Dive Brief:

• OpenAP, on behalf of the U.S. Joint Industry Committee (JIC), announced the initial requirements for premium video cross-platform currencies, according to a press release. 
• Streaming platform Roku and media agencies Dentsu, GroupM, Horizon Media, IPG Mediabrands, Omnicom Media Group, Publicis Media and RPA have joined the JIC, bringing major media buyers into a group that was founded by major national programmers.
• The requirements span standards around big data, technology and infrastructure, interoperability, privacy, transparency, governance and transaction flexibility, cross-platform measurement, and cross-media transparency, media integrations and stewardship.

Dive Insight:

The JIC's establishment of certification criteria requirements — even in the form of simple minimum standards across several areas — represents a milestone in advancing a multicurrency future ahead of the 2024 upfronts. The group was formed at the start of the year with plans to enable multiple currencies and establish cross-platform measurement solutions for streaming video.

Founded by major national programmers, along wth OpenAP and the Video Advertising Bureau (VAB), the JIC has taken a step forward by signing on top media agencies Dentsu, GroupM, Horizon Media, IPG Mediabrands, Omnicom Media Group, Publicis Media and RPA. Executives across investment, research and advanced activation function from these media agencies will be part of an operating group around the new standards, providing input and buy-in from the media-buying side of the business.

"Standardization across all measurement currencies is critical for our ability to scale a multicurrency future, and the infrastructure we create must work for both buyers and sellers. The announcement of the JIC's initial set of requirements for cross-platform transactions is the first step toward creating a future for video advertising that reflects how people are consuming video today," according to a joint statement by several media agency executives.

The standards include such "core foundational elements" as requiring big data to be at the center of cross-platform viewership projections, with panels used for calibration; high-quality identity resolution that maximizes match rates; the support of data clean rooms; an identity spine built on third-party sources; and full transparency into all datasets used and all methodologies applied.

“The industry is rapidly moving towards a multi-currency world, and while we are still in the early days of the JIC, the conversation being had today is a positive advancement as we work to innovate new and more effective methodologies for measuring outcomes like deduplicated reach and frequency, conversion, incrementality and omni-screen engagement that matter most to advertisers," said Ashwin Navin, founder and CEO of Samba TV, in emailed comments.

Any currency established by the JIC shall also seek accreditation from the Media Rating Council (MRC) — the group whose suspension of Nielsen's national ratings accreditation in September 2021 provided an opening for proponents of a multicurrency future where Nielsen's monopolistic power is diminished. Despite the MRC move and the establishment of the JIC, Nielsen is still expected to remain a dominant force in measurement. The company in January launched its cross-platform measurement product and is currently working with JIC-holdouts Disney, Amazon, Netflix and YouTube.

Along with the media agencies, smaller networks including A+E Networks, AMC Networks and Hallmark Media have joined the JIC, as well as Roku. The latter marks the first streaming-only platform to join the effort.