Goodway Group & Vizio the Latest to Join Innovid’s Harmony Initiative to Optimize CTV Advertising
Innovid (NYSE:CTV) has announced that Goodway Group and Vizio have joined its Harmony initiative to optimize connected TV (CTV) advertising.
Launched in April, Harmony aims to improve efficiency, transparency, and control in CTV advertising while reducing carbon emissions. The initiative's Harmony Direct platform eliminates inefficiencies by removing extra technology steps and fees.
Early partners, including Assembly, CMI Media Group, PMG, and Roku, reported an 8% increase in working media for agencies and a 15% yield improvement for publishers. This could translate to over $1 billion in savings in the U.S. CTV market by 2024.
Innovid's CEO, Zvika Netter, emphasized the importance of collaborative efforts to navigate the growing complexities in the CTV ecosystem.
- Goodway Group and Vizio joined Innovid's Harmony initiative, enhancing credibility.
- Harmony Direct eliminates inefficiencies, potentially providing over $1 billion in savings.
- Early partners reported an 8% increase in working media for agencies.
- Publisher partners saw up to a 15% yield improvement, with fill rates increasing from 90% to 100%.
- Aligned with environmental goals by reducing carbon emissions.
- The initiative's success relies heavily on widespread industry adoption.
- Potential competition from other CTV optimization platforms.
- Initial gains from Harmony Direct may not be sustainable long-term.
- Dependence on early partners' performance could affect overall outcomes.
Insights
The announcement of Goodway Group and Vizio joining Innovid's Harmony initiative is a noteworthy development in the context of the connected TV (CTV) advertising ecosystem. As the CTV industry expands, the need for streamlined processes and reduced inefficiencies becomes increasingly critical. By collaborating to address supply path inefficiencies, the Harmony initiative aims to optimize ad delivery, which could lead to substantial cost savings and better ROI for advertisers.
Innovid's claim of an 8% increase in working media for agency partners and 15% improvement in yield for publisher partners indicates significant potential value. For the U.S. CTV market, this could translate to major cost savings, suggesting that the initiative might lead to more streamlined and efficient ad buys.
However, it's important to note that these results are early indicators and may not fully represent the long-term impact. The true benefits and efficiency gains will need to be evaluated over a longer period and within a broader market context. While this initiative could indeed help avoid some pitfalls seen in the digital advertising space, the competitive landscape and rapid technological changes in the CTV market will continue to play a critical role in determining its overall success.
For retail investors, it's important to keep an eye on how other major players in the industry respond and whether Innovid's partnerships lead to broader adoption of these practices.
From a financial perspective, this news has potential implications for Innovid's revenue and market position. By driving efficiencies and improving transparency in CTV advertising, Innovid is positioning itself as a leader in a growing market. The reported increases in working media and publisher yield underscore the practical benefits of the Harmony initiative for both advertisers and publishers.
The anticipated
Investors should monitor Innovid's financial performance closely in upcoming quarters to see if these projected savings and efficiencies translate into improved revenue growth and profitability. Additionally, assessing any strategic shifts by competitors in response to this initiative will provide insights into the broader market dynamics.
For those familiar with advertising industry dynamics, Innovid's Harmony initiative represents a strategic move to tackle longstanding issues related to transparency, efficiency and environmental impact in CTV advertising. The initiative’s ability to reduce 'technology hops,' which often lead to increased fees and energy consumption, is particularly relevant as the industry faces growing scrutiny over sustainability practices.
The collaboration among key industry players like Goodway Group and Vizio, along with existing partners such as Roku, indicates a strong industry alignment towards improving the CTV advertising ecosystem. This collective effort is likely to foster innovation and set new standards for efficiency and effectiveness in ad delivery.
Key metrics such as the increase in fill rates from 90% to 100% suggest that Harmony Direct is indeed optimizing the supply chain. For industry professionals and stakeholders, understanding these improvements is essential as they highlight the potential for a more robust and efficient CTV market.
Overall, this initiative aligns with the broader trend of enhancing adtech through collaboration and innovation and it could serve as a model for other sectors within the advertising world.
Growing List of Advertising Industry Partners Leaning Into Harmony Direct to Address Supply Path Inefficiencies
Launched in April, Innovid’s Harmony initiative brings together industry leaders to work collaboratively to optimize CTV at the infrastructure level to improve efficiency and ROI, enhance transparency and control, reduce carbon emissions, and provide better viewing experiences for consumers.
As part of the initiative, Innovid launched Harmony Direct to streamline the workflow for guaranteed, non-biddable CTV media to its purest form by removing all friction points, including additional technology hops, fees, and energy waste. Goodway Group and Vizio join Assembly, CMI Media Group, PMG, and Roku, as the first partners to use Harmony Direct.
Harmony Direct launch partners saw an average
Jay Friedman, CEO, Goodway Group
“As the CTV industry grows, we must work together to ensure that walls stay down, efficiencies are realized, and the TV experience remains relevant and accessible for all. We are committed to helping solve the challenges looming over CTV advertising today and are excited to be part of Innovid’s Harmony initiative to drive change for all.”
Zvika Netter, CEO & Co-Founder, Innovid
“We are encouraged that more forward-thinking industry leaders, including Goodway Group and Vizio, are leaning into Harmony to help address the complexities of the CTV ecosystem. As viewers and advertisers continue to move to streaming, we have an opportunity to come together to ensure the CTV marketplace avoids the pitfalls of digital’s past. We created the Harmony initiative and suite of products to solve for emerging complexities before they become too big to be undone. Harmony Direct was designed to remove waste from the guaranteed, non-biddable supply path and bring efficiencies to both the buy- and sell-sides. We applaud our partners for helping us make this a reality for the growing CTV marketplace.”
About Innovid
Innovid (NYSE:CTV) is an independent software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear, and digital. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investment across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240612205398/en/
Megan Garnett Coyle
megan@innovid.com
Source: Innovid
FAQ
What is Innovid's Harmony initiative?
Which companies recently joined Innovid's Harmony initiative?
What is Harmony Direct?
What are the reported benefits of Harmony Direct?
How much could the U.S. CTV market save through Innovid's Harmony initiative?
