Technology has changed how we view programming previously available only over broadcast networks and cable. It has allowed us to sever ties with cable companies and instead pick and choose our content providers. Today, viewers can use their computers, phones, and televisions to watch a wide variety of movies, shows, and video content via OTT and CTV.
OTT continues to expand in the market, and worldwide subscriptions to popular channels has nearly doubled from just four years ago. YouTube continues to disrupt the market, announcing that they added thousands of ad-supported TV shows for free. As OTT and video continue to make waves in the advertising world, how are you incorporating this into your marketing? Read on for more news from around the web, plus marketing tips from the experts, in this installment fo our weekly roundup.
OTT advertising has been growing exponentially as more people turn to streaming platforms to consume content, replacing (or in addition to) traditional TV consumption. Due to this fact, there has also been a surge in OTT ad spend. According to research reported by Forbes, not only was OTT advertising strong in 2020, but it's gaining momentum. Ad spend hit $9 billion in the U.S. (up 28% YOY) and is expected to reach $14.6 billion by 2023.
The quality of your ad campaign depends on your choice of vendor. With many options available on the market, it can be tough to decide which company will best contribute to your success.
Video marketing has skyrocketed over the years, and a growing number of businesses are doing what they can to use it in their marketing. As of 2020, 85% of businesses use video as a marketing tool, according to HubSpot's State of Video Marketing report.