What Today’s Insights Tell Us About 2024’s Connected TV Trends

5 Min Read

Marketers are all looking for the Next Big Trend in this tumultuous market — especially as we’re finalizing our 2024 plans. And while we don’t have any way to see into the future (yet), we do have insights from 2023 to help us envision some upcoming trends. 

Throughout this year, the TV landscape has shifted quickly and often. From the transition of viewers from linear TV to Connected TV (CTV) to the robot invasion introduction of mainstream AI tools to the fragmentation within the industry, there’s a lot to take in. 

Tim Edmundson, Senior Director of Content and Research at MNTN, recently joined eMarketer to discuss the top learnings and stats from 2023 — and what they mean for the year ahead. Below are the highlights of their conversation: 

Topics To Keep an Eye on in 2024

Over the last few years, the television industry has shifted drastically. In 2022, CTV viewership surpassed linear for the first time — and it’s showing no signs of slowing. This year alone, we’ve seen the emergence of new platforms, the addition of ad-supported tiers within existing channels, and the rise in popularity of free, ad-supported streaming (FAST) channels, just to name a few. 

With so much happening, it’s hard to know what to really pay attention to. To help marketing teams sift through all of the information, Edmundson discussed some of the 2024 trends to watch. Let’s explore some key elements brands need to keep an eye on in order to set themselves apart from the competition.

Ad Spend 

Despite the increased viewing time spent on streaming channels, advertisers aren’t quite spending enough to meet their audiences where they are. But the gap is starting to close as marketing teams across the globe realize CTV and OTT aren’t going anywhere. In 2024, CTV ad spend is expected to reach $30.10 billion USD, up 22.4% from 2023, according to eMarketer. 

Marketers will continue shifting their budgets to CTV, especially as more test CTV for performance (more on this a bit later). In fact, it’s estimated that streaming ad spending will surpass linear by 2025 — and by 2027, streaming will account for 68% of all television ad spend. 

Evolving Technology 

AI has been a hot topic this year, especially in the world of advertising and marketing. In fact, according to a recent survey, the marketing/advertising industry currently has the highest adoption rates. 

From enhancing creative to automated optimization, there are endless possibilities when it comes to the next generation of tech. Throughout 2024, AI technology will continue to evolve, and marketers will find new ways to integrate it into their workflows. 

One upcoming platform is MNTN VIVA, which allows users to create, mix, and remix elements like generative video and audio, stock footage, and existing assets to create videos in record time. Learn more about MNTN VIVA here. 

Performance Marketing 

While television was once only viewed as an awareness channel, technology has advanced to provide advertisers with more and more options. Today, television is a performance marketing channel, sitting alongside paid search and social media (the digital trinity, if you will).  

As the streaming market continues to fragment, audiences have splintered off into different channels. Now, as more platforms emerge, brands continue adding additional tiers, and FAST channels are increasingly popular, giving viewers a ton of options. 

This, of course, leaves advertisers wondering how in the world they’re supposed to reach their audience. The answer is Performance TV, which is something we know a little about. By focusing on key outcomes, marketing teams can make the most of their budget, knowing they’re reaching the right people at the right time — no matter which channel they’re watching. 

Targeting 

You might be wondering: how exactly does that work? (Great question, we’re so glad you asked.) 

In today’s television landscape, we have the technology to implement precision targeting across CTV and OTT channels, just like on other digital channels. Through first and third party data, you can get your brand’s message across to the right people at the right time. And since 85% of ad-supported sign ups are new subscribers, your brand has more chances to reach your audience. 

Attribution and Measurement 

Since CTV attribution continues to be at the forefront of marketers’ minds, we expect the conversation to continue well into 2024. And we think it should. Advertisers need (and deserve) transparent CTV reporting, especially since this tech opens up more detailed television advertising insights than ever before. 

At MNTN, we use source validation to measure and attribute every visit delivered by your MNTN campaign. In an effort to create more CTV transparency, we created a reliable attribution model called Verified Visits™.

Make the Most of Your 2024 Marketing Plans

Since advertisers expect CTV to have a significant impact in 2024, it’s critical to stay ahead of the curve. With the right trends, your brand can maintain an effective strategy all year long, making the most of your budget and ad creative. 

Watch the full webinar here to learn more about the 2024 trends to look out for. (Bonus: Edmundson shares some data-backed tips on making the best creative to succeed in the upcoming year, and we know you don’t want to miss those.)