As more and more users continue to ‘cut the cord’ from traditional TV in favor of more affordable streaming options, CTV (connected television) continues to be one of the fastest-growing media channels.
As more and more users continue to ‘cut the cord’ from traditional TV in favor of more affordable streaming options, CTV (connected television) continues to be one of the fastest-growing media channels. Since 2019, CTV spending has increased by 400% and is projected to rise by 22% in 2024 and see 72.5% growth by 2027, reaching over $41 billion in ad spend.
We dusted off our Esparza crystal ball to see what’s to come for CTV in 2024.
Since 2019, CTV spending has increased by 400% and is projected to rise by 22% in 2024 and see 72.5% growth by 2027, reaching over $41 billion in ad spend.
We dusted off our Esparza crystal ball to see what’s to come for CTV in 2024.
Targeted Advertising:
Gone are the days when everyone saw the same television ads during their favorite show. Audience segmentation will become even more powerful in 2024, particularly on connected TV. We’ll be able to target the right person at the right time when they’re in the market for your product or service. This can translate to lower costs because you’re only paying for ad impressions for people who are in your target audience.
Targeted Advertising:
Gone are the days when everyone saw the same television ads during their favorite show. Audience segmentation will become even more powerful in 2024, particularly on connected TV. We’ll be able to target the right person at the right time when they’re in the market for your product or service. This can translate to lower costs because you’re only paying for ad impressions for people who are in your target audience.
Enhanced audience segments can include:
- Demographic – Gender, Age, Household Income
- Geography – Zip Code, DMA, Radius etc.
- Behavioral – targeting based on a user’s previous search history or content consumption
- Retargeting – remarketing to users who have interacted with your ad or brand previously
- First Party – audience segmentation based on a marketer’s internal customer data
Enhanced audience segments can include:
- Demographic – Gender, Age, Household Income
- Geography – Zip Code, DMA, Radius etc.
- Behavioral – targeting based on a user’s previous search history or content consumption
- Retargeting – remarketing to users who have interacted with your ad or brand previously
- First Party – audience segmentation based on a marketer’s internal customer data
Advanced Ad Formats:
In the past, television ad performance could be more difficult to measure than digital ad performance because a viewer couldn’t click on the ad. Connected TV is changing the game with improved video ad formats that increase engagement from users in streaming content.
- Shoppable – QR codes can create shoppable ads
- Interactive – User options allow viewers to choose the video ad they would like to watch. These interactive ads can be valuable for A/B testing.
Ad Measurement:
As we mentioned above, more interactive ad formats mean better measurement, which can translate to improved results. Improved CTV analytics will allow us to see valuable insights and measure results more accurately, including completion rates, conversion attribution, and viewer journeys.
Cross-Device Advertising:
Having an omnichannel strategy for cross-device advertising is essential. By targeting users on all devices – whether it be desktop, mobile, Smart TV, or DOOH – we can provide a consistent experience for the customer and drive higher engagement.
CTV advertising offers precise targeting, measurable results, and increased user engagement for holistic marketing approaches. If you’re interested in learning more about CTV to promote your brand, we’d be happy to have a chat with you.
