The Business Research Company’s TV Advertising Market Report – Opportunities And Strategies – Global Forecast To 2030
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The increased use of over-the-top (OTT) media services is expected to drive the growth of the TV advertising market, especially when a majority of the global population is in quarantine. OTT offers reach and retention as video advertisement is 100% viewable and non-skippable. As in, on OTT platforms such as Netflix, Amazon Prime Video, and Disney+, advertisements are non-skippable and is 100% viewed by the subscriber. These advertisements are known as Subscription Supported Video-on-Demand Services. When such ads are viewed by the audience, it reinforces the brand’s message. As per IPG Mediabrands Magna reports, OTT video ad spending is growing at a faster rate than any other channel and is expected to reach $5 billion by the end of 2020. Thus, the increased use of over-the-top (OTT) media services is driving the market for TV advertising.
The global TV advertising market size is expected to decline from $102.02 billion in 2019 to $96.92 billion in 2020 at a compound annual growth rate (CAGR) of -5.00%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The connected TV advertising market size is then expected to recover and reach $98.41 billion in 2023 at a CAGR of 0.51%.
Major players in the global TV advertising industry are CBS (Columbia Broadcasting System), Comcast Corporation, Viacom Inc., Gray Television Inc., Sinclair Broadcast Group, Sun TV Network, The Walt Disney Company, Time Warner Cable, TV Today Network, Vivendi SA, British Broadcasting Corporation, Cox Communication, Discovery Communications Inc., Fisher Communication, LiveRail, TBC, Univision Communication, WPP, Omnicom Group, DENTSU INC., Publicis Groupe, IPG, Havas, Jacob Tyler, Division of Labor, THIEL, Anchour, ThreeSixtyEight, Daniel Brian Advertising, Gumas, and BayCreative.
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Source: EIN Presswire