In 2024, the digital advertising market will be worth $230 billion. This is due to the increasing number of ad-supported OTT services and increasing adoption rates of smart TVs and connected TV devices.
The number of OTT users will grow from 1.8 billion to 2 billion by 2024, with a total time spent per day on video content averaging 3 hours and 17 minutes. However, this rapidly changing environment means that marketers must stay up-to-date on their campaigns’ coming next.
OTT Advertising Trends You Should Know in 2024
The advertising landscape is changing, and it’s time to start thinking about how you can stay ahead of the curve. This article will get into some exciting trends shaping what we see online today-from video ads on Facebook Live or Instagram stories (which now have 15-second ads) down to ad blocks in your favorite messaging apps like WhatsApp, so they’re more distracting than ever before!
In 2024, it is predicted that TV will be a thing of the past. With digital media taking over and mobile devices playing such an integral part in our lives today (90% of Americans own at least one), advertisers are finding new ways to reach potential customers on these channels with targeted ads tailored just for them! What do you think about when someone says “OTT”?
In 2024, the most popular advertising trend will be video ads. The average person spends 5 hours a day consuming media, not counting YouTube or Netflix streaming.
People are catching onto social media advertisements, especially on Instagram, where they can see what your brand looks like in real-time as you promote it, so make sure that every post has at least one picture of yourself!
Don’t forget about organic content either because these posts might get lost among large amounts of noise if everyone shoots without any organization strategy whatsoever. Still, the good news is there’s plenty out there just waiting for us trying our best to organize them into well-laid plans such tactics being called “organized broadcasting.”
- OTT advertising will be more widely available, with more channels offering ad space
- There will be an increase in the number of ads that are interactive and immersive
- Brands will start to use artificial intelligence to target their audiences better
- OTT advertising will become even more personalized, targeting viewers based on what they’re watching at any given time
- The number of OTT users will grow from 1.8 billion to 2 billion by 2024
- By 2024, the average household will have 3 screens- a TV, laptop/desktop computer, and mobile device
- In 2024, it is projected that there will be an increase in interactive advertising on OTT platforms
- Interactive ads are becoming more popular because they provide consumers with the opportunity to engage with brands and products without having to leave their favorite show or movie
- Video advertising will be the leading form of OTT ad spending in 2024
- Advertisers will spend more on ads that are targeted to specific audiences
- More advertisers will use data-driven targeting tools to find their target audience
- Ads with a lower frequency, but higher engagement rates, will become more popular among advertisers
- The number of OTT viewers in the US is expected to grow from 68 million in 2017 to over 82 million by 2024
- Over half of all OTT advertising revenue will come from programmatic ads in 2024, and it’s estimated that this figure will reach 75% in 2027
- In-stream video ads are projected to generate $5 billion by 2024, up from $1 billion last year
- Advertisers using data tracking techniques such as artificial intelligence (AI) and machine learning (ML) are predicted to see a significant increase in return on ad spend (ROAS), with ROAS rates doubling for advertisers who use these technologies
- Brands will invest more in content creation
- OTT advertising will become even more personalized
- Advertisers will start to use the targeting capabilities of Facebook, Google, and Amazon
- The number of ads watched on TV per day is expected to drop by 20%
- The demand for OTT advertising will increase
- More people will watch video content on their phones, tablets, and laptops
- People are more likely to buy products they see advertised in an OTT format
- Advertisers are expected to spend $5 billion on OTT ads by 2024
- OTT will continue to grow in popularity, reaching more than 50% of all households
- Advertising on OTT will become even more sophisticated with the introduction of new formats and features
- More marketers will start using data-driven advertising techniques like retargeting, attribution modeling, and predictive analytics
- Brands are expected to spend $5B on TV ads by 2024
- Demand for OTT advertising will increase, with TV ad spending declining
- Brands are expected to shift their focus from traditional advertising to digital and social media marketing
- The number of global users of mobile devices is predicted to grow by 50% in 2024
- People are predicted to watch less linear television programming due to the rise of streaming services like Netflix and Hulu, which makes it easier for brands to advertise on these platforms
- In 2024, the average person will spend more time watching video on their mobile device than they do on TV
- OTT advertising is predicted to account for $19 billion in ad revenue by 2024
- The number of cord-cutters is expected to grow from 2018’s 22 million people to over 100 million by 2024
- By 2020, 98% of households are expected to have a smart TV capable of streaming content and using apps like Netflix or Hulu
- More than half (55%) of all internet traffic in the U.S., Canada, and Mexico will be attributed to OTT services
- Video will be the most popular advertising format, with live video being the fastest-growing segment
- Virtual Reality ads are expected to grow exponentially in popularity
- Ads on social media platforms are expected to generate $25 billion in revenue by 2024
- Brands will continue to spend more money on OTT devices than traditional TV channels
- Mobile video ads will account for nearly 50% of all digital ad spend
- Programmatic advertising will be used by 75% of advertisers
- Digital ad spending in the US is expected to grow 16% annually through 2024, reaching $106 billion
- The majority of OTT advertising revenue – which includes TV-like ads delivered over broadband networks like Hulu and SlingTV – comes from traditional media companies that are trying to reach younger audiences who have already cut their cord
- The rise of OTT advertising is expected to be the biggest trend in 2024
- More than half of advertisers will be using OTT ads by 2020
- Advertisers are more likely to use video-based ads on platforms like Facebook and YouTube, as they’re viewed with higher engagement rates
- Live streaming has become a popular way for brands to connect with their audience through events like product launches or Q&A sessions
- Brands are increasingly turning towards podcasts as an effective form of marketing
- By 2024, OTT advertising will be an $18 billion industry
- In the next 5 years, video ad spending on OTT platforms is expected to grow by 52%
- In 2024, nearly 2 out of every 3 minutes spent watching TV will be through a streaming service
- The average monthly cost for a Netflix subscription in 2027 is projected to be $21 per month
- OTT ads will be more interactive and personalized
- Advertisers will use voice recognition to create custom messages for viewers
- Video ads will dominate the industry, making up 70% of all advertising revenue
- Ads will become shorter in length, with a focus on quality over quantity
- Video ads will make up the majority of digital advertising by 2024
- Ads in messaging apps like WhatsApp and WeChat will be the fastest growing form of digital advertising over the next 5 years
- By 2020, video ads will account for 66% of all mobile ad revenue worldwide
- Video ads on social media will be more effective than banner ads
- Social media influencers are going to be a big part of OTT advertising in 2024
- Brands are going to start using chatbots for customer service and order fulfillment
- OTT advertising will become the new norm, with more than 50% of ad budgets allocated to digital channels
- There will be an increase in companies using data and AI to personalize ads for customers
- Companies will start developing their content that can be monetized through advertisements on other platforms
- OTT advertising will be the dominant form of video advertising in 2024
- More than one billion devices are connected to an over-the-top service like Netflix or Hulu
- With the rise of OTT services, advertisers are getting more creative with their ads
- Interactive ads will be key to grabbing attention- for example, an interactive ad could allow viewers to change the color of a dress on a model
- Advertisers should focus on transparency when it comes to data collection
- Voice-activated products are here to stay
- Social media advertising is still king, but video ads will be more prevalent on these platforms
- The rise of influencer marketing and live streaming.
Conclusion:
The future of OTT advertising will be a hot topic in the coming years. We’ve come up with a few trends you should know about so your marketing strategy can stay ahead of the curve and drive more sales through this new form of advertising. If you want help getting started, please don’t hesitate to contact us for OTT Advertising Consulting services from our expert team to answer all your questions and implement these strategies on your behalf!
