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Global Product Placement Spending Grew 12.3% in 2023 to $29.6B, Slowing from 14.3% in 2022 Due to Impact of Strikes; Spending to Post Strong, But Slower, Growth in 2024

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Global product placement spending grew 12.3% in 2023 to $29.63 billion, decelerating from the 14.3% gain posted in 2023, caused primarily by the impact of the US writer and actor strikes, which shuttered production studios for months and delayed releases of new TV, film, videogame and music video content, according to new research released today by PQ Media.

STAMFORD, Conn., July 25, 2024 /PRNewswire-PRWeb/ — Global product placement spending grew 12.3% in 2023 to $29.63 billion, decelerating from the 14.3% gain posted in 2023, caused primarily by the impact of the US writer and actor strikes, which shuttered production studios for months and delayed releases of new TV, film, videogame and music video content, according to new research released today by PQ Media. Product placement spending worldwide is on pace to grow at a slightly slower 12.1% to $32.98 billion this year, which would mark the fourth consecutive year of double-digit growth, following the worst decline ever in pandemic-struck 2020, according to the 10th edition of PQ Media’s Global Product Placement Forecast 2024-2028.

“Product placement has grown substantially during the past two decades because brand marketers have become more willing to invest in the creative integration of their products in storylines that will garner them strong brand awareness, while creating positive brand associations.”

While the US market was impacted the most by the Hollywood strikes, global markets were affected as well, due to the increase in international partnerships in recent years. Nevertheless, the four-year growth streak has placed product placement on a path to end 2024 nearly double the size it was back in 2018, as brand integration opportunities have greatly expanded across multiple media platforms and channels.

While the overall TV platform still commanded the lion’s share of product placement spending globally at 70.1% in 2023 and movies remain the second-largest platform (11.9%), various digital media and recorded music channels have driven the multi-year streak of double-digit growth – both in the overall global market and the US, which remains the world’s largest market – including social media & blogs, influencer sites, virtual (artificial intelligence) placements, music videos and podcasts, among others.

In the US, which accounted for 56.2% of the global market for product placement in all media, total spending rose 11.9% in 2023 to $16.54 billion, decelerating notably from the 15.1% growth posted in 2022. Five of the six media platforms grew at double-digit rates, with print media being the exception, while digital media grew the fastest at 15.1%, fueled, in part, by the growth of artificial intelligence (AI) placement opportunities from media companies like Amazon Prime and NBCUniversal’s Peacock, according to the new PQ Media report.

AI placements differ slightly from virtual brand integrations, like those placed via companies like Mirriad, as AI software allows viewers to click on integrated products and be sent to an e-commerce site to purchase the product. However, most brands are still hesitant to use the new AI tech because many of the product placements are cameos (appearing in the background), rather than brand integrations in which the actors hold the products towards the camera and/or discuss them favorably in the dialogue. There are also copyright issues if the original producers of the content are not contacted in advance for permission to use an AI placement.

The biggest issue to impact the product placement market in 2023 and 2024 were the concurrent writer and actor strikes, which led to production studios shutting down for months in the US, causing delays in domestic and international content releases that featured US-based actors and/or writers. In broadcast TV, for example, the annual new episode premiums of programs with product placements for the 2023-24 season were limited to reality shows during the important September-to-November time period, such as “The Golden Bachelor.”

New episodes of scripted programs with product integrations were pushed back to “mid-season” replacements in February 2024, such as “CSI: Las Vegas.” In the film business, studio shutdowns forced movies with product placements scheduled for release in 2023, such as “Challengers,” to be pushed back to 2024, impacting the distribution of movies with product integrations already scheduled for 2024 release, such as the sequel to “Dirty Dancing.” Production shutdowns also impacted the music video channel and actor commitments led to delays in the release of select videogame titles.

“Product placement has grown substantially during the past two decades because brand marketers have become more willing to invest in the creative integration of their products in storylines that will garner them strong brand awareness among target consumers, while creating positive brand associations and generating sales lift. While these key growth drivers will continue to favor product placement, some concerns have emerged, as expressed by PQ Media’s Global Opinion Leader Panel, that the number of placement opportunities will decline going forward, as evidenced by the 14% drop in the number of scripted programs produced for the 2023-24 season – only the second decline since ad-supported cable networks began producing original programming in 2007,” said PQ Media President & CEO Patrick Quinn. “While the strikes contributed to decrease, this downtrend was anticipated before the strikes because streaming services and cable nets had already begun to cancel low-performing programs, as profit margins dwindled due to cord-cutting and streaming video subscriptions appeared to be peaking.”

