Buy Now, Pay Later Increased Popularity Among Americans
39%
The Bankrate report states that buy now, pay later (BNPL) services have a notable response among consumers, 39% of U.S. adults have been utilizing at least one BNPL service. Among BNPL users, half are leveraging the service to manage cash flow, while low or zero interest rates attract 37%. However, 56% of users encountered issues, such as overspending and missed payments, with millennials and Gen Z showing higher adoption rates compared to Gen Xers and boomers.
67%
The post-purchase experience is where brands need to build trust and loyalty to the customers. Research indicates loyal customers can account for up to 67% or more of purchases then by new consumers. Following the 80/20 rule, 80% of future revenue stems from merely 20% of existing customers and poor post-purchase encounter can lead to 85% of consumers not returning. In the post-purchase interactions, 70% of U.S. consumers are looking for speed, convenience, and friendly service.
130.4 M
February 2024 forecast predicts that 8 out of 10 US Amazon Prime Video subscribers will be ad-supported by 2024, with a total of 130.4 million US ad-supported viewers, comprising 57.6% of subscription OTT video viewers. YouTube leads with 241.8 million US viewers watching ads, while Amazon Prime Video anticipates modest 1% YOY growth in ad-supported viewership until 2028, contrasting with double-digit growth for Netflix and Disney+. AppleTV+ remains the sole major streaming service without an ad-supported tier.
69%
A new study by LG Ad Solutions reveals that 69% of connected TV (CTV) users opt for ad-supported streaming TV (FAST) over paid subscriptions without ads, with 53% spending two or more hours per week on FAST applications. The study, based on a survey of over 1,100 US CTV owners, indicates that the time spent searching for content has doubled to almost 12 minutes on average, with 63% of viewers engaging in subscription app cycling and 42% expressing interest in interactive ads.
$4.5 B
LinkedIn recently joined the influencer marketing scene by allowing advertisers to boost posts from independent creators, a move inspired by the success of Instagram and TikTok in leveraging popular creators as brand ambassadors. With revenue growth stagnant at less than 10% since 2022, LinkedIn aims to revitalize its business, leveraging its expansive user base, which surpassed 1 billion in November. Despite the dominance of platforms like Instagram and TikTok, LinkedIn forecast to earn of $4.5 billion in revenue, according to eMarketer estimates.
$318 M
The collaboration between WPP and Google, unveiled at the Cloud Next ’24 conference, marks a significant milestone for generative AI adoption within agencies. Integrating Google’s Gemini 1.5 Pro tool into WPP’s marketing operating system, WPP Open, will empower clients to create tailored content, gain deeper audience insights, predict content effectiveness, and optimize campaigns. This partnership, part of WPP’s annual investment of over $318 million in AI technology, not only boosts Google’s Gemini platform but also signals a significant step forward for generative AI adoption.
4.9%
The demise of the cookie has bolstered data-driven network offerings like Epsilon. Publicis Groupe reported a 4.9% increase in net revenue to $3.43 billion, with a 5.3% rise in organic revenue, surpassing analyst expectations. CEO Arthur Sadoun attributed the growth to strengths in data-driven marketing, new account wins, and a broader rebound in the technology sector. The company reaffirmed its prior full-year guidance of 4% to 5% organic revenue growth, following a strong Q1 performance and a commitment to heavy investment in artificial intelligence (AI).