Skip to content
With the growing shift from traditional TV to streaming platforms, certain industries are increasing their investments in connected TV (CTV) in 2024. Industries such as retail, automotive, and financial services are leading the charge, taking advantage of CTV’s advanced targeting and performance marketing abilities to reach more viewers.
As CTV continues to rise–fueled by the popularity of smart TVs and streaming devices–advertisers are seeing its potential to improve brand visibility and return on ad spend. In this article, we’ll explore current connected TV statistics as well as which industries are making the biggest investments in CTV in 2024.
Connected TV Statistics in 2024
CTV advertising has been gaining popularity in recent years, and it’s only expected to grow. Advertisers are set to hit $23 billion in CTV ad spend by the end of 2024, which is 35 percent more than the next most popular category of online video. According to eMarketer, some of the biggest CTV platforms such as Hulu, YouTube, Amazon, Roku, and Peacock are each expected to generate over $1 billion in revenue from their connected TV ad platforms, and it’s no wonder why. CTV ads have a 98 percent completion rate and a 51 percent attention rate, on average. These connected TV statistics are impressive, especially when compared to traditional TV ads.
Currently, retail, consumer packaged goods, and tech brands spend the most with connected TV partners. As connected TV viewership continues to grow, we expect more CTV industries will continue to enter the space. According to GroupM, CTV could account for over 50 percent of all TV ad revenue by 2029. This move by companies towards programmatic advertising aligns with the increasing focus on performance marketing within CTV.
Regarding viewer preferences, paid streaming services hold 73 percent of the market share, followed by ad-supported streaming at 51 percent, traditional TV at 41 percent, and broadcast antenna at 18 percent. Notably, ad-supported CTV has grown, with viewers now dedicating 48 percent of their time to it, which is a sharp increase from earlier years. This trend explains the growing reliance on CTV by advertisers, with 81 percent of marketers using it to enhance brand visibility and over half leveraging it for measurable outcomes like web traffic and conversions.
Connected TV Ad Platform Spending in 2024
In 2024, retail, consumer packaged goods (CPG), and tech industries are expected to spend the most on connected TV markets.
Precision targeting is a big part of their strategy. The number of CTV-equipped households is expected to more than double that of traditional TV households this year, which is enticing for advertisers since CTV gives advertisers the ability to target their audiences more effectively, as well as track the success of their campaigns across different platforms. Additionally, shoppable ads are becoming increasingly popular, allowing consumers to purchase products directly from the ads they view. This speeds up the buying process while at the same time giving advertisers insights into their customer’s behavior.
The Biggest CTV Industries in 2024
In 2024 and 2025, several key industries are expected to continue taking advantage of the connected TV market due to the growing shift from traditional TV to streaming platforms. The top CTV industries include retail, consumer packaged goods, and tech. Additional up and coming markets include automotive, financial services, and healthcare.
Consumer Packaged Goods (CPG)
CPG companies are focusing on performance-driven outcomes like increasing sales and boosting brand awareness. CTV can give these companies data on ad performance, including viewer engagement and conversions, which allows them to run more effective campaigns compared to traditional TV. Additionally, CTV offers CPG companies more creative options like shoppable ads, which let viewers interact directly with products in the ads. This mix of commerce and entertainment helps CPG brands drive sales.
Tech
Many tech companies, particularly those in the software, streaming, and device sectors, have increased their CTV ad budgets in 2024 as they recognize its potential for reaching a bigger yet more targeted audience. This trend is especially visible among companies like Google, Apple, and Amazon, which are investing heavily in CTV to promote their services and products.
Retail and E-commerce
Major retailers like Walmart are investing in CTV, using the vast consumer data provided by these advertising platforms to better target their ads. The rise of shoppable TV ads, where viewers can directly engage with products, is driving this trend, especially on platforms like Roku and Hulu.
Healthcare and Pharma
As privacy concerns grow in the digital space, healthcare companies are increasingly turning to CTV for more compliant and engaging ways to connect with audiences.
Automotive
The automotive industry is using CTV to target high-intent buyers, especially as consumers continue to rely heavily on online research to compare vehicles they’re thinking about buying. With precise audience segmentation, CTV allows brands to capture the attention of viewers during key moments.
Financial Services
Financial companies are also ramping up their CTV investments. With the ability to run more personalized ad campaigns, CTV offers a better way to deliver complex financial services messaging to specific demographics.
Trends to Watch in Connected TV Markets
To succeed in CTV markets, it’s important that CTV industries stay on top of trends. Here, we cover some of the emerging trends to keep an eye on in 2024.
Enhanced Prospecting
Prospecting campaigns are a type of advertising strategy aimed at attracting new customers who have not yet interacted with a brand. Prospecting campaigns lead to slightly higher conversion rates, which is why this strategy is seeing a surge.
Retargeting
Retargeting is a strategy used to re-engage users who have previously interacted with a brand but haven’t yet made a purchase. Retargeting can boost return on ad spend and lower the cost per acquisition by reinforcing brand recognition among audiences.
Leveraging CTV Growth
Advertisers are drawing inspiration from successful CTV strategies already being used by competitors, making it easier to adapt without starting from scratch.
Patience and Consistency
CTV campaigns show significant growth in return on investment over the first 75 to 90 days since optimization improves performance over time. Additionally, running continuous prospecting and retargeting campaigns allows advertisers to maximize optimizations over time, especially during peak periods like holidays.
Dual Approach for New Advertisers
Dual approach refers to a strategy that mixes traditional and digital advertising methods to maximize reach. In 2024, brands are using prospecting and retargeting together to site traffic compared to using prospecting alone.
Learn More About Connected TV Ad Platforms with CTV Blueprint
In 2024, more CTV industries than ever are being drawn to CTV for its ability to combine traditional TV’s visual appeal with digital targeting and measurement. To learn more about connected TV ad platforms, contact CTV Blueprint today.
