Digital video ad spend to jump in 2024
July 16, 2024
Spending on digital video advertising is expected to jump 16 per cent to $62.9 billion in 2024, according to the IAB. The increase comes after a 15 per cent increase in 2023 and a 21 per cent hike in 2022 and outrun the growth in total advertising spending.
The IAB expects digital to have the majority of TV spending for the first time, with a 52 per cent share, compared to a 48 cent share for linear TV, reversing the proportions of 2023. Spending on connected TV advertising is seen growing 12 per cent in 2024, while online video climbs 18 cent and social video jumps 20 per cent.
The IAB worked with Advertiser Perceptions and Guideline on its 2024 Digital Video Ad Spend and Strategy Report. The report says the ad dollars buyers were spending on CTV where being reallocated from linear TV and other non-video digital ads. Buyers said that three quarter of CTV buying is now being done using programmatic technology.