PASADENA, Calif.—A new survey of marketers has found that advertisers view CTV advertising is the most effective digital channel in their media mix and that 23.6% plan to increase their spending on connected TV (CTV) campaigns in 2024, according to a new study from tvScientific.
The study, which collected responses from more than 600 marketing professionals in Q4 of 2023, found that 35% of respondents plan to increase their overall ad spend in 2024 and that 65% report an increase in sales when performance TV is added alongside other paid channels like search and social.
“Finally, we have validation from a large group of marketers of what we have always known – TV is a superior and highly effective medium that can now be connected to business outcomes,” said Jason Fairchild, co-founder and CEO of tvScientific. “Marketers are putting their money where their results are, with CTV leading all mediums in terms of planned investment increase for ‘24.”
The data was collected amidst the ongoing transition of the $72 billion TV advertising market to programmatic execution, as technologies emerge that enable the buying and measurement of TV advertising in a manner similar to the $200 billion search and social media market.
CTV advertising is expected to grow by 22.4% globally in 2024 to $25.9 billion, according to GroupM’s mid-year forecast.
Additional findings from the tvScientific survey include:
- 65% of advertisers report an increase in sales when performance TV is added alongside other paid channels like search and social.
- With a diverse marketing mix, 68% of respondents say their company’s brand awareness has increased since using performance TV.
- 62% of respondents said it’s easy for them and their team to prove TV’s impact.
“We expect advertisers will continue making intelligent, bold investments in performance TV as it helps brands drive more engagement, ROAS, and sales in 2024,” Fairchild said. “With structural changes underway in other digital advertising channels, CTV’s addressability, accessibility, and efficiency are poised to change the game for advertisers of every description.”
