45% of Digital Political Ad Spend in 2024 Will Go to CTV
by Frankie Karrer
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The streaming landscape has been constantly and rapidly changing. From new Connected TV platforms to emerging ad-supported networks to consolidations (and so much more), there’s a lot to keep track of. And more shifts are
inevitable anticipated throughout 2024, leaving advertisers rushing to cut through the noise and focus on the essential trends for the year ahead.
Isabel Greenfield, Content Marketing Manager at MNTN, recently joined Rockerbox to discuss the key trends advertisers need to know for CTV success in 2024 and beyond. Let’s walk through a few of the trends to know for the upcoming year:
One of the biggest changes ahead is the continued shifts in viewership. As we’ve seen over the last couple of years, viewers are ditching linear and switching to streaming at an incredible pace.
More recently, we’ve seen a shift in viewership to free ad-supported streaming TV (FAST) networks. Since many of the subscription video-on-demand (SVOD) services have spiked in price, a significant portion of viewers are moving (at least partially) to low-cost or completely free options. According to eMarketer, as of 2023, 57% of TV viewers watch content on FAST channels. With more economic uncertainty expected throughout 2024, it’s safe to assume more viewers will continue making their way to these platforms.
As you might have guessed from the name, these FAST channels create an incredible opportunity for advertisers to reach their target audience.
More than ever before, marketers need to understand exactly how their performance channels are, well, performing. With the right data, brands can see how each marketing channel contributes to the overall strategy — and how to optimize existing channels to drive more success.
For example, if your CTV campaign is driving more qualified customers to your site, you’ll likely want to allocate more of your marketing budget to that channel. At MNTN, we use incrementality reporting so brands can see the actual conversions and revenue they generate from CTV campaigns, as opposed to outcomes they would have generated anyway.
These are the same reasons why it’s so important to work with a CTV partner that uses a transparent and effective attribution model. MNTN’s Verified Visits™ model only takes credit for the performance your CTV campaign drove. In other words, if another media source prompted the visit, the platform doesn’t take credit for it. This allows you to keep an eye on your performance metrics at an individual level, so you can make informed, data-driven decisions for your overall strategy.
We’re all painfully aware of how central fragmentation is in the streaming industry right now. With more and more ad-supported options (including those FAST channels we mentioned earlier), viewers have more choices than ever before. As this phenomenon continues shifting goals for advertisers, it’s essential to focus on an audience-first strategy.
By putting the viewer at the core of your CTV campaign, you’ll be able to mitigate the effects of fragmentation. By targeting specific audience segments — rather than a specific platform — you can reach your audience wherever they watch their favorite content.
We’re expecting a lot of changes as CTV continues to become an integral part of marketing strategies around the globe. From advancements in AI-powered marketing to more transparent reporting, there’s a lot to stay on top of in the industry. So don’t miss this opportunity to stay ahead of the curve — and gain a competitive edge — in the dynamic world of streaming TV.
Ready to learn more about the CTV trends to know in 2024? Watch the full webinar here.