Q3 CTV Ad Spend Grew 39% YOY
by Frankie Karrer
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More and more consumers are turning to Connected TV this year to consume video content. According to research from Parks Associates, nearly 70% of US households have at least one streaming video product that is connected to the internet. The study, Reaching Today’s Video Audiences: Platform Diversity and ROI, found that 80% of broadband households have at least one streaming service, and 49% have four or more services. This has in turn driven growth in the average number of hours watched on Connected TV by consumers. As stated by Paul Erikson, Director of Research at Parks Associates, “The streaming video market has experienced increased service usage, and consumers are watching streamed video content on multiple devices in the home and increasingly from multiple services.”
And it looks like advertisers are looking to take advantage of this growing CTV audience. A recent survey conducted by Mediaocean that looked at how advertisers planned to invest in Connected TV in 2022 found that 72% intend to increase their ad spend. To be more specific, more than half of those surveyed (51%) intend to increase their spend incrementally (a rise of between 1% and 20%), 18% plan to increase it significantly (21% to 50%), and 3% plan a dramatic increase of above 50%. And while around 24% plan to spend the same amount as in 2021, only 4% expected that they will decrease their CTV ad spend. This growth will put Connected TV and digital display/video at the top categories for rises in ad spend in 2022.
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CTV is one of the most rapidly growing markets when it comes to market share and ad spend, and those trends have only accelerated in the past two years during the pandemic. For the largest players in the space, commerce practices are emerging as an area of priority.
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By now, it’s clear that the transition of ad budgets from traditional linear television to Connected TV isn’t slowing down.
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