The news: Connected TV (CTV) advertising is escalating rapidly and poised to grow by 13.2% globally in 2023 to $25.9 billion, according to GroupM's mid-year forecast.
Why it matters: This dramatic rise in CTV advertising is significantly altering advertising strategies and budgets. As consumers flock to streaming platforms, advertisers are following suit, viewing CTV as an ideal space to reach an engaged, targetable audience.
Why it's growing: CTV ad growth can be attributed to a few factors:
Our take: The continued adoption of CTV signals a pivotal evolution in media consumption habits, with viewers favoring its flexibility, variety, and personalized ads. Advertisers should take heed of this shift and adjust their strategies to align with the increasing relevance of these platforms.
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