Q3 CTV Ad Spend Grew 39% YOY
by Frankie Karrer
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Connected TV viewership continues to rise in popularity among consumers, due to the ease of access to an array of content options through both free ad-supported and subscription services. What do the statistics say about the new trend shift in CTV usage?
In 2020 alone, the total hours spent with CTV devices was up 81% year over year, as reported by Nielsen. Many advertisers are also interested in learning which demographics are most likely to be watching their favorite shows on Connected TV devices. And according to eMarketer, while younger audiences are more likely to be CTV viewers, older demographics are also switching from traditional TV.
Their data reveals that American CTV viewers in 2020 totaled 45.7 million for Gen Z, 56.5 million for millennials, 48.5 million for Gen X, and 32.8 million for baby boomers –– adding up to 183.5 million viewers overall.
As these viewers continue to migrate over to streaming services, this is having a direct impact on increasing Connected TV ad spend for the foreseeable future. In 2020, U.S. Connected TV marketing spend rose to $8.11 billion, and as you’ll see in a moment, that number keeps getting larger.
This acceleration in spending will only continue as it pulls from both digital and linear TV advertising budgets (which totaled $155 billion in 2020). Ultimately, the lure of more viewers and better tracking and measurement will prove too good to pass up, and it looks like marketers are taking notice.
The Connected TV statistics speak for themselves. CTV advertising is a booming business as global adoption of connected TV devices continues at an astonishing pace. It’s a rapidly evolving industry, so make sure you stay in the know so you don’t get left behind.
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