Digital video adspend is growing fast –- up 49% in 2021 according to the IAB’s 2021 Video Ad Spend and 2022 Outlook report, with another 26% increase forecast for 2022. Within that, CTV is the fastest-growing sector –- up 57% in last year and projected to rise 39% this year.
Despite all that, expenditure on CTV doesn’t tally with the amount of time consumers are spending on this channel. CTV will account for 36% of total time spent with linear TV and CTV combined in 2022, but just 18% of total video ad dollars are going here.
- Three out of four video buyers (76%) label CTV as a ‘must buy’ in their media planning budgets.
- CTV buyers cite the types of data not available within linear TV buys, including first-party brand data (65%), location data (61%), and shopping data (50%).
- Buyers say CTV provides more transparency into where ads run: 59% say it was ‘very clear’ on where their CTV ads ran vs. only 50% and 43% for social video and other digital video, respectively.
- Nearly three in four (73%) video buyers expect to fund third-party cookie/MAID deprecation CTV spend increases by reallocating dollars from linear TV.
“The time is now for brands and buyers to follow consumer attention” –- Eric John, VP, IAB Media Center.
Sourced from IAB