Next year, connected TV (CTV) ads will move from conception to creative to production faster. That’s according to Michael Hopkins, vice president of go to market at MNTN, who spoke this week on our “Behind the Numbers: The Daily” podcast.
“2022 has been a pretty exciting year for CTV,” he added. “This year has definitely legitimized and elevated the platform and really helped it come to the forefront as a performance marketing channel.”
But measurement remains a challenge.
It’s (still) complicated: Our analyst Paul Verna agreed fragmentation is a pain point for CTV. “As a buyer, you might be buying an ad from a device company, or a TV network, or an aggregator, or a set-top box-maker. Really any number of companies that are in that value chain,” he said.
“The viewers are there [for] CTV, and the advertisers are doing a fast follow,” Hopkins noted about CTV’s positives.
Speaking of positives: In the US, CTV is the fastest-growing ad format we track, with a projected growth of 27.2% in 2023, for a total of $26.92 billion. By contrast, we project US retail media ad spend to increase by 20.5% and US social network ad spend to grow by 8.8% in the next year.
“CTV is a performance medium,” Hopkins said, meaning it doesn’t only inform top-of-funnel impressions. Marketers can look not just at “how many eyeballs you’re reaching,” but also at how CTV drives action.
Everyone’s a winner: Ad-supported video content benefits consumers and advertisers alike, according to Hopkins, expanding the availability of streaming content.
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