Streaming Ad Spending Soared 57% In 2021 To Hit $15.2B, IAB Report Finds As NewFronts Kick Off In-Person Blitz
deadline.comAs the NewFronts start their first in-person edition in New York since 2019, streaming stats are in for 2021, and the market is officially booming.The IAB, the industry group behind the NewFronts, issued its ninth annual report on online ad spending, finding that connected TV spending exploded to $15.2 billion, up 57%.
It forecasts a 39% gain in the current year, to $21.2 billion, meaning a doubling in CTV spending since 2020.The functionality of these streaming buys are the draw, not surprisingly.
Three out of four buyers said CTV is a “must buy,” identifying first-party brand data, location information on viewers and shopping data as key benefits.Apart from college and NFL football, few areas of the conventional TV landscape are maintaining or growing viewership.
That, plus lingering effects from Covid and an array of well-fortified options in streaming, led to a shift online.The IAB teamed with the Standard Media Index and research firm Advertiser Perceptions on the report, surveying some 400 video buyers at agencies and brands between February 15 and March 15.Although CTV will account for 36% of total time spent with linear TV and CTV combined in 2022, according to an estimate by eMarketer, money currently allocated to CTV lags viewership, representing only 18% of all video ad dollars.For advertisers, there are many more places to buy time online than there were even three years ago.
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