Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics.
Media Edge: Lovesac to focus on live sports, brand partnerships amid spend increases
Media Sales Lead: Lovesac had a successful fiscal 2024 Q3 per its recent earnings report. The company's net sales for the quarter increased 14% YOY, which its DMs attributed to its marketing strategy. In Q3, Lovesac increased advertising and marketing expenses by $2m. It also teamed up with influencers such as Charli D'Amelio and Justin Pugh which resulted in over 35m impressions. The company has partnerships with Nordstrom and Swarovski planned for the holidays and will continue utilizing brand partnerships in the future. Finally, Lovesac will start advertising during live sports more to boost brand awareness.
Key Lead Takeaways: Contact Lovesac's DMs to offer ad space and to find out more information about its 2024 plans. It will likely continue ramping up ad spend and investing in new marketing tactics. The company's top priority appears to be improving broad brand awareness.
Target Demographic: Gen-X & millennial parents
Key Spend Notes:
- Top spending period: Q4
National Broadcast Analysis & Spend Breakdown:
**Note that iSpot categorizes Lovesac under Furniture Stores**
- 2023 YTD Spend: $31m
- 2022 STP Spend: $29.1m
- 2022 FY Spend: $32.3m
- 2021 FY Spend: $21m
- 2020 FY Spend: 15.9m
Ad Flight Breakdown (by spend): Skechers has aired nine spots in 2023; the top five were "For Over 25 Years," "Designed For Life," "Designed for Life: Dinosaur," "Designed for Life," and "Designed for Life: 25% Off for Heroes and Students."
Top Daypart (by impressions): Day Time, Early Fringe, Primetime, Weekend Afternoon, and Weekend Day.
Top Networks (by spend): TBS, Food Network, History Channel, A&E, and Hallmark.
Top Shows (by spend): Friends, Law & Order: Special Victims Unit, NCIS, PAW Patrol, and The First 48.
Top Industry/Vertical Spenders (by spend): Ashley Furniture (31%), IKEA (26%), Lovesac (19%), La-Z-Boy (8%), and Bob's Discount Furniture (8%).
Digital Display & Social Media Spend Analysis & Breakdown:
**Note that Pathmatics categorizes Lovesac under Home Goods & Furniture**
2023 YTD Spend: $4.9m
2022 STP Spend: $4.2m
2022 FY Spend: $5m
2021 FY Spend: $5m
2020 FY Spend: $2.6m
2022 Ad Flight Breakdown:
- Q1 2022 Spend: $1.5m
- Q2 2022 Spend: $589.4k
- Q3 2022 Spend: $723.5k
- Q4 2022 Spend: $2.2m
Impressions: 755m
Top Ad Types (by spend): Facebook (61%), Instagram (15%), YouTube (13%), desktop display (9%), and mobile display (1%).
Top Purchase Channels: Direct (96%), Criteo (2%), and Google AdX+AdSense (2%).
Top Publishers: facebook.com, instagram.com, youtube.com, football.fantasysports.yahoo.com, and wral.com.
Top Industry/Vertical Spenders: Walmart (6%), Ruggable (5%), Ashley Furniture (4%), NECTAR Sleep (4%), and Amazon (4%).
Top Creative (by spend; see below): Pathmatics reports that 886 creatives have run during 2023 (note that not all creatives debuted in 2023).
Current Agency Roster:
- Marketsmith: digital, experiential, & programmatic AOR
