The world of media buying has shifted dramatically due to changes in the consumer landscape as digital media became a significant part of the lives of consumers.
There are three things that I got from the video:
1. Media buying is still about value-creation. At the end of the day, it is about creating value for clients and generating the best deal.
2. However, the definition of value has changed: Value is no longer merely dollars-saved or the "best deal that you could negotiate and seal with all the bells and whistles for the clients for the lowest price possible". Value is now about
(a) utility to clients - what's in it for them, they who are investing the money
(b) utility to consumers and audiences - what's in it for consumers
3. To achieve the best deal and realize the ultimate value for clients, you need data. Because technology has paved the way for consumers to be entertained in terms of quantity and quality, we need data.
(a) The usual lines between 'traditional media' and 'non-traditional media' have been blurred by technology.
"Video" no longer is just about TV - it now encompasses online videos (and the ad platforms supported by it), mobile videos, game consoles, handhelds, and even outdoor/in-store.
"Radio" is no longer just what one hears on a radio set or on the car - but also in-mobile, on-the-web, on-demand, on-the-palm... And press and magazines.
(b) To navigate through these choices, you will need data - how do consumers shift from one medium to another and why?
[The "why" bit is almost-always missing - and is always a point of contention between me and most of the media planners-buyers that I work with. But that's another story.]
(c) The kind of data that we need no longer will center on "how many people are exposed" - the usual impression-based metrics and currencies. The kind of data that we need will need to encompass audience motivations, mindsets, and response.
Here's the video: