Connected TV (CTV) promoting broke records after ad spend reached $1 billion in June, in keeping with a report by ad-research company Vivvix, formerly referred to as Kantar.
Growth categories included household supplies and beverages — which rocketed by greater than 300% year-over-year. Meanwhile, verticals like pets, cosmetics and wonder didn’t trend as highly.
Why we care. CTV ads have been exploding in popularity as more TV watchers cut the cord and adopt streaming services. In this environment, CTV allows advertisers to succeed in audiences where they’re. If your brand is interested in checking out more about CTV, explore MarTech’s ongoing coverage here.
Promising forecast for YouTube. The Google-owned platform generated $1.4 billion in ad spend across its properties.
- Based on this performance, Vivvax predicts that ad spend will proceed to grow, particularly as non-linear properties proceed to capture more viewership.
Looking ahead. CTV promoting is anticipated to grow by 13.2% globally in 2023 to $25.9 billion, in keeping with GroupM’s mid-year forecast.
- In the U.S., CTV promoting is anticipated to grow by 21.2% year-on-year this yr, Insider Intelligence reported.
What Vivvix is saying. “We are confident that more brands will proceed to allocate more of their promoting budgets to CTV and other digital media, which is able to affect traditional TV promoting,” said Andrew Feigenson, Vivvix CEO.
The report. The research investigated how ad dollars are spent across a growing list of streaming platforms, corresponding to Discovery+, Max (formerly referred to as HBOMax), Roku and YouTube. Read the Vivvix report in full for more information.
Between the lines. While CTV is growing, it’s doing so three-times slower than retail media at an identical point in its development, in keeping with a latest study from WARC Media.
“The market is fragmented, and CTV ad investment is especially being drawn from existing budgets,” said Alex Brownsell, WARC Media’s head of content, in a release. “More work have to be done to assist CTV to appreciate its full potential and be certain that media owners are in a position to attract ad dollars from beyond the present confines of the TV market.”
Dig deeper: Why we care about connected TV and OTT promoting
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