Marketers plan to dramatically increase their budget commitments to connected TV (CTV), according to the latest SteelHouse survey of both brand-side and agency marketing professionals.
The survey, conducted by independent consulting firm Advertiser Perceptions, found that more than three-quarters (78%) of marketers surveyed plan to buy ad inventory on streaming TV within the next 12 months and while only 2% of those surveyed said they never used video in their ads, 49% use video frequently, 38% use it occasionally, and 11% use it in all campaigns.
The data also showed that an average of 30% of total advertising budgets are allocated to digital video across multiple channels, with 28% of that going to social platforms, 26% to in-stream, 20% to traditional local or national TV, and 13% to in-unit ads. But the survey found that it was the newest category, CTV, also described as IPTV or OTT, that made the strongest impression, garnering 12% of planned video spend.
The survey also found video measurement was still evolving. The top three KPIs for evaluating video inventory were completion rates (49%), impressions/reach (46%), and quality scores including viewability & fraud (44%). However, SteelHouse found that there were differences between marketers and agencies. Marketers identified impression/reach (48%), completion (47%), and click-through (44%) as the most valued metrics, while agencies chose completion (53%), quality scores (45%), and in-target delivery/GRPs (comScore, Nielsen, etc.). Sales attribution was low for both (28%).
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