The Future of Your Industry is Here, and it's Audio: Entertainment, Travel, Multicultural

At SXM Media, our 2023 kickoff is all about making (and keeping) promises to inspire and transform, and the theme of this year’s promise is innovation—everywhere. Check out what our industry experts in entertainment, travel, and multicultural audiences had to say about their predictions for 2023.

Entertainment

The launch of many streaming giants kept us entertained through a global pandemic. With the click of a TV remote, tons of content was literally at consumers’ fingertips. For Laura McElhinney, VP Sales, Entertainment at SXM Media, 2023 will be all about bringing these streaming giants and podcasts together to create the most effective ad strategies possible.

Prediction

“As we head into 2023, all eyes will be on profitability, and streamers will have more pressure than ever to acquire and retain subscribers. To do so, there will be a heightened focus on launching incredible, buzz-worthy content, and marketers will have to be really thoughtful about how they are using potentially smaller advertising dollars to capture attention, create meaningful conversation, and most importantly, drive new streaming subscribers.”

Takeaway

“Audio consumption is on the rise, with daily time spent listening having increased 11% in the last year. What’s driving that increase in time spent? Podcasts! With millions of people listening to podcasts every month, these listeners are now very hard to ignore for marketers when trying to drive tune-in and streaming subscriptions. As a result, it will be vital for streaming marketers to understand how to reach podcast listeners at scale using sophisticated targeting strategies while also working with podcast creators directly to help influence consumer sentiment regarding their content. If done right, podcast creators will help marketers build authentic connections with their target consumer—which will pay dividends in the long run.”

Travel

The travel industry has always been fast-paced, and it isn’t set to slow down anytime soon. In 2023, it won’t just move quickly, though—we’re also going to see major changes to the ways people travel and what they prioritize. And according to Laura Fernandez, VP and Head of Industry for Travel at SXM Media, this pivot in trends is going to require major flexibility and adaptation on marketers’ behalf to continue appealing to consumers.

Prediction

“U.S. domestic leisure travel is back, and business and international travel are closely following behind. Even still, with the rising costs of travel, 2023 will be the year of the savvy traveler, with consumers quickly pivoting to trips and transportation methods they can afford. 

This year will also likely see a boom in sustainable travel. These types of excursions will be very important to consumers, and they’ll be paying close attention to brands that make sustainable accommodations and improvements to their offerings. For instance, some major hotel brands are making improvements like reducing single-use plastics and redistributing food waste, plus airlines have pledged to achieve net-zero emissions by 2050.”

Takeaway

“With so many adjustments to what travelers prioritize and the way they’re planning their trips, brand marketers need to be nimble and flexible with their messaging and channel distribution. That’s where audio advertising comes in. Travelers are spending more time than ever on digital audio platforms, making them the #1 spot to reach your brand’s target audience. 

Audio also offers the ability needed to quickly adjust messaging to match the changing needs of consumers. That’s why travel marketers like the flexibility of audio; it takes a whole lot less time to develop an audio ad vs. a new digital video unit. They also dig the positive ad environment; listening to audio has been proven to lift mood and elevate your focus, which means consumers are going to be in a positive headspace when they hear your ad and much more receptive to your message.”

Multicultural

It seems like every year, multicultural audiences get more and more recognition. And according to Nicole Buchanan, Sr. Media Director & Head of Cultural Strategy and Erin Harris, Sales Director, Multicultural at SXM Media, in 2023, that level of prioritization will reach an all-time high. As such, brands need to focus on achieving specific goals to make sure their marketing efforts resonate.

Prediction

“As marketers and brands prioritize growth strategies this year, a trusted partner will be defined by how well they help them deliver on DEI, multicultural, and ESG goals. Marketers will continue to place an emphasis on authenticity and make bigger bets on moments that celebrate intersectionality, promote diverse creators, and drive social impact.”

Takeaway

“It’s exciting that we’re in a time where marketers are truly prioritizing multicultural marketing. These goals are rooted in being more inclusive and celebrating diversity at every level, and audio is critical to these strategies because there is nothing more powerful than hearing the many facets of our culture in the audio formats that we love.

Marketers understand that a one-size-fits-all strategy is without impact. Solutions that are inclusive of diverse voices, accents, and languages are the first step to unlocking engagement. Audio solutions missing culture are like milk without the shake. No one is coming to the yard where culture is absent!”

There’s plenty more where this came from. 

Interested in seeing what’s next for Retail, CPG, and QSR? Click here. 

Or Tech and Automotive? Click here. 

What about Fin Serv, Healthcare, and Political? Click here. 

Or, you can just reach out to us directly and we can help you build a custom plan, whatever your industry may be. Let’s chat about your audio strategy today.