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Media Multiplexing Behavior: Implications for Targeting and Media Planning

There is a growing trend among consumers to serially consume small, incomplete “chunks” of multiple media types---television, radio, Internet, and print---within a short time period. We refer to this behavior as media multiplexing and note that key challenges for integrated marketing communications media planners are 1 predicting which media or combination of media their target audience is likely to consume at any given time and 2 understanding potential substitutions and complementarities in their joint consumption. We propose a forecasting model that incorporates media-multiplexing behavior of both traditional and new media, their interdependencies, and consumer heterogeneity, and we calibrate the model using a rich database of individual-specific media activity diaries. The results suggest that accounting for media synergies within a single utility specification significantly improves model forecasts. We also introduce a utility function that directly models cross-channel media complementarities via interactive effects of the satiation parameters of own and joint consumption of various media types. Finally, our individual-level analyses generate unique insights on consumer-level media switching, multiplexing, and individual heterogeneity often ignored in aggregate data.