40% of 2023 Upfront Buys Will Be Dedicated to CTV
3 Min Read Connected TV is set to win big during the 2023 upfronts, according to a new article from Forbes, as advertisers allocate a growing share of their total video ad budget to the platform. The article reported that 74% of marketers intend to maintain or increase their total ad budgets for the upfronts this year, with 30% planning to spend at least one-fifth or more across streaming platforms. Another survey conducted by Advertiser Perceptions had similar findings, revealing CTV is expected to be the preferred platform in this year’s upfronts, as advertisers are set to allocate 40% of their upfront buys on the platform. The rise in Connected TV ad spending during this year’s upfront follows the trends we have seen in the larger TV advertising landscape. Last year, eMarketer found that CTV ad spend grew to $21 billion, and forecasts that amount will rise to $43.5 billion by 2026. Ultimately, marketing professionals like Tony Marlow, chief marketing officer at LG Ads, believe its CTV’s combination of reach and flexibility that will ultimately lead it to become the go-to channel for TV advertisers, “In a rapidly changing media landscape, this year’s upfronts and NewFronts promise to be a game-changer, with ad-supported CTV emerging as the change agent we need right now.” Connected TV in the News Almost Half of YouTube Viewership Happens on TV ScreensInsider IntelligenceYouTube’s fast growth has propelled the company from a digital-only platform, often left out of the conversation of broader entertainment and TV advertising, to a direct, major competitor with the world’s largest streaming services. A Whole New World: Breaking Down Programmatic and Upfront TV Spend in 2023MNTN ResearchThe upfronts are fast approaching, and this year we can expect more spending on TV overall, be it programmatically or through deals. But with economic uncertainty hanging overhead, flexibility will be more important to advertisers than ever. The Most Memorable Moments From the 2023 NewFrontsAdweekThis year’s IAB NewFronts has finally come to a close, capping off a week of new tech and video announcements, high-profile concerts and even Conan O’Brien. From the effect of the WGA strike on presentations, to concerts and FAST changes, here are the biggest moments. Get the Latest Connected TV News, Right to Your Inbox Want to get our Connected TV report sent directly your way? Just enter your email below and you’ll never be out of the CTV loop again. Sign Up for the Connected TV ReportSubscribe to the report Apple, Amazon, NBC and more use to get their CTV news.