Connected TV (CTV) viewing hours have seen a 21% increase in May 2023 compared to May 2022, according to Comscore’s State of Streaming report. This is indicative of the growing trend of consumers shifting from linear TV to streaming alternatives, such as CTV and online video. In the last year, CTV and online video have combined to exceed linear TV hours viewed from January 2022 to January 2023, with 131 billion hours spent on CTV and 125 billion hours spent on online video. The top six streaming services have a reach in at least one-third of U.S. households. Netflix has introduced ad-supported streaming options, but their share of CTV hours has dropped 5%. Linear TV providers are also offering CTV options, with Spectrum CTV the highest at 3%. Smart TVs are now the dominant way of delivering CTV streaming, with total households that stream content via Smart TVs increasing 23% since 2021.
These data demonstrate the need to move ad dollars from linear TV to CTV and online video, as they offer greater reach, hours spent viewing, and better targeting capabilities. CTV ad spend is also continuing to grow rapidly, and it is all but certain that this trend will continue. Businesses should take note of the shift in consumer behaviour and adjust their marketing strategies accordingly.
Originally reported by Martech: https://martech.org/ctv-viewing-hours-rise-21/
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