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The Interactive Advertising Bureau (IAB) just dropped another industry acronym — as if the media biz needed another one — but this one may prove useful.
Earlier this month, the IAB released its Redefining Media Types (RMT) Standard framework that aims to add clarity to the convoluted digital video space.
The IAB took a taxonomy approach — helping the industry bucket digital video product types and their associated advertising formats. That’s everything from CTV, video podcasting, retail video and the list goes on. (Find a closer look at the framework’s taxonomy here.)
“If we as humans can’t agree on the same language, how are we going to expect these agents transacting on our behalf to be able to speak the same language and know what is what,” said Jamie Finstein, IAB’s vp of media center. Finstein joined a recent episode of the Digiday Podcast to speak about the IAB’s new framework.
People don’t sit down to watch television and ask themselves whether they’ll watch linear, streaming or a free ad-supported streaming television (FAST) channel, said the IAB exec. The proposed standard now accounts for the consumer experience in addition to the distribution tech and current business models.
Across the industry, there doesn’t seem to be a common language for video media types. For example, does it count as CTV if someone watches Netflix on their iPad? If people are watching YouTube on their TV screens, does it constitute as television?
That ambiguity, according to the IAB, leaves room for issues with planning, spend and measurement. Media buyers have already expressed concerns over transparency in their digital video ad buys. Not to mention, the rise of agents in media buying could add another layer of complexity, forcing the need for clarity and standards to a fever pitch, said Finstein.
“If these agents aren’t speaking the same language, that could cost consequential amounts of money if those errors are made,” she said.
The framework is in its public commentary feedback period until August 7.
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