U.S. Joint Industry Committee Prepares for 2025/2026 Upfront with Continued Analysis of New Currencies
JIC updates its "Guidelines for Transactability" paper to reflect VideoAmp has been deemed transactable in personification of demos following enhancements to its offering
JIC issues audit to all certified measurement companies to test the stability of new data that will be introduced by providers for the upcoming Broadcast Season
NEW YORK, Dec. 19, 2024 /PRNewswire/ -- The U.S. Joint Industry Committee (JIC) today announced key updates surrounding its ongoing efforts of bringing transparency and clarity to the industry on the transactional readiness of new currencies.
Demo Personification
Upon receiving overall certification as a national currency in spring of 2024, VideoAmp enhanced their currency-grade measurement solution, powered by their industry-leading big data and tech engine VALIDTM to make personified reach available based on feedback from the JIC on reach being a key requirement for media agencies. VideoAmp's data resubmission performed well in the JIC's re-analysis, showing data completeness and stability, and the data was free from errors that would prevent seamless use in transactions. As a result, the JIC has determined that VideoAmp is ready for transaction in the category of Personified Demos for its Currency of Record for 2024-2025, in addition to being transactable for Total Households and Advanced Audiences. This comes after a rigorous review of the new data in which 127 tests were performed and upon a majority vote of the Full Committee.
The JIC has published an updated point of view on the state of TV currencies in its 2024 "Guidelines for Transactability of National Cross-Platform Solutions." The guidelines provide details to consider when selecting a currency, as well as detailed areas of improvement requested by JIC members, with the currencies used and deal structure determined solely by the negotiation between the buyer and seller of media.
Currency Audit for Certified Measurement Companies
The JIC has also issued a mid-term audit to all certificated measurement companies, which is required to maintain certification for the two-year period. The process kicked off with measurement companies in November 2024 and is intended to ensure the JIC has transparency on changes to methodology for any new Currency of Record data. To further enable widespread adoption of new currencies, this timeframe will give JIC members the required time needed to evaluate and test new data to be prepared for and have confidence in the new data for planning in the following Upfront. Participation is required to maintain full certification status. The JIC will be focused on reviewing the new data received from certified measurement companies over the next two months, with a determination made on transactional readiness of new data in early 2025.
"The work done by the JIC over the last year and a half has directly impacted the TV industry's ability to move to a multicurrency marketplace, and we applaud VideoAmp, and all providers who are partnering with the JIC on this process, for their commitment to continuous improvement by listening to feedback from our members and improving their offering accordingly. By certifying and continuing to analyze these newer measurement solutions when changes to methodology is introduced, the JIC is enabling companies to demonstrate the minimal viability of their currencies for transactions in pace with the direction and speed the market is moving," commented the U.S. Joint Industry Committee.
ABOUT THE U.S. JOINT INDUSTRY COMMITTEE
The U.S. Joint Industry Committee (JIC) was created in January 2023 as a collaborative forum for both media buyers and video suppliers to work together to define a more sustainable model for long-form video measurement. Its initial charter is focused on evaluating the readiness of new currencies and enriching measurement with valuable first-party data through a streaming data solution built by OpenAP. By defining common standards around cross-platform measurement, it seeks to enable more accurate measurement of today's modern consumer.
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SOURCE U.S. Joint Industry Committee