Connected TV

40% of 2023 Upfront Buys Will Be Dedicated to CTV

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40% of 2023 Upfront Buys Will Be Dedicated to CTV

3 Min Read

Connected TV is set to win big during the 2023 upfronts, according to a new article from Forbes, as advertisers allocate a growing share of their total video ad budget to the platform. The article reported that 74% of marketers intend to maintain or increase their total ad budgets for the upfronts this year, with 30% planning to spend at least one-fifth or more across streaming platforms. Another survey conducted by Advertiser Perceptions had similar findings, revealing CTV is expected to be the preferred platform in this year’s upfronts, as advertisers are set to allocate 40% of their upfront buys on the platform. 

The rise in Connected TV ad spending during this year’s upfront follows the trends we have seen in the larger TV advertising landscape. Last year, eMarketer found that CTV ad spend grew to $21 billion, and forecasts that amount will rise to $43.5 billion by 2026. Ultimately, marketing professionals like Tony Marlow, chief marketing officer at LG Ads, believe its CTV’s combination of reach and flexibility that will ultimately lead it to become the go-to channel for TV advertisers, “In a rapidly changing media landscape, this year’s upfronts and NewFronts promise to be a game-changer, with ad-supported CTV emerging as the change agent we need right now.”

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