CTV Report
US CTV Ad Spend Projected To Grow 16.2% in 2024
by Frankie Karrer1 min read
Abstract
- Advertiser Perceptions projects that U.S. ad spend growth for Connected TV in 2024 will grow 16.2% to $21.45 billion.
- They attribute that expected growth to the this year’s upcoming Olympics and election cycle
- Social media platforms saw ad spend grow 14.6% over the year prior, reaching $93.8 billion in 2023.
- Retail media ad spend is expected to surpass $81.6 billion in 2024, representing 23.5% of all digital advertising in the U.S.
According to new data from Advertiser Perceptions, advertisers are expected to throw fistfuls of cash at Connected TV (CTV) this year. The report found that this year we can expect CTV ad spend to increase by 16.2% to a whopping $21.6 billion. And the reason for that growth? This year, viewers will be watching the summer Olympics and keeping up with the upcoming election on their television screens.
But it’s not just Connected TV in the ring. Social media, with its never-ending stream of short-form videos, has also been packing a punch. The channel increased ad spend by 14.6% in 2023, and that trend isn’t slowing down any time soon. And retail media, which saw a nearly 32% increase in ad spend last year, is projected to reach a staggering $81 billion in 2024. In the end, though, everyone wins when they take an audience-first approach to their ad strategy and prioritize getting their ads in front of the most ideal viewers, no matter what channel they’re on.
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