Data: Brands hit $1bn CTV monthly ad spend milestone
August 17, 2023
Advertising spend on CTV during a one-month span reached $1 billion (€960m) in June 2023, according to data from ad intelligence provider Vivvix.
According to Vivvix, this industry milestone, on track with projections from its first half 2023 report, demonstrates that more brands are recognising the value and potential of advertising on the medium. This is the deepest level of detail on CTV ad spend available in the industry.
The Vivvix data includes advertising dollars spent by thousands of advertisers across a growing list of streaming platforms including Hulu, Peacock, Paramount+, Pluto, Discovery+, Max (formerly HBOMax), Tubi, Roku and, as of May 2023, Disney+. It also shows the trends by category, with verticals such as household supplies and beverages growing by more than 300 per cent on a year-over-year basis on CTV. At the same time, other categories such as Pets and Cosmetics and Beauty did not trend as highly in the June report.
“This milestone validates the projections on CTV’s ascendency from experimental to a ‘table stakes’ medium,” said Andrew Feigenson, CEO of Vivvix. “It’s where viewers are increasingly spending their time, and in order to be competitive, brands must play ball on those fields, and understand what competitors are doing on these platforms. The data really informs brands where the white space is within the video journey as well. We noticed, for example, a dearth of pet brands advertising on Disney+ in June. That signals a real opportunity.”
“Being able to take a broader view of the video landscape helps advertisers see the strategy their competitors are using across various channels,” Feigenson added. “The shift of ad dollars between new and emerging platforms can make it difficult for advertisers to connect the dots, so it’s important for brands to have access to a wider lens. We are confident that more brands will continue to allocate more of their advertising budgets to CTV and other digital media, which will affect traditional TV advertising.”
Vivvix suggests that the $1 billion per month milestone in CTV is a big trend at a time when digital formats comprise 70 per cent of the total spend in which video is the fastest growing format. In Vivvix’s first half Platform Pandemonium report, the company’s analysis showed that ad supported video on demand (AVOD) grew 79 per cent YOY in 2022 and totalled 5 per cent of all online video.
In addition to CTV, another area of growth in the digital ecosystem is YouTube, which continues to captivate advertisers and audiences. In June alone, Vivvix captured $1.4 billion in ad spend across YouTube properties. Looking ahead, Vivvix anticipates that advertiser investment on YouTube will continue to grow, especially as non-linear properties continue to capture more viewership.
“To give brands the deepest, richest and fullest picture of advertising spend, Vivvix is purpose-built to look across the full spectrum of ad platforms, from linear to digital,” Feigenson said. “We are continually investing in expanding our coverage across all digital media, including CTV, and social video like YouTube. Vivvix gives advertisers a view into more than $162 billion worth of digital ad spend which translates to a deep level of competitor ad campaign visibility.”