Together with
Our final newsletter... of 2023. Before the year comes to a close and we sign offline to usher in 2024, we just want to say a quick thank you for being a part of our TFP community. We can’t wait to see what the New Year has in store for everyone.
See you next year (aka Tuesday)!
In other news… insiders predict the next big advertising trends, economic power shifts to the South, and OpenAI prepares for a turbulent 2024.
Top Trends
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MEDIA
Comedy is the medium that unites in 2024
2024 could be a paradigm shift for advertising
The Future. Gone are the days when brands could succeed just by promoting their products and services. Now, people crave resonance in their messaging — and cringe at tone-deaf advertising. As a big election year approaches (that’ll surely fire up the media and social landscape), agency insiders predict that a mixture of ethical advertising, immersive experiences, and personalized storytelling will drive 2024’s creative trends.
Give the people what they want
Adweek provides the ultimate cheat sheet for brands to engage (and maintain) audiences in 2024.
Humor will go a long way. While a recent Oracle study found that 95% of business leaders fear humor in consumer interactions, it also revealed that 91% of people want brands to be funny.
Immersive formats from AR and VR will usher in new creative possibilities. There’s a lot of potential to create memorable, interactive brand stories within virtual worlds, especially as gaming continues to hook a massive and diverse audience.
Queer storytelling will evolve beyond the “coming out story” and the annual Pride moment. Nearly 60% of Gen Alpha believe that gender is irrelevant anyway, so brands should treat queer consumers as a vital, multifaceted audience who’s here all year around.
Creators will have more control over usage rights, IP ownership, and pay. They won’t be exploited for their followings but invited to collaborate for their diverse talents and perspectives.
Meet the consumers where they’re at
In 2024, it’s crucial for advertisers to be more socially responsible and transparent in their practices. This means protecting consumer data and weaving personalized narratives that resonate with individual consumers, moving beyond broad demographic targeting.
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CULTURE
Traded iced coffee for sweet tea // Illustration by Kait Cunniff with Midjourney
Southern cities might become the new “coastal power zones”
The Future. The US used to have two coastal zones where people could live their best lives without touching down in “flyover” states. But as the quality of life, cost of living, and ability to build in coastal cities like New York and San Francisco decline, economic and societal power could shift to flourishing Southern cities like Houston, Dallas, Nashville, and Miami, according to Business Insider.
Southern charm
A new report from Bank of America sheds light on the South’s budding influence as population growth (one of the key drivers of economic growth) explodes there.
39% of the US population resides in the 16 states that make up the region as of 2022.
The South has the highest birth rate of any region, and people born there tend to stay. 82% of Texans born in the state still lived there as of 2021.
Texas, South Carolina, and Florida were among the fastest-growing states between July 2021 and 2022 – likely because the South has the highest job openings rate and the lowest unemployment rate of any region in the US.
Gone country
Even with a strong labor market, the region isn’t all peaches and cream. Its high temperatures could become oppressive as climate change worsens, and its housing costs could skyrocket as more Americans flock there.
Still, home is where the heart is, and we guess that’s now down South.
So, we want to hear from you…
YOUR DAILY POLL
We ask the hard-hitting questions.
Would you move down South?
50% of you voted for Being financially stable in yesterday’s poll: What’s your most important goal right now?
“The foundation for achieving all other goals.”
“I’m Gen X, in my early 50s, no retirement fund, no pension, no homeownership. My only retirement plan is an inheritance from Boomer/Silent Gen parents. It sucks, but it’s much worse for Gens Y and Z.”
“Making a positive impact includes advancing my career and financial stability! They’re not mutually exclusive.”
“Retired. Covid / the economy hit my savings hard. Working again. Probably forever.”
“As a retired person with limited income, the high rising costs of just about everything is a big worry.”
“I’m building up resources after divorce with no child support.”
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ARTIFICIAL INTELLIGENCE
OpenAI could soon be in the red
OpenAI is in trouble next year
The Future. OpenAI exploded in 2023, with ChatGPT becoming the fastest-growing app in history. But tech moves fast (sometimes too fast), and the firm is unlikely to repeat their success next year — if regulatory authorities allow them to stay afloat at all.
Generating obstacles
ChatGPT’s smash success appears unsustainable in the long term for several reasons.
Competition from other tech companies is already ubiquitous, with Google’s Gemini, Meta’s Llama 2, and Elon’s Grok all threatening to poach ChatGPT’s consumer base.
Degradation in ChatGPT’s performance could also cripple OpenAI as some users report a decline in the quality of the model’s results or even outright refusal to fulfill benign requests.
Sam Altman’s deposition and reinstatement have also hurt OpenAI in the court of public opinion, potentially causing consumers to opt for alternatives or avoid the technology altogether.
Copyright where it hurts
Regulation could also sink the entire generative AI industry if judges rule that AI firms broke the law by training data sets on copyrighted material. Such a ruling might render models like ChatGPT financially untenable, because even tech companies wouldn’t be able to afford the consequent copyright fees for data sets that large and complex.
For now, the jury’s still out.
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Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
Media companies need to revamp their advertising and sales strategies in a market that’s evolving more rapidly than ever. Read More → digiday
Sports media struggled this year as numerous outlets instituted layoffs and The New York Times axed its entire Sports section. Read More → fos
Annual music trends show that country did better than usual in 2023 and Taylor Swift did better than absolutely everyone. Read More → rollingstone
Fashion & E-Commerce
In partnership with Tiege Hanley
Why wait until January to start your New Year's resolutions? Start now and make good skin a top priority in 2024 with Tiege Hanley. Their easy-to-use skincare system is designed specifically for men (and those who identify as men). Say goodbye to guesswork and hello to a simple, effective routine that’ll keep your skin looking its best. And with an exclusive offer for TFP readers — 30% off of your first box and a free gift — there’s no better time to upgrade your skincare game. Join the Tiege Hanley community and discover the secret to good skin in 2024.
Luxury and horizontal integration won the year in the fashion world as the post-pandemic boom ended. Read More → bof
Hyper-fast fashion and rampant waste dominated the fashion industry this year and highlighted the global need to reuse clothing. Read More → theguardian
Ecommerce giants struggle to adjust as their pandemic-era golden days recede in the rearview mirror. Read More → wsj
Tech, Web3, & AI
Recent cyberattacks on US water utilities reveal a complete lack of attention to basic security measures. Read More → fastcompany
Google’s most-searched terms of 2023 track viral media and memes like Barbie and “The Roman Empire.” Read More → hypebeast
Blind and low-vision people have more accessibility tools than ever before, but they struggle to use them because most online programs don’t accommodate them. Read More → fastcompany
Creator Economy
A dozen creators discuss the amounts of money social media firms pay them — and how those numbers have recently changed. Read More → digiday
As AI enters the creator economy, creators will face more competition but encounter new opportunities. Read More → venturebeat
Creators rank the top four short-form video platforms, comparing the pros and cons of TikTok, Shorts, Reels, and Snapchat. Read More → digiday
JOBS OF THE WEEK
Explore a weekly curated list of the latest and greatest opportunities in business, tech, and entertainment. For more listings, check out the complete job board.
Brand Consulting - Art Director, Sports
CAA
Los Angeles, CA
Product Designer
Live Nation
London, UK
Account Executive, Partnership Marketing
NHL
Toronto, Canada
Senior AI Engineer (Star Wars Jedi)
Electronic Arts
Los Angeles, CA
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Today’s email was written by Kait Cunniff and Luke Perrotta.
Edited by Nick Comney.
Published by Darline Salazar.