As the digital landscape continues to evolve at an unprecedented rate, marketers and advertisers are faced with both new challenges and new opportunities. In the latest surge within the industry, there’s a significant pivot toward Connected TV (CTV) advertising as traditional media budgets are getting reallocated.
The recent findings from Advertiser Perceptions and the Interactive Advertising Bureau (IAB) give us valuable insights into this trend. With a poignant shift, a third of advertisers are now increasing budgets to accommodate for CTV, recognizing it not just as an emerging platform but as a necessity in their media mix.
Historically, these dollars flowed largely into linear TV and conventional mediums, but change is here. Advertiser Perceptions and the Interactive Advertising Bureau (IAB) reports reallocations from linear TV to non-video digital channels seeing a nine-point jump year over year.
The BIA’s local advertising forecast paints a clear picture of where we’re headed – with nearly half of all ad dollars earmarked for digital. This is reflected explicitly in our local markets, where CTV/Over-the-Top (OTT) advertising is poised to claim a 9.2% share of local video with an astounding $3.6 billion projected spend in 2024.
Our comprehensive 2024 Local Advertising Forecast: Local Video is your essential guidebook in understanding this phenomenal growth area. What does this mean for your brand or enterprise? It means embracing the shift towards CTV with open arms and strategic thinking. Our expert report doesn’t just narrate the changing landscape but provides actionable insights and guidance on how to effectively position yourself in an increasingly competitive space.
