Rony Zarom Watchitoo CEO & Founder, flew to Los Angeles last week on October 22nd to speak on the Digital Hollywood (#DH09) Panel: Track III: The Broadband Platform – PC, Mobile, TV and Advertising. The panel focused on “The Web, Social Media and Advertising: Transforming and Disassembling the World of Traditional Media and Communication”
Panel moderator, Marissa Gluck provided a quick description of the “change and innovation” which is at the core of our industry. With marketing & advertising revenues not as large in social networks as they are in SEM, the industry is trying to find new ways to monetize advertising. What will lie ahead in the world of online advertisements? Further interaction, more community, more live videos, and consumer collaboration? The session was filled with experienced panelists and industry leaders who shared their knowledge with an eager audience. The conference touched upon the core of Watchitoo’s business – the impact of the growth of social networks on online advertising.
Important questions the panel raised included:
- What are better ways for monetizing social networks?
- What new trends exist in Technology that allow advertisers to build communities around brand?
Rony shared some of his thoughts upon his return from LA:
“At Digital Hollywood, there was mutual agreement that there is a significant opportunity for advertisers in creating loyalty and community around a brand. There exists a disconnection between where online advertising currently stands and the direction it is headed.
Advertisers are currently more concerned with short-term immediate exposure and ad clicks versus getting consumers to relate to advertisements over a long period of time. Perhaps as the social collaboration trend continues to evolve, advertisers will embrace technological advancements that can significantly increase ad revenue by fostering ad loyalty through community building. Savvy consumers no longer succumb as readily to direct advertisement and direct marketing, they like to be part of the experience and want to be further engaged.
Collaboration and community building may address that hurdle and offer a profitable solution if and when advertisers choose to embrace it.”
It will be interesting to see the evolution of the online advertising landscape and how community building and collaboration get integrated into it.