Connected TV (CTV) continues to pick up viewers and advertisers are noticing. A recent report from eMarketer revealed that streaming services – both ad-supported and subscription – are providing a ripe environment for advertisers as viewers move to CTV.
Streaming platforms and media players have increased the competition for smartphones. Additional findings from the report included:
- Time spent each day on connected devices – CTV, game consoles and set top boxes – will increase to 1 hour and 47 minutes this year and continue to increase through 2024.
- Time spent on smartphones each day will increase to 3 hours, 19 minutes in 2022, an increase from 8 minutes last year. By 2023, the amount of time is projected to rise by another 7 minutes.
- The majority of time spent on mobile devices is spent on smartphones.
- Mobile users are spending more time on apps than browsers, primarily due to games, podcasts and social media. But app use for shopping, dating, travel and fitness is also increasing.
While ad spending on CTV is considerably less than on traditional TV, it continues to increase. In 2022, spending on CTV ads will increase by 33%, in the amount of $18.89 billion.
Is your organization using CTV for ads? If so, how is it working for you?