Connected TV Ad Spend Will Reach $21.2 Billion in 2022

2 Min Read

Connected TV advertising is expected to drive growth in digital advertising spend this year. According to a new report from the IAB, while digital video ad spending is expected to grow 26% to $49.2 billion in 2022, CTV is expected to increase 39% to $21.2 billion. This growth in CTV ad spend is 57% higher than last year, and has more than doubled in the period between 2020 and 2022.

As a result, many advertisers are looking to add this channel to their marketing mixes. Of those video media buyers surveyed by the IAB, 76% called CTV a “must buy” for their media planning budgets. Some of the reasons listed for this outlook include CTV’s ability to leverage first-party brand data, location data and shopping data, in ways linear TV can’t. These media buyers also considered Connected TV to be more effective in creating consumer activity and enhancing brand perception than linear. Ultimately, according to Eric John, VP of the IAB Media Center, “While CTV leads the substantial growth of digital video ad spend, the amount of dollars currently allocated to CTV is not proportionate to the amount of viewer time spent with the channel. The time is now for brands and buyers to follow consumer attention.”

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