60% of marketers trust connected TV (CTV) for delivering ads in trusted, brand-safe environments, as per Interactive Advertising Bureau (IAB).
CTV advertising’s growth is seeing marketers adjusting media-spends as per consumers viewing habits, according to the report. In 2020, CTV ad spend grew by 22% to an average of $19.97 million, as more marketers tried reaching consumers on streaming platforms.
35% of CTV advertisers predict their CTV video spends to increase in 2021, and 73% said they are reallocating spends from broadcast and cable TV. Highest-growth categories for CTV ads were health and wellness (+144%), finance (+97%), travel (+92%), telecom (+71%) and media and entertainment (+48%).
Further, the growth of CTV ads surpassed that of mobile video (4%) and desktop video (3%) ads. Eric John, VP of IAB Media Centre attributed the shift towards “audience-based buying tactics” to the increased CTV demands.
[2 minute read]