45% of Digital Political Ad Spend in 2024 Will Go to CTV
by Frankie Karrer
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You’ve probably heard this already, but 2023 was a massive year for Connected TV advertising. And there’s even more to come in 2024! But in order to fully take advantage of these opportunities, advertisers need to know what’s next for media buying.
Ali Haeri, MNTN’s SVP of Marketing, recently joined MediaPost to discuss the trends shaking up the world of CTV advertising and media buying — and how advertisers can adjust their strategies to make the most of these changes. Let’s take a look at their conversation:
From new platforms, fragmentation, and the rise of free ad-supported streaming TV (FAST), it’s safe to say 2023 was an ad-supported year — and 2024’s looking pretty good, too.
Thanks to CTV’s continued and significant growth, many advertisers are taking advantage of the platform and its performance capabilities. And with the combination of rising costs (of just about everything) and a growing familiarity with ads, more consumers are choosing these offerings.
As we look at the year ahead, there are a few trends (in particular) to keep an eye on, including:
In 2023, we saw a lot of movement in the streaming space, especially in terms of fragmentation and consolidation. These changes signify a maturing market, but they have also led to more options than ever before for both marketers and consumers. And with rising costs, many (if not all at this point) of these options have some sort of advertising support.
Of course, this fragmentation has been difficult for advertisers as they try to manage a complex ad strategy that reaches across platforms. In order to mitigate these issues, marketers need to find cross-channel solutions. Specifically, private marketplace deals, brokered by CTV ad platforms with top-tier networks, can ensure brand safety and access to premium inventory.
While there have been some hiccups as previously ad-adverse (adverse, if you will) platforms crafted ad-supported tiers, many are finally seeing the offerings take off. Like we mentioned earlier, new platforms have led to more options for advertisers. FAST channels, for example, have been driving a significant portion of this, as more viewers trade their subscription video-on-demand (SVOD) services for these entirely ad-supported options.
As this expansion continues throughout 2024, more platforms will likely open up new CTV inventory options for advertisers. Netflix, for example, has already released a few of the new available spots and opportunities on their platform.
The time spent developing and launching TV ad campaigns has declined significantly, creating a more agile experience for advertisers. One reason for this is advancing programmatic ad solutions. These tools have streamlined the time from ad pitch to air time by using algorithms to automate the buying and selling process. Now, advertisers can access the best ad spots available for them across digital platforms, including CTV.
Instead of manually placing ads, these tools have allowed advertisers to create rules for how, when, and where ads are launched. This tech creates a significant advantage for teams, enabling them to reach the right viewers at the right time, regardless of what they’re watching.
As streaming technology evolves, you’ll need to work with a partner who’s staying ahead of the curve. From the benefits of buying programmatically to the latest need-to-know advancements and strategies, MNTN gives you the tools you need to build performance marketing campaigns that drive results well into the new year.
But we don’t stop there. We know the pressure to drive performance is strong — and it’s likely to continue throughout 2024. With a focus on increasing television’s revenue-driving potential (and improving the overall CTV experience for our advertisers), we launched MNTN Next Gen TV.
These updates focus on generating improved ROI, exclusive pricing, and connecting your brand with the right audience. Additionally, new integrations can help your brand track critical insights, including app downloads. Learn more about MNTN’s Next Gen TV here.
With the right tools and information, brands can make the most of their advertising budgets in 2024. Though we’re navigating a shifting landscape, there are ways to stay ahead of the curve and start the new year on the right track.
Watch the full webinar here for actionable insights to step up your ad game in 2024.