Producing video content for marketing and other creative purposes could get a whole lot faster and easier thanks to a new partnership between Getty Images and Runway AI.
HERE’S TODAY’S ACTIONABLE AI MARKETING AGENDA:
Top news of the day: Getty Images and Runway AI form partnership
Today’s top AI marketing trend: ANA Report: Only 36% of Programmatic Ad Spend Reaching Target Audience
Today’s Master Marketing Tip: Brian Chesky, Co-Founder & CEO, Airbnb
Runway and Getty Images Partner on Generative AI Platform for Enterprises
Runway, the provider of an AI-powered generative platform that creates videos from simple text prompts, has partnered with Getty Images to build a new set of tools for the enterprise. The planned offering will allow companies to build their own custom models to generate video content using Getty’s fully licensed creative content library.
“This enables companies in all fields — Hollywood studios, advertising, media, broadcasting, and more — to enhance their creative capabilities and provide new channels for video creation by powering entirely new content workflows and making it easy to craft delightful experiences tailored to enterprises’ styles and brand identities and to their unique audiences,” Runway announced.
Custom model training using Runway <> Getty Images Model (RGM) will be particularly relevant to companies with proprietary datasets, according to the two companies.
Runway raised $141 million of venture capital in June from Google, Nvidia, Salesforce and other sources. The company was named as one of Time magazine’s 100 Most Influential Companies in 2023.
TODAY’S TOP AI MARKETING TREND
ANA Report: Only 36% of Programmatic Ad Spend Reaches Target
A new study by the Association of National Advertisers (ANA) found that only 36 cents of every dollar spent through programmatic ad-buying platforms today effectively reaches the target audience, while the lion’s share of spend gets eaten by agency fees and low-value environments like “Made for Advertising” websites.
The survey report included 21 marketers and 12 supply chain companies, with a total ad spend of $123 million producing 35.5 billion impressions. Transaction costs (primarily demand-side and supply-side platforms) ate up 29% of the total ad dollars spent in the study, according to ANA.
“Loss of media productivity costs (non-viewable and invalid traffic impressions as well as non-measurable for viewability and Made for Advertising ad spend) account for 35 percent of the ad dollar,” the report states.
The key conclusion of ANA’s study is that around $22 billion in total annual market efficiency gains are available to the client-side marketer community through better oversight practices.
“Advertisers that establish trusted seller lists, based on publisher seller IDs, benefit from the precision of preferred placements,” the report concludes. “
By vetting and maintaining a list of trusted sellers, advertisers can confidently transact with reliable partners, reducing the risks associated with the opacity of some resellers in the programmatic ecosystem. Even with trusted sellers, buyers should trust but verify,” according to ANA.
TODAY’S MARKETING MASTER TIP:
“Build something 100 people love, not something 1 million people kind of like.”
— Brian Chesky, Co-Founder & CEO, Airbnb
Rather than worrying about rapid scaling a product and defining messaging early on, it’s better to focus on a small pool of early adopters first. They in effect become your marketing department, spreading the message through word of mouth, says. Brian Chesky, the co-founder and CEO of Airbnb.
“It actually runs counterintuitive to almost everything that everyone says,” according to Chesky, who is the 249th richest person in the world with a net worth of $8.6 billion, according to Forbes. “Everyone focuses on scale, but scale requires people to have a deep passion [for your product].”
Use the part of your brain that’s “handcrafted” to create a perfect experience for an initial small group of customers. And then you can reverse engineer how to industrialize the relationship millions of times over, Chesky advises.
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Runway and Getty Images Form AI Partnership: Marketing Execs Need to Rethink Video