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Global TV Advertising Market Outlook 2024: Trends, Digitalization, and Consumer Behavior
TV Advertising Market Size
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According to The Business Research Company's, The tv advertising market size has grown strongly in recent years. It will grow from $129.61 billion in 2023 to $137.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to mass reach and audience engagement, effectiveness in brand building, prime time programming, credibility and trust, traditional advertising dominance.
The tv advertising market size is expected to see strong growth in the next few years. It will grow to $172.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to cross-channel integration and omnichannel campaigns, targeted advertising capabilities, data analytics for ad performance, interactive and shoppable ad formats, adaptation to changing viewer habits. Major trends in the forecast period include innovations in ad formats and creatives, data privacy compliance in targeted advertising, localization and regional targeting strategies, rise of branded content and sponsorships, real-time ad campaign adjustments.
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Market Drivers and Trends:
The increased use of over-the-top (OTT) media services is expected to drive the growth of the TV advertising market. OTT offers reach and retention as the video advertisement is 100% viewable and non-skippable. For instance, on OTT platforms such as Netflix, Amazon Prime Video, and Disney+, advertisements are non-skippable and are 100% viewed by the subscriber. These advertisements are known as Subscription-Supported Video-on-Demand Services. An increase is expected in the forecast period, culminating in the $2.373 billion projected OTT ad spending in 2025, indicating that advertising on streaming services is rapidly expanding. Thus, the increased use of over-the-top (OTT) media services is driving the market for TV advertising.
Programmatic TV advertising is becoming increasingly popular in the TV advertising market. Programmatic advertising is the process of purchasing digital advertisements automatically by leveraging algorithms and machines. It eliminates human intervention in the advertisement purchasing process, making it quick and less expensive. With the help of programmatic advertising, an organization can publish as many ads as a company wants on as many platforms as they desire. Also, it addresses the requirement for expanded reach of ads as utilization patterns have changed among crowds. Programmatic advertising is associated with programmatic TV sets, which allow the audience to watch OTT platforms on TV. For instance, when a person is watching a movie or show on a programmatic TV set, an ad appears in the video player itself. These ads are called in-stream ads and can run as many times as an organizer wants, thus causing an increase in reach towards the target audience.
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Major Key Players of the Market:
Comcast Corporation, The Walt Disney Company, Viacom Inc., WPP plc, Publicis Groupe, Columbia Broadcasting System, Omnicom Group, Omnicom Group Inc, Cox Communication, Discovery Communications Inc., Vivendi SA, DENTSU INC., Time Warner Cable, British Broadcasting Corporation, Ogilvy & Mather Worldwide Inc., Univision Communication, Sinclair Broadcast Group, Gray Television Inc., Leo Burnett Worldwide, Havas WORLDWIDE INDIA PRIVATE LIMITED, BBDO Worldwide Inc., McCann Worldgroup, MullenLowe Group, Saatchi & Saatchi, Sun TV Network, Droga5 LLC, Fisher Communication, The Richards Group, TV Today Network, Jacob Tyler Brand & Digital Agency, Gumas Advertising L.L.C., Daniel Brian Advertising, BayCreative Inc, INNOVATIVE PRODUCTION GROUP, ThreeSixtyEight, LiveRail Inc., Division of Labor, THIEL, Anchour, R/Greenberg Associates, Anomaly Partners LLC, Deutsch Welle, Forsman & Bodenfors, M&C Saatchi Sport and Entertainment, Foote Cone & Belding Global, Crispin Porter + Bogusky, GSD&M Idea City LLC, Barton F. Graf, 22squared, Goodby Silverstein & Partners
TV Advertising Market 2024 Key Insights:
• The tv advertising market size is expected to see strong growth in the next few years. It will grow to $172.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Riding The Wave The Surge In TV Advertising Fuelled By Over-The-Top (OTT) Media Services
• The Surge Of Programmatic Tv Ads And The Era Of Automated Ad Purchasing For Enhanced Reach And Efficiency
• North America was the largest region in the TV advertising market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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