There has been fair bit of debate in recent years regarding the kind of online privacy that people can hope to take advantage of to one extent or another, and advertising has played an outsized role in that debate for the most part. Changes in privacy standards have come about because of the fact that this is the sort of thing that could potentially end up making people feel safer, and one of the biggest changes that have been seen in this regard involved the deprecation of third party cookies.
Both Apple and Google have made third party cookies a lot less reliable than they used to be, and Meta is already starting to feel the burn with its advertising revenues expected to decrease by around $10 billion in 2021 alone. It turns out that most marketers and advertisers are not at all prepared for the new world of advertising wherein they would no longer be able to rely on things like third party cookies to provide targeted ads.
The Interactive Advertising Bureau (IAB) conducted a study with the help of Ipsos to ascertain what the impact of these changes were on the market. Even though 77% of people that are working within the industry say that they are prepared for the changes, only 41% have invested in first party data. What’s more is that 66% have not made any adjustments to their strategies at all, and they are not trying to measure their data in any new way despite the widespread changes that are occurring which have already knocked Meta down three places in terms of most valuable companies.
The general consensus here is that the entire ad industry appears to be in a state of real denial for the most part. They have been reliant on third party cookies for so long that they are failing to realize how different their jobs will be now that they can’t rely on them anymore. Suffice it to say that this will have some pretty dire consequences for the world of advertising in the coming year, although there is a chance that failure this year will spark change in the next.
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Both Apple and Google have made third party cookies a lot less reliable than they used to be, and Meta is already starting to feel the burn with its advertising revenues expected to decrease by around $10 billion in 2021 alone. It turns out that most marketers and advertisers are not at all prepared for the new world of advertising wherein they would no longer be able to rely on things like third party cookies to provide targeted ads.
The Interactive Advertising Bureau (IAB) conducted a study with the help of Ipsos to ascertain what the impact of these changes were on the market. Even though 77% of people that are working within the industry say that they are prepared for the changes, only 41% have invested in first party data. What’s more is that 66% have not made any adjustments to their strategies at all, and they are not trying to measure their data in any new way despite the widespread changes that are occurring which have already knocked Meta down three places in terms of most valuable companies.
The general consensus here is that the entire ad industry appears to be in a state of real denial for the most part. They have been reliant on third party cookies for so long that they are failing to realize how different their jobs will be now that they can’t rely on them anymore. Suffice it to say that this will have some pretty dire consequences for the world of advertising in the coming year, although there is a chance that failure this year will spark change in the next.