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Going forward this year, expect premium connected TV (CTV) with its long form content to fight neck-and-neck with social media platforms and their short-term video when it comes to media deals they need the most.
A new survey among media buyers and sellers and brand executives says 68% believe CTV is a “must buy,” with another 62% citing social media in the same vein.
These results, fielded from 364 executives during February 17 to March 7 of this year, are from the IAB, Advertiser Perceptions, and Guideline.
Farther down the list come legacy national broadcast/cable TV networks — at 39%, followed by online video (web/app publishers who run short-form video) at 37%; with addressable TV and local broadcast TV each at 33% and “audience-indexed” linear TV at 27%.
The report says: “Now that CTV has scaled its programmatic and self-serve activation tools, both channels provide advertisers greater flexibility to plan and buy media dynamically and adapt in real-time to shifting audience behaviors.”
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Looking specifically at CTV, respondents say the major reallocation will come from linear TV and social media — each at 36% — with online video shifts to CTV at 34% and paid search at 32%.
This year, the report estimates, social media will grow 15% to $27.2 billion, with CTV estimated to be 13% higher to $26.6 billion and online video, 12% more to $18.6 billion.
Overall digital video spend (CTV, social media and online video) will see the most advertising from consumer packaged goods, $14.3 billion; followed by retail, at $8.4 billion; technology, $7.3 billion; pharmaceutical, $6.3 billion; and entertainment/media, $6.2 billion.
Wayne Friedman is West Coast Editor of MediaPost. You can reach Wayne at wayne@mediapost.com.
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