Connected TV

65% of CTV Marketers Plan To Increase Spend in 2023

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65% of CTV Marketers Plan To Increase Spend in 2023

2 Min Read

We all know that consumers have been flocking to streaming over the last few years—but how many advertisers actually have plans to follow them there? According to a new survey by Advertiser Perceptions for Premion, the answer is “most of them.” The survey found that 65% of ad executives involved in decision-making for Connected TV plan to increase their spend on the channel this year—and by an average of 23%. Most will be funding that increased spend by pulling from their linear budgets (41%), but non-OTT digital video (22%) and social media (20%) budgets will be the source of some of CTV’s growth, as well. 

When asked what is driving them to increase CTV spend, marketers cited several factors: the opportunity to capture declining TV audiences, leverage the benefits of TV advertising with digital capabilities, target precise audiences, and more. Of course, the most-cited benefit was CTV advertising’s dual ability to achieve both brand awareness and performance marketing goals. Moreover, the survey revealed that a majority of respondents believe CTV is more effective than linear TV in measuring campaign performance (52%), converting leads into sales (44%), reaching high-value audiences, and driving ROI. Ultimately, the survey results indicate a growing confidence in CTV as an effective advertising medium, with advertisers increasingly allocating resources to tap into its potential.

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