The transformative power of technology continues to reshape communication and entertainment, consequently altering advertising instruments. Our living rooms have transformed into the latest frontiers for advertisers, courtesy of Connected TV (CTV) advertising. With an accelerated shift from linear cable TV to CTV, spotlighting online content streaming platforms, marketers are offered an innovative framework for digital promotion and publicity. You might question the worthiness of this new concept, well, here is a quick riddle for you: What’s elemental, pervasive, and scaling the billion-dollar mark? Ad Spend in CTV advertising.
June 2023 witnessed a remarkable surge for ad spend in CTV, with the impressive mark reaching a whopping $1 billion, an analysis sanctioned by thorough research from Vivvix, formerly known as Kantar. The data brought to light certain high growth categories, notably household supplies and beverages soaring by more than 300% year-over-year. Despite painting an impressive landscape of burgeoning CTV advertising, the Vivvix report observed more modest traction in certain verticals such as pets, cosmetics, and beauty products.
Swaying towards the digital direction, CTV is steering up the advertising industry. Nearly 70% of total ad spend now represents digital formats, among which video content is claiming the throne as the fastest-growing format. This rising digital format dominance is triggering an inescapable transformation within the advertising industry. It’s a trend that’s not merely reshaping the present but will decisively shape the industry’s future.
Signifying its weight in the digital ecosystem, YouTube has indeed become a hard-to-ignore entity. Highlighted in the Vivvix report, YouTube seized a commendable growth, netting in $1.4 billion in ad spend the previous month. What’s more fascinating is Vivvix’s prediction that suggests no sign of this trend slowing down, rather it foresees a continued climb of ad spend on the video streaming giant.
Amid this impressive upswing, experts anticipate a more vibrant future for CTV advertising. Forecasts shared by GroupM project a global growth of 13.2% in 2023, amassing $25.9 billion, while the U.S is expected to surge by 21.2%. This pronounced growth in ad spend elucidates how CTV advertising is becoming an industry standard now.
Vivvix CEO, Andrew Feigenson, shared important commentary about this rising trend. “The ascendency of CTV is inevitable, and it brings a swathe of opportunities for brands. Not only does it diversify their reach, but its interactive nature also builds a more engaging consumer experience,” he said.
As we recapitulate, the exponential rise of ad spend through CTV illuminates a tempting opportunity for marketers and businesses to tap into. The high growth categories emphasize the indispensable role of video and streaming platforms such as Roku and YouTube. The exciting progresses in CTV advertising promise a plethora of opportunities waiting to be exploited. For digital marketers, advertising professionals, and even for informed CTV platform users, there’s little doubt that this new era of advertising is anything short of a transformative goldmine.
By presenting your brand on these CTV platforms, you usher your business to a new dimension of widespread presence, interactive engagement, and ultimately, soaring profits. But the billion-dollar question remains, are you ready to seize this opportunity and be part of the surge?
Up until working with Casey, we had only had poor to mediocre experiences outsourcing work to agencies. Casey & the team at CJ&CO are the exception to the rule.
Communication was beyond great, his understanding of our vision was phenomenal, and instead of needing babysitting like the other agencies we worked with, he was not only completely dependable but also gave us sound suggestions on how to get better results, at the risk of us not needing him for the initial job we requested (absolute gem).
This has truly been the first time we worked with someone outside of our business that quickly grasped our vision, and that I could completely forget about and would still deliver above expectations.
I honestly can't wait to work in many more projects together!
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