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76% of Agencies Will Increase CTV Ad Spend in 2023

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76% of Agencies Will Increase CTV Ad Spend in 2023

2 Min Read

We are only two weeks away from the new year, making this the perfect time for agencies to nail down their future campaign strategies. And one channel in particular is getting a lot of buzz: Connected TV. In a survey of media agency professionals to learn more about how their strategies and perceptions of CTV are evolving in 2023, Pixability found that agencies overwhelmingly are looking to invest more heavily in CTV platforms. According to the report, 76% of agencies will increase their CTV ad spend in 2023, 20% intend to maintain spend, and only 4% will be decreasing spend on CTV (none of the big 6 agencies included).

As far as where those ad dollars will be coming from, 17% revealed that they will be moving spend from traditional TV budgets. This tracks with other data from the survey, which found that 41% of agencies will be investing less in linear TV next year, and only 14% intend to invest more in this channel. Ultimately, as consumers continue to move away from traditional television, it looks like media agencies are getting the hint and following them to their new home of Connected TV. 

Connected TV in the News

Why Broadcast and Streaming TV Are Key to Modelo’s World Cup Strategy
Digiday

While Modelo still spends the majority of its ad budget on linear TV, it’s looking to use streaming and social media ads during the World Cup to meet the fans wherever they watch the games.

Retailers Tie Goals to CTV Ads Easier Than Linear TV
MNTN Research
The lack of transparency around reporting metrics and KPIs on traditional TV channels have helped Connected TV advertising gain a foothold with retailers in recent years.

Free, Ad-Supported Television Is Catching On FAST
Deadline
Warner Bros Discovery CEO David Zaslav recently talked up FAST channels, calling them “a unique opportunity to increase our addressable market.”

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