advertising. And when it comes to reaching your target audience, advertisers have access to tens of thousands of audience segments filled with engaged customers.
With increasing personal data being generated and shared online, adopting these measures is critical to consumer privacy. By implementing secure and straightforward policies, brands can ensure consumers feel confident about making purchases.
Remember: we’re all figuring out our footing in this evolving landscape. These data regulations are new for everyone, so staying engaged with the latest information is essential. We’re gathering more insights you need to know about the data privacy transformations, so keep an eye out for more resources from MNTN.