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| Best Buy CNET Partnership Marks a New Era of Retail Media |
Image sourced from Best Buy
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| AdMonsters has long advocated for strong partnerships between publishers and retail media networks, given how such bonds could deliver the holy grail (aka the customer-first future). In fact, in 2023 we published a trilogy of articles focused on this idea — "How Retailers and Publishers Will Shape a Better Future in 2023," "Customer Centricity: The Key To Retail Media’s Successful Future," and "Online Shoppaholics: How Can Publishers Embrace Commerce Media?" Closing the loop between advertising impressions and commerce transactions is a certified win-win for the industry. That's why it's no surprise that Best Buy is joining forces with CNET to extend advertisers' reach, while also enhancing customers' shopping experiences. The collaboration taps into their combined unduplicated reach of 50 million unique visitors per month, offering brands access to larger audiences of high-intent shoppers, strengthening the reach and impact of their messaging. But there's something somewhat unique about this partnership. The partners are introducing a new retail media model where advertisers can share ad inventory across Best Buy and CNET, allowing them to see their advertising campaigns' impact through a full-funnel, closed-loop media solution. This provides a more comprehensive approach to digging into consumers' shopping behaviors and leveraging those insights to guarantee that the right content reaches the right consumers during their shopping journey — on the right platform. It's the first time a publisher and retailer have shared data in this manner, according to independent industry analyst Andrew Lipsman. “This partnership sets a powerful precedent for how content and retail media brands can collaborate to bring more opportunities to both consumers and advertisers,” said Lauren Newman, Executive VP of Revenue at CNET. “With a focus on data-driven insights, we’re introducing a new standard to help brands expand audience reach and measure the impact across what was previously a fragmented digital media ecosystem.” If we had a crystal ball, we might predict that this partnership is a litmus test to determine whether the retailer should acquire the beleaguered media brand. Only time will tell. — LdJ |
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| BOMESI and Raptive Partnership To Uplift Diverse Media |
Image sourced from BOMESI
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| Black Owned Media Equity and Sustainability Institute (BOMESI) and Raptive recently unveiled a strategic collaboration to revolutionize how advertisers connect with diverse creators on a large scale. Raptive, known as one of the primary sources of ad spend for diverse-owned media within the open internet, directs a significant portion of advertiser investment—58% to be precise—towards over 400 websites owned by diverse creators and publishers represented by the company. Through its partnership with BOMESI, Raptive allows advertisers to engage with diverse creators and effectively reach expansive and engaged audiences within trusted digital environments. The collaboration with BOMESI empowers Raptive clients to access meticulously curated media accredited by BOMESI, facilitating a seamless connection between advertisers and verified diverse creators. BOMESI and Raptive will also strategically allocate a portion of participating advertisers’ investments to foster the development of novel programs and innovative business models, encouraging collaboration between brands and diverse creators and nurturing hundreds of independent media enterprises. With advertisers struggling to meet the DEI requirements they promised in 2020, we need initiatives to bolster diverse-owned media. Last week, we wrote about how 38% of companies have met commitments, and only 1.8% of ad dollars go to diverse-owned media. Mirror Digital and Mediavine's new tools help alleviate some of these concerns. Hopefully, with these three initiatives in the works, some more tactical change can come to fruition. — AB |
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| Prohaska and Permutive Partner, Helping the NY Post Double Down on Direct Deals |
| Long before Google announced the third-party tracking cookie would get the ax, advertisers had a strong appetite for publishers' first-party data. It drives ROI. This has become more true amidst a sea of mounting privacy regulations. But often, publishers find themselves in a quandary — unable to properly package and sell their data (without third-party data). That's why finding partners to help you scale and activate your first-party data for addressability is important in building a next-gen revenue strategy. To that end, Prohaska and Permutive have partnered to help publishers with data-driven revenue growth. Their union provides pubs with an efficient data platform, insights-driven commercial strategies, and expertise in data transformation. Consider their work with the NY Post on its path to driving more direct deals. The 200-year-old publisher selected Permutive as its DMP and Prohaska for data monetization strategies. As Amanda Gomez, SVP of Revenue Operations told AdExchanger, "the main goal of the NY Post’s first-party data strategy is to convert existing open auction programmatic demand to direct business." As part of this strategy, the publisher launched more newsletters, like the Post Sports+ subscription newsletter, and a NY Post ID to authenticate its audience and then tie its users to behavioral data. This helps the publisher to bolster its data capabilities for direct sales deals. “This partnership is a game-changer for publishers,” says Joe Root, CEO and co-founder at Permutive. “By combining Permutive’s patented, cutting-edge technology with Prohaska Consulting’s experience in driving commercial results through optimization, we’re providing publishers with crucial tools and expert guidance to thrive amid regulatory shifts and the chaos of third-party cookie deprecation.” In the past, we talked about Permutive helping TMB collect 1st-party data at scale, increasing their audience by 22x to target the right cohort at the right time, and increase CTRs +78%. Now with Prohaska by their side, Permutive plans to drive digital transformation for more publishers on a quest to maximize yield and enhance campaign performance. With so many publishers looking to amp up their direct sales nowadays, a partnership like this could be their saving grace. — LdJ |
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| Can Musk's X CTV Venture Overcome Brand Safety Concerns? |
| X, the social platform formerly known as Twitter, now spearheaded by Elon Musk, is expanding into video content with the launch of a TV app. Although X didn't specify a release date for the app, the app will be available on Smart TVs soon. X also announced partnerships to bring professionally produced videos to this service. Despite a content setback with former CNN anchor Don Lemon, X remains committed to monetizing the platform through potential partnerships, including advertising. Musk's vision for X extends beyond a text-based platform, aiming for an all-encompassing "everything app" to diversify revenue streams and set it apart from competitors. Users have collectively watched 23 billion minutes of video on X in the last 30 days. Musk has the right idea. Diversifying his content, especially in the booming CTV industry, is brilliant, but has he already burnt too many bridges? Many advertisers have already started to stray away from X because of brand safety concerns, but if done right, this could be an excellent way to diversify revenue. — AB |
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