Connected TV Ad Spending has surged. YouTube CTV spending jumped 31% last quarter, outpacing streamers.
The news: Connected TV (CTV) ad spending on YouTube surged far ahead of #streaming competitors last quarter, according to analysis from Tinuiti.
Among Tinuiti’s clients, YouTube CTV spending jumped 31% while streaming services like HBO Max and Netflix had growth of just 6%.
Though YouTube saw one of the largest jumps, the quarter marked the first time since Q4 2021 that YouTube, Google search, Amazon, Instagram, and Facebook all saw spending increases.
The CTV boom: Record cord-cutting and increased time spent have made CTV one of the strongest ad-spending sectors in 2023. But while viewership has made gains, ad spending has shifted over from TV more slowly, giving video competitors time to race to win market share.
YouTube’s lead: The pivot to digital is fully underway, and YouTube’s strong TV viewership and content model gives it an advantage over streaming services and other CTV platforms just entering the fray.
The ongoing #Hollywood writers and actors strikes also position YouTube to win more ad dollars. Competitors will have no new content to entice advertisers to spend against, while YouTube’s user-generated model leaves it unscathed (the strike also weakens the Joint Industry Committee’s argument against treating user-generated content as “premium” content).
We forecast that YouTube will bring in $2.89 billion in US CTV ad spending this year, second only to Hulu, which The Walt Disney Company is fighting for full ownership of.
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