45% of Digital Political Ad Spend in 2024 Will Go to CTV
by Frankie Karrer
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In the world of streaming, the experts at Wells Fargo have looked into their crystal ball and now forecast that global streaming revenue is gearing up for a 14% total boost in 2023, hitting a staggering $65.7 billion. Unfortunately, they also predict that the streaming revenue growth engine might be hitting the brakes for a while moving forward. Wells Fargo’s financial fortune tellers predict a shift in focus, with pricing becoming the new priority for streaming brands — outshining subscriber numbers and halting the rapid growth of the last year. So while their quarterly figures reveal a 4% uptick in the third quarter, expectations for the first half of 2024 indicate a more measured 2-4% trajectory.
When it comes to the streaming companies pulling in the most in revenue — surprise, surprise: Netflix is still king of the proverbial mountain. Netflix currently commands a formidable 51% share of all direct-to-consumer streaming revenues, amassing a staggering $8.5 billion. Following suit, Disney+ secures the second position with a 13% share, totaling $2.2 billion, while Hulu claims 10% with $1.6 billion. Paramount+ and Peacock occupy the fourth and fifth positions with 7% ($1.1 billion) and 5% ($830 million) shares, respectively. Wells Fargo analysts also anticipate that the Average Revenue Per User per month (ARPU) will experience a modest 0.3% year-over-year increase in 2023, with a more substantial 8.8% rise projected for the entirety of 2024, thanks to recent price hikes. So as the streaming world continues to evolve as companies change their priorities, expect new plot twists to arise due to this shift in focus.
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