CTV in 2024 and How Marketers Can Prepare
Video
Feb 27 2024
Now is the time to think about the future of Connected TV (CTV). CTV thrived in 2023, and projections show it will continue to do so in 2024. As a result, it’s an excellent source for engagement and conversions.
Whether you use CTV to advertise now or not, there are some key facts and trends to keep in mind if you plan to use it to boost your brand in 2024. Here’s what you need to know as you refine your marketing budget and strive to achieve your campaign objectives this year.
CTV’s Impact in 2023
Watching cable television? It’s a thing of the past for many people in the US.
CTV boasted strong growth in 2023. The CTV penetration rate in the United States rose to an all-time high in 2023, with 88% of American households owning at least one CTV device connected to the internet. Statistics show that 81% of WiFi households in the United States use streaming television on their own or in combination with linear television. Breaking that data down further, 44% of households have CTV while 41% have linear TV.
Why do those stats matter? The number of people using streaming TV today has now outnumbered the total using standard linear television services for the first time.
Marketers now have access to a wider audience — something you can take advantage of.
Trends To Expect for CTV in 2024
Several trends can help marketers reach their target audiences. The integration of artificial intelligence-driven personalization is one of the top trends to watch for, as AI algorithms will continue to become more prominent. AI can collect and analyze data, which helps with the second trend for 2024: customizing messaging and engaging in addressable TV advertising.
Addressable TV focuses on highly targeted marketing — as targeted as a specific user. To participate in this kind of marketing, it’s necessary to have strong data and information on users’ interests, viewing habits, demographics, and other details. The goal? To minimize wasted impressions and to make marketing budgets go further.
These two trends go hand in hand with one more: creative storytelling. Putting a product in front of a potential customer isn’t enough anymore. Creating compelling stories that interest the audience (whether it’s a single person or a specific demographic), will help boost sales even among a questionable economy.
CTV Marketing Tips
While many people still use linear TV (cable television), the reality for marketers is that now is the time to leap and begin putting more money into CTV advertising over traditional options. Becoming successful in this space requires a significant amount of data, data analysis, and creative advertising.
Top tips for 2024 include:
-Taking advantage of AI and building strong data sets to boost audience targeting. Analyzing user data helps you see who lives in households, letting you build better ads aimed at those viewers.
-Targeting based on several factors such as location and language, age, and others to put ads in front of the people most likely to click on or interact with them. Doing this boosts engagement and, hopefully, your overall return on investment (ROI).
-Changing your approach to ad formats. Shorter ads and narrative campaigns are ideal for telling stories that appeal to even the busiest of audiences.
Projections show CTV as the fastest-growing media channel in 2024. So now is the time to take advantage of the growth in viewership. With a strategic approach that encompasses data-driven analytics, precise audience engagement, and compelling narrative construction, your brand is poised to flourish in this dynamic landscape.
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