Product placement in TV remains, by far, the largest media platform category worldwide, valued at $20.62 billion in 2023. The hottest streaming TV series are driving the double-digit growth in product placement in the overall TV category, such as the 106 products placed in “The Brothers Sun” on Netflix. Meanwhile, movie integrations, the second largest platform category, generated $3.50 billion globally last year. While the number of new films produced in North America has increased from 333 in 2020 to 504 in 2023, this still pales in comparison to film production prior to the 2020 pandemic, as 792 films were released in 2019. Nevertheless, 25% of the 504 films released in 2023 featured 10 or more product placements, led by “Gran Turismo” and “Dumb Money.”

Digital media was the fastest-growing placement category in 2023, rising 15.1%, followed by films (up 13.1%), and music (up 13.0%). Brands have ratcheted up podcast integrations, such as “Electric Easy” often opening with placements like characters trying Bud Light. The print media and videogame categories posted decelerated single-digit growth in 2023.

While the US accounted for well over half of product placement spend in 2023, the rest of the world is gaining ground, with Brazil and Mexico both exceeding $2 billion in spending, Australia investing over $1 billion, and Germany and the United Kingdom approaching $1 billion.

About the Report:

PQ Media’s Global Product Placement Forecast 2024-2028, the 10th edition of the industry’s recognized performance benchmark. The Forecast is the only source to consistently define, size, analyze and project the growth of product placement spending in media. The new edition has expanded to cover 6 major media platforms and 19 media channels across all top 20 global markets. Below is a breakdown of the report’s expanded coverage of media platforms and channels:

Television/Video – Broadcast TV, Cable TV, Streaming TV;Filmed Entertainment – Theatrical Films, Streaming Films;Digital Media – Pure-Play Digital Sites, Social Media & Blogs, Influencer Sites, Virtual Placements;Videogames – Console/PC Games, Mobile Games, Internet Games;Print Media – Magazines, Newspapers, Books;Recorded Music – Music Videos, Broadcast & Streaming Radio, Podcasts, Lyrics

The Core PDF Report & Analysis delivers 264 slides of exclusive market data and insights, which is enhanced by the Deep-Dive Excel Databook that provides 5,625 datasets and over 250,000 datapoints by country, media platform and channel, covering the 2018-2028 period with five-year forecasts, exclusive rankings of the largest and fastest growing media platforms and global markets, and in-depth profiles of each major country. To Download a Free Executive Summary and Sample Datasets click: https://www.pqmedia.com/product/global-product-placement-forecast-2024-2028/.

About PQ Media:

PQ Media delivers strategic intelligence, data and analysis to the world’s leading media, entertainment and technology organizations through syndicated market intelligence reports, custom drill-down research services, and on-demand strategic consulting. PQ Media uses a proprietary econometric methodology to define, segment, size, analyze and project the growth of several hundred traditional, digital and alternative media by country, platform, channel and demographic. PQ Media also publishes the annual Global Media Forecast Series 2024 (10th edition), with each report covering one of the three aforementioned industry KPIs – Advertising & Marketing Spending; Consumer Media Usage & Exposure; and Consumer Spending on Media Content & Technology.

Media Contact

Patrick Quinn, PQ Media, 1 2039215249, pquinn@pqmedia.com, https://www.pqmedia.com

Leo Kivijarv, PQ Media, 1 2032737081, lkivijarv@pqmedia.com, https://www.pqmedia.com

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SOURCE PQ Media

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Siemon Validates Interoperability of AI-Ready Fiber Cabling with NVIDIA™ InfiniBand™ Hardware at IBTA Plugfest

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Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.

WATERTOWN, Conn., Sept. 28, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, successfully participated in the 41st InfiniBand Trade Association (IBTA) Plugfest for InfiniBand and RoCE, held at The University of New Hampshire – Interoperability Lab from April 15th to May 3rd. This year’s Plugfest marked a significant milestone with the IBTA introducing new system interoperability testing that included optical transceivers and fiber cabling from various manufacturers for the first time. This rigorous testing program establishes compliance to industry specifications and real-world interoperability, ensuring a robust ecosystem of InfiniBand and RoCE products.

“These test results provide assurance to our customers that Siemon’s AI Ready fiber cabling performs flawlessly within NVIDIA AI network designs, supporting both switch-to-switch and switch-to-server applications”

Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.

“These test results provide assurance to our customers that Siemon’s AI Ready fiber cabling performs flawlessly within NVIDIA AI network designs, supporting both switch-to-switch and switch-to-server applications,” stated Gary Bernstein, Siemon’s Sr. Director of Global Data Center Sales.

The System testing was done with NDR 400G and NDR 200G traffic using NVIDIA switches, ConnectX-7 adapter cards, multimode and singlemode transceivers, and Siemon’s multimode and singlemode MTP fiber cabling solutions, including trunks, jumpers, and patch panels.

The IBTA will publish their InfiniBand Integrator’s list soon, listing specific hardware and Siemon components used in various configurations.

For inquiries regarding this testing or Siemon’s AI-Ready solutions, please contact your local Siemon representative.

For more information on Siemon Generative AI Solutions, please visit www.siemon.com/ai.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com 

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SOURCE Siemon

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Liftoff! NASA’s SpaceX Crew-9 Launches to International Space Station

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WASHINGTON, Sept. 28, 2024 /PRNewswire/ — The two crew members of NASA’s SpaceX Crew-9 mission launched at 1:17 p.m. EDT Saturday, for a science expedition aboard the International Space Station. This is the first human spaceflight mission launched from Space Launch Complex-40 at Cape Canaveral Space Force Station in Florida, and the agency’s ninth commercial crew rotation mission to the space station.

A SpaceX Falcon 9 rocket propelled the Dragon spacecraft into orbit carrying NASA astronaut Nick Hague and Roscosmos cosmonaut Aleksandr Gorbunov. The spacecraft will dock autonomously to the forward-facing port of the station’s Harmony module at approximately 5:30 p.m. Sunday, Sept. 29, where Hague and Gorbunov will join Expedition 72 for a five-month stay aboard the orbiting laboratory.

“This mission required a lot of operational and planning flexibility. I congratulate the entire team on a successful launch today, and godspeed to Nick and Aleksandr as they make their way to the space station,” said NASA Administrator Bill Nelson. “Our NASA wizards and our commercial and international partners have shown once again the success that comes from working together and adapting to changing circumstances without sacrificing the safe and professional operations of the International Space Station.”

During Dragon’s flight, SpaceX will monitor a series of automatic spacecraft maneuvers from its mission control center in Hawthorne, California. NASA will monitor space station operations throughout the flight from the Mission Control Center at the agency’s Johnson Space Center in Houston.

NASA will provide live coverage of rendezvous, docking, and hatch opening, beginning at 3:30 p.m., Sept. 29, on NASA+ and the agency’s website. NASA also will broadcast the crew welcome ceremony once Hague and Gorbunov are aboard the orbital outpost. Learn how to stream NASA content through a variety of platforms, including social media.

The duo will join the space station’s Expedition 72 crew of NASA astronauts Michael Barratt, Matthew Dominick, Jeanette Epps, Don Pettit, Butch Wilmore, and Suni Williams, as well as Roscosmos cosmonauts Alexander Grebenkin, Alexey Ovchinin, and Ivan Vagner. The number of crew aboard the space station will increase to 11 for a short time until Crew-8 members Barratt, Dominick, Epps, and Grebenkin depart the space station in early October.

The crewmates will conduct more than 200 scientific investigations, including blood clotting studies, moisture effects on plants grown in space, and vision changes in astronauts during their mission. Following their stay aboard the space station, Hague and Gorbunov will be joined by Williams and Wilmore to return to Earth in February 2025.

With this mission, NASA continues to maximize the use of the orbiting laboratory, where people have lived and worked continuously for more than 23 years, testing technologies, performing science, and developing the skills needed to operate future commercial destinations in low Earth orbit and explore farther from Earth. Research conducted at the space station benefits people on Earth and paves the way for future long-duration missions to the Moon under NASA’s Artemis campaign, and beyond.

More about Crew-9

Hague is the commander of Crew-9 and is making his second trip to the orbital outpost since his selection as an astronaut in 2013. He will serve as a mission specialist during Expedition 72/73 aboard the space station. Follow @AstroHague on X and Instagram.

Roscosmos cosmonaut Aleksandr Gorbunov is flying on his first mission. He will serve as a flight engineer during Expeditions 72/73.

Learn more about NASA’s SpaceX Crew-9 mission and the agency’s Commercial Crew Program at:

https://www.nasa.gov/commercialcrew

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SOURCE NASA

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Global Times: 75 years on, China committed to global common development

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BEIJING, Sept. 28, 2024 /PRNewswire/ — October 1 this year marks the 75th anniversary of the founding of the People’s Republic of China. Over the past 75 years, under the leadership of the Communist Party of China (CPC), the country has undergone tremendous changes, realizing unprecedented development. China has achieved in a few decades what took developed countries several centuries, with its economy now ranking as the second largest in the world. With strenuous efforts, China has realized its first centenary goal – building a moderately prosperous society in all respects.

China’s influence on the world has never been as profound and long-lasting as it is today. Likewise, the world’s attention to China has never been as deep, and focused as it is now.

As globalization deepens, nations are becoming more interdependent, while various global challenges continue to emerge. Humanity faces natural challenges such as climate change and the loss of biodiversity, as well as common global threats like extreme poverty, nuclear proliferation, political extremism, hegemony, and escalating geopolitical conflicts. The need for cooperation has never been more urgent or important than it is today, experts said.

“Where is humanity headed?” has become a significant question concerning the future and destiny for all.

To answer this question, Chinese President Xi Jinping put forward the vision of building a community with a shared future for humanity in 2013. This is seen as China’s solution to addressing global challenges and creating a better future through concerted efforts of the international community. “The common interest of all humankind is in a world united and peaceful rather than divided and volatile,” Xi said, Xinhua News Agency reported.

Building a community with a shared future for humanity is not about replacing one system with another or one civilization with another. Instead, it is about countries with different social systems, ideologies, historical contexts, and levels of development achieving mutual benefits, sharing rights, and jointly bearing responsibilities in international affairs, experts said.

“Unlike the confrontational or competitive approaches that often dominate international relations, this concept advocates for inclusivity and multilateralism,” Hamad Al Hosani, senior researcher at TRENDS Research and Advisory, a think tank of the United Arab Emirates, told the Global Times. “It also reflects a shift from traditional approach to one that embraces a holistic and interconnected global outlook.”

Hosani added that this concept helps address global challenges by focusing on shared responsibilities, such as equitable resource distribution, environmental stewardship, and collective security measures. It encourages countries to promote a sense of global solidarity and cooperation in managing transnational threats.

China’s vision, embodied in initiatives like the Belt and Road Initiative, focuses on infrastructure investment, trade connectivity, and mutual development without imposing political conditions, Hosani told the Global Times, adding that “this reflects a more pragmatic and cooperative approach that respects the individual paths of nations.”

Therefore, the Chinese path offers developing countries an alternative model of engagement, one that values equal partnership and mutual benefit rather than hierarchical or conditional relationships. “This has attracted many countries, particularly in the Global South, to China’s approach, which they see as less intrusive and more respectful of their developmental needs and choices,” Hosani said.

Li Haidong, a professor at the China Foreign Affairs University, told the Global Times that China has provided substantial aid to the Global South over the past decade and established various organizations such as the Asian Infrastructure Investment Bank (AIIB), which reflect China’s principles of equality, inclusiveness, cooperation, and sustainability.

For a better world

Over the 11 years since the concept of building a community with a shared future for humanity was proposed, China has been both an advocate and a practitioner. Through joint efforts, the Belt and Road Initiative (BRI) has transformed from a Chinese proposal to an international practice, from an idea to concrete actions. It has not only brought tangible benefits to the participating countries but also contributed positively to promoting healthy globalization, addressing global development challenges, and improving global governance.

Projects such as the China-Pakistan Economic Corridor, China-Europe Railway Express, China-Laos Railway, Jakarta-Bandung High-Speed Railway, Piraeus Port, Kopa wind power project have greatly benefited local people. By the end of June 2023, China had signed over 200 cooperation documents with more than 150 countries across five continents and over 30 international organizations under the BRI framework, creating countless iconic projects as well as smaller, people-centered projects.

Bojan Lalic, director of the Belt and Road Institute in Belgrade, told the Global Times that different from the West’s selective alliances, China has opted for a path of inclusive multilateralism, advocating for broader cooperation and promoting inclusive frameworks such as the BRI to facilitate development across numerous nations.

“As developing countries increasingly engage with China, a shift in global power dynamics may occur, enabling a multipolar world where various development models coexist,” Lalic said.

Under the vision of building a community with a shared future for humanity, President Xi proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative successively from 2021 to 2023. These three initiatives focus on addressing global development challenges, eliminating global security dilemmas, and promoting exchanges and mutual learning among civilizations.

So far, more than 100 countries and international organizations have voiced support for the Global Development Initiative, with over 70 countries joining this “Group of Friends.” More than 200 development cooperation projects have yielded results, according to the People’s Daily Overseas Edition.

UN Secretary-General António Guterres praised the Global Development Initiative as a “valued contribution to addressing common challenges and accelerating the transition to a more sustainable and inclusive future.”

 

View original content:https://www.prnewswire.com/news-releases/global-times-75-years-on-china-committed-to-global-common-development-302261718.html

SOURCE Global Times

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