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).
The research investigated how ad dollars are spent across a growing list of streaming platforms, such as Discovery+, Max (formerly HBOMax), Roku, and YouTube.
Growth categories included household supplies and beverages – which rocketed by more than 300% year-over-year. However, verticals like pets, as well as cosmetics and beauty didn’t trend as highly.
The industry milestone, which supports Vivvix’s predictions for the first half of 2023, comes at a time when digital formats account for 70% of total ad spend, in which video is the fastest growing format.
Why we care. This report highlights that the advertising industry recognizes the importance of running campaigns on CTV platforms, and which sectors in particular are increasing their ad spend. It’s important to monitor competitors’ strategies so that you can make informed decisions, respond to trends, capitalize on market opportunities, and maintain a competitive edge in your industry.
Promising forecast for YouTube. YouTube also experienced significant growth in the digital ecosystem, according to the Vivvix report. In June, the Google-owned platform generated $1.4 billion in ad spend across it properties. Based on this performance, Vivvax predicts that ad spend will continue to grow, particularly as non-linear properties continue 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 US specifically, CTV advertising is expected to grow by 21.2% year-on-year this year as the majority of Americans continue spending so much time streaming TV every day, reports Insider Intelligence.
What has Vivvix said? Andrew Feigenson, CEO of Vivvix, said:
Deep dive. Read the Vivvix report in full for more information.
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