TV squeaks past online and mobile video to become the top video ad channel among US agency and marketing professionals. In October, 47% ranked TV—including connected TV (CTV) and OTT—as the No. 1 video type for achieving their advertising goals. That’s more than the 46% who put online and mobile video in first place.
The entertainment industry’s USdigital ad spend fell by only 6.9% last year. That could be the result of a stronger focus on promoting digital streaming services, as well as a general shift in movie marketing away from linear TV. This year, we forecast that the industry’s digital spending will see strong recovery with 20.7% growth, reaching $8.48 billion.
Despite the economic downturn brought on by the coronavirus pandemic, we estimate that US spending on digital video advertising still has the potential to increase by as much as 7.8% during H1 2020—or decrease by as much as 5.2% vs. H1 2019.
For context, total USdigital ad spending will rise just 7.5% this year. CTV’s future is bright. We forecast that US CTV ad spending will reach $18.29 billion by 2024, more than double the amount spent this year. We include YouTube viewing on TV sets in our CTV forecast. In November, YouTube made two notable changes to its advertising strategy.