Let’s admit it, Covid-19 has been a hard road for all of us. During this time, not surprisingly, most businesses and media channels suffered from big losses and huge budget cuts. The bright light in all of this? Connected TV. It has emerged as a clear winner.
Traditional linear TV saw an increased abandonment rate, which directly benefited CTV. Another reason for this change in the trend can be attributed to the availability of more programs on different CTV streaming devices.
U.S. viewers spend more time watching videos on OTT that are streamed on CTV devices which has forced advertisers to quickly change their strategy and allocate more ad budget toward CTV advertising.
In 2020, the CTV market grew by more than forty percent (40%) with around $9 billion in ad spending. CTV is anticipated to reach $13 billion-plus in 2021. By 2025, CTV ad spending is predicted to be around $25-30 billion.
Want to learn more? See the full report at https://www.emarketer.com/content/ctv-still-among-fastest-growing-channels-digital-advertising