CTV ad spend hits record-breaking $1 billion in June
Ad intelligence provider Vivvix (Kantar) forecasts continued growth in CTV and other digital platforms like YouTube.
Connected TV advertising broke records after ad spend reached $1 billion in June, according to a report by ad-research company Vivvix, formerly known as Kantar.
Growth categories included household supplies and beverages – which rocketed by more than 300% year-over-year. Meanwhile, verticals like pets, cosmetics and beauty didn’t trend as highly (even as the report noted a dearth of pet brands advertised on Disney+ in June).
Why we care. CTV ads have been exploding in popularity because you can reach viewers where they are increasingly spending time, as this report once again highlights. If your brand is interested in exploring CTV, dig deeper in The search marketer’s guide to connected TV: best practices for making the jump.
Promising forecast for YouTube. The Google-owned platform generated $1.4 billion in ad spend across its properties.
- Based on this performance, Vivvax predicts that ad spend will continue to grow, particularly as non-linear properties continu to capture more viewership.
Looking ahead. CTV advertising is expected to grow by 13.2% globally in 2023 to $25.9 billion, according to GroupM’s mid-year forecast.
- In the U.S., CTV advertising is expected to grow by 21.2% year-on-year this year, Insider Intelligence reported.
What Vivvix is saying? “We are confident that more brands will continue to allocate more of their advertising budgets to CTV and other digital media, which will affect traditional TV advertising,” said Andrew Feigenson, Vivvix CEO.
The report. The research investigated how ad dollars are spent across a growing list of streaming platforms, such as Discovery+, Max (formerly known as HBOMax), Roku and YouTube. Read the Vivvix report in full for more information.
Between the lines. While CTV is growing, it is doing so three-times slower than retail media at a similar point in its development, according to a new study from WARC Media.
“The market is fragmented, and CTV ad investment is mainly being drawn from existing budgets,” said Alex Brownsell, WARC Media’s head of content, in a release. “More work must be done to help CTV to realize its full potential and ensure that media owners are able to attract ad dollars from beyond the current confines of the TV market.”
Dig deeper: Why video is the marketing channel you can’t afford to miss.
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