Streaming media has disrupted the industry in recent years. With improved technology, consumers are cutting the cord and viewing more content on their phones, tablets, and smart TVs. As a result advertisers are beginning to spend more money on reaching these consumers on streaming platforms.
New figures that highlight the growth in OTT and CTV:
- CTV ad spend is expected to reach $26 billion in 2023
- US Subscription OTT video ad spending will surpass $10 billion this year and account for 10.2% of total video ad spending
- By the end of 2024, US CTV ad spending will be 50% the size of linear TV ad spending and reach $31.77 billion in total spend
These numbers support the massive growth we've seen in recent years in the industry. Pre-pandemic, CTV accounted for less than 1/10th of combined TV and CTV ad spending. By 2024, CTV is expected to account for 1/3rd of total spending.
Driving the growth in OTT and CTV:
- 230 million people in the US will view content on CTV/OTT devices and by 2026, 70% of the population will use CTV/OTT (Source)
What digital advertising leaders are forecasting for 2023:
- 2023 total ad spend is projected to be up 5.9% YoY (Source)
- New customer acquisition is the top goal for 2023 advertising, followed by increasing brand awareness and media efficiency
- Programmatic digital display advertising will increase by 33% (Source)
Effectively Run Your OTT Campaigns
Leverage OTT data and insights
OTT advertising provides access to deep data about viewers, such as age, gender, location, and even viewing habits. This allows advertisers to tailor their messaging to reach their target audience more effectively.