Featured in EMARKETER: Andrew Richardson on GenAI in Advertising

*The following is a summary of a report published by EMARKETER on March 14th, 2024.

SEATTLE, WA - In the busy world of advertising, it's clear that generative AI (GenAI) has a lot of potential. Even though it's growing in popularity, hurdles persist in its widespread adoption. Andrew Richardson, VP of Analytics & Measurement at New Engen, shared insights with eMarketer alongside other industry leaders, shedding light on the implications and potential of GenAI in advertising.

Here's a concise breakdown of the latest insights and trends shaping the intersection of GenAI and advertising:

Key Stat: The number of marketers worldwide using GenAI for data analysis (39%) is more than twice the number using it for image generation (16%), per Mediaocean.

Key Takeaways for Marketers:

• GenAI's Current Landscape: Despite its promising potential, the widespread use of GenAI in advertising remains limited, with data analysis emerging as a primary use case.
• Adoption and Investment Trends: Advertisers are ramping up investments in GenAI, expecting it to play a significant role in various dimensions of advertising within the next few years.
• Challenges and Opportunities: While GenAI offers efficiency gains and creative augmentation, challenges related to consumer trust, copyright concerns, and sustainability need to be addressed.
• Future Outlook: To maximize the benefits of GenAI, marketers must focus on ongoing training, develop comprehensive roadmaps, and customize LLM (large language models) training.

As advertising keeps changing, marketers need to stay updated and adjust their strategies to make the most of GenAI's transformative potential.

Access the full report to learn more.

About EMARKETER
Insider Intelligence is now eMarketer, the go-to forecasts, data, and insights provider for marketing, advertising, and commerce professionals. Providing a comprehensive suite of resources, including forecasts and insights, to help revenue-driving teams anticipate changes across marketing, advertising, and commerce landscapes.

About New Engen
New Engen is a digital marketing agency driving impact for brands across every phase of the customer journey – maximizing it, measuring it, and repeating it. Through a collective passion for building brands, a relentless desire to challenge the status quo, and deep digital expertise across hundreds of brands and verticals, we put our clients on the cutting edge of what’s possible in digital marketing